Prime Minister Tony Abbott and Treasurer Joe Hockey get out to sell 2015 Federal Budget measures

TREASURER Joe Hockey says there is still a lot of “unfinished business” the Coalition wanted to achieve before going to an election.

JOE Hockey has ruled out an early election, saying the Coalition will not give up government easily.

The Treasurer delivered his post-Budget lunch address today in Canberra and said there was still a lot of “unfinished business” the Coalition wanted to achieve before going to an election.

He said speculation the Coalition would capitalise on a positive reception to the budget was wrong.

Safe ... Prime Minister Tony Abbott says Treasurer Joe Hockey is safe, even if the Budget is not well-received. Pictures: Gary Ramage

“You don’t give up government easily, I mean, by God you don’t,” Mr Hockey told the National Press Club.

“I’ve lost Government before, it’s a painful process in opposition.

“We worked hard to earn the trust of the Australian people. Damn hard to get back, you don’t give it up easily. We’ve got unfinished business for the nation. And the Budget that I announced last night is another step along that path.”

Mr Hockey also defended his controversial budget last year, saying it was only for the greater good of the Australian people.

“It wasn’t motivated by anything other than a desire to do what is right for the nation,” he said.

Mr Hockey said bracket creep was a major area of concern he wanted to address.

He said bracket creep — in which taxpayers are bumped up into higher tax rates because of inflation — would be a key area of focus for the tax white paper.

“Bracket creep is going to cause untold problems in the future unless it is properly addressed by government,” Mr Hockey said.

“It’s a disincentive for people to work and over time the more people that go into higher tax brackets, becomes a downward spiral for the economy.”

The work begins ... Prime Minister Tony Abbott out the front of Parliament House, the morning after the Budget. Picture: Gary Ramage

Mr Hockey said the NDIS would remain a priority even though it would add a burden on the budget bottom line.

“We haven’t fully funded it yet but we want it to work,” he said.

The Treasurer also said the Australian economy would remain strong into the future even though forecasts for unemployment to slide.

“We are not going to go into recession unless the world collapses,” Mr Hockey said.

“I have absolute confidence in our forecasts.”

Earlier, Tony Abbott hosed down speculation the government’s generous Budget signals an early election, saying he intends to serve out a full term.

Mr Abbott also brushed off any suggestion that if the Budget is not received well by the community, Mr Hockey’s job may be on the line.

“Of course he does,” Mr Abbott told the Nine Network when asked if Mr Hockey would keep his job.

“This was never an issue.”

The Prime Minister said the Budget was not simply Mr Hockey’s responsibility.

“It has been a very good team effort,” he said naming Scott Morrison, Warren Truss and Josh Frydenberg as the major contributors.

On an early election, Mr Abbott said one would not be held until the middle of next year when it was due.

“This government always intended to run full term and we will do that,” Mr Abbott told the Nine Network.

“We were elected to govern for three years,” he told the Seven Network.

Small business the big winner

Mr Abbott warned against any blockage of the $20,000 small business tax deduction.

“I hope the Senate will be constructive and cooperative.” he told Triple M radio.

“I hope all members, maybe even the Labor Party, will want to give small business a go.

“I am reasonably confident the Senate will be constructive and collegiate.”

Mr Abbott said last night’s budget was “right for this year” and that all of the Coalition’s budget’s were “tax cutting budgets”.

He said there would be “a lot of angry small business people” if the opposition and crossbenchers blocked the small business package.

“Surely every member of this parliament wants to create jobs, every member of this parliament wants to give small business a fair go so that they can have a go for the benefit of everyone,” the Prime Minister told the Seven Network.

Mr Abbott also left the door open to extending the $20,000 tax reductions beyond 2017.

“Let’s just wait and see what happens,” he told Sky News.

No promises ... Prime Minister Tony Abbott has not ruled out continuing the generous $20,000 tax break for small business owners beyond 2017. Picture: Gary Ramage

Treasurer Joe Hockey said small businesses were the engine room of the economy and didn’t believe there would be rorts of the generous tax deduction.

“People aren’t going to spend money on their business if it’s not going to make them a dollar,” he told ABC radio when asked if he was worried people would claim plasma TVs and office couches.

Not happy ... Labor leader Bill Shorten says the Budget ‘continues the unfairness of last year’.

‘This is a government addicted to trickery’: Shorten

Opposition Leader Bill Shorten slammed the overall tone of the budget this morning.

“This budget still retains some of the unfairness of last year,” he told ABC radio.

“This is a government that is addicted to trickery. Just look at Paid Parental Leave, what a mess they have made of it.”

Mr Shorten dismissed Mr Abbott’s denials that last night’s was not a pre-election Budget.

“We all know an election budget when we see it,” Mr Shorten said.

“What we want to see is more vision in this country.”

He said he was open to the small business assistance but wanted to assess it properly.

“I am not going to make the same mistake Tony Abbott made in opposition and blindlessly oppose everything,” Mr Shorten told Sky News.

“We are very open minded about the boost for small business.”

Originally published as Prime Minister Tony Abbott and Treasurer Joe Hockey get out to sell 2015 Federal Budget measures