Almost $50 billion in tax relief for businesses and low-and-middle-income earners is at the heart of $98 billion in new measures designed to return the economy to health and create 950,000 jobs over the next four years.

Making good on the Prime Minister's pledge for a business-led-recovery, Tuesday's federal budget contained an investment allowance which, at a cost of $26.7 billion in just over two years, will enable almost every company in the Australia to immediately write off in full any eligible depreciable asset, with no limit on value.