A Robin Hood budget that mugs the rich or a pain-all-rounder? Either way, this year's federal budget will be historic.

As Australia's economy lurches into its first recession since 1991, the heat is on Treasurer Wayne Swan to deliver a budget that maps a way out of what's widely tipped to be a record deficit for the 2009-10 fiscal year. The Rudd Government may also project deficits for years to come.

BusinessDay will bring you the most comprehensive news and analysis. Leading columnists Mal Maiden and Ross Gittins will examine what the budget means for you and the economy, while political coverage will include Shaun Carney.

PHILLIP COOREY The Rudd Government will put more than $40 billion in reserve for long-term spending on health, education and infrastructure.

• Swan’s speech 2008
• Tax scales 2008
• Budget overview 2008
• Video Scott Murdoch's analysis
• Special Budget 2008

VIDEO: In the end Wayne Swan's first budget was more High School Musical than Saw. Annabel Crabb reviews who won and lost.

AUDIO SLIDESHOW: Herald economics editor Ross Gittins rates the Rudd government's first budget, and finds it wanting.

JACOB SAULWICK THE Government has redrawn its plans to tackle housing affordability by making its centre-piece scheme more equitable.

• Budget 2008 special site

This is an edited version of the speech by the Treasurer, Wayne Swan.

• Swan’s speech 2008
• Budget overview 2008

JESSICA IRVINE While taxes from most sources are rising, there have been some hits in this budget.

MARK METHERELL THE overhaul of the health system will be backed by a $10 billion fund in the single biggest investment in health infrastructure made by a federal government.

STEPHANIE PEATLING THE baby bonus and family tax benefit B will no longer be paid to high-income families, in the Government's attempt to target the welfare system to families who need help the most. From January 1 a means test will apply to families with a combined income of $150,000 a year or more.

PETER HANNAM Water security efforts get a significant share of funds totaling $2.3 billion over five years to counter or cope with climate change.

JESSE HOGAN Two program extensions - one for rural broadband subsidies, another for the introduction of digital radio - were among the most notable aspects of the Communications Department's funding outlook.

PETER HANNAM Removing transport bottlenecks is a priority.

PETER LITRAS Defence force spending has dodged the razor gang for this year’s Federal Budget with the Government extending a 3% growth per year guarantee an extra 2 years to 2017-18.

SCOTT MURDOCH Labor delivers a budget it hopes will 'build the nation' by spending on health care, welfare and infrastructure.

Shaun Carney on the budget's guiding principles: prove Labor can be trusted and wound, if not slay, the inflation dragon.

MALCOLM MAIDEN Contrary to the pre-budget spin, this budget was a fairly comfortable ride for the Rudd Government.

The federal budget is not anti-inflationary and is typical Labor, jacking up taxes for people it dislikes, Opposition Leader Brendan Nelson says.

SCOTT MURDOCH The Opposition questions the economic credentials of Labor’s first budget and branded the plans of the new government as “high taxing and high spending.''

The Australian Industry Group says the budget should lift productivity and provide a foundation for a much-needed expansion of the country's national capacity.

The Housing Industry Association welcomes measures aimed at increasing the supply of affordable housing.