It's May budget madness. Federal Treasurer Wayne Swan handed down the government's third budget last night, and on Panorama, we've got the lowdown.

It's been hailed as a budget with no frills, no spills....but what's in it for the kids?

What do the billions mean for you?

Panorama's Jane Ryan got the goss at the Canberra press gallery.

Audio: 

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Federal budget - SYNcast.mp3