Australia's Budget 2016: Winners and Losers

Seeking to shore up Australia's economy as a mining investment boom fades, Treasurer Scott Morrison unveiled tax cuts for small businesses and a jobs package for the nation's youth in his annual budget Tuesday. Here are the winners and losers:

From July 1, businesses with a turnover less than A$10 million will see their company tax rate cut to 27.5 percent from 30 percent. They'll also get tax write-offs to buy equipment such as computers, coffee machines or even cars up to the value of A$20,000. The company tax rate will drop to 25 percent for all businesses over the next 10 years.