The Government has channelled its financial focus towards major long-term investments in infrastructure, health, education and climate change.

But, at the same time, it has embarked on one of the biggest cost-saving missions ever seen to offset any new policy commitments.

While delivering a cash surplus of $21.7 billion, this year's budget has made savings of more than $7.3bn, which is forecast to grow to $33.3bn in the next four years.

With the money from this year's surplus and next year's surplus, the Government will instantly establish a $20 billion Building Australia Fund for major infrastructure works, as well as a Health and Hospitals Fund and an Education Investment Fund.

The Building Australia Fund will address shortfalls in the national transport and broadband networks, with the funds from the previous Government's communication fund transferred to the new building program.

With working families, the buzz phrase of this new government, a special $55 billion 'Working Families Support Package' is one of the big headline grabbers, promised to help alleviate cost-of-living pressures.

The package includes tax cuts, education tax refunds, child care rebates and home saver accounts.

But it's a lacklustre budget for the farm sector, with little in the way of new funding which hadn't already been announced and few reversals from the swag of cuts to rural programs foreshadowed in February.

A $15.3m weeds program which replaces the axed Weeds CRC, $35m food production program, $5m to promote Australian produce and a $5.4m quarantine preparedness plan all deliver election commitments.

On top of a forecast $761m commitment for the continuation of exceptional circumstances drought support in the coming year, the Government will also provide a new $14.5m short-term support program to help those farmers still struggling financially when their EC declaration expires.

However, the longed-for detail on the specifics of those climate change programs and the funding breakdown within the $5.8 billion investment to upgrade irrigation systems was still pretty light on.

The $130m promised to help farmers prepare for climate change by Labor prior to the election will be split into three areas - $60m will be spent over four years to primarily help farmers understand climate change and prepare for an emissions trading scheme.

A further $55m will be spent over four years to assist farmers respond to climate change with special training and advice, while $15m will be spent over four years to co-ordinate research.

This spending was financed by cuts to the previous FarmBis program this year and last year.

There is no mention in the budget of the $5.8 billion investment in irrigation efficiency projects under the Government's $12.9bn Water for the Future plan, which largely secures and saves water for the environment in the Murray Darling Basin.