The Federal Government delivered one of the most eagerly anticipated Budgets last night. 

Given the magnitude of the Budget deficit, the Government did an exceptional job of managing the media and warning the public about the bad news in the weeks leading up to Budget night.

Australia's unemployment rate fell sharply and unexpectedly in April signalling concerted economic policy stimulus over recent months may have garnered early and unusually strong traction.

The US government began informing the 19 banks tested by the government late on Tuesday about how much fresh capital they need to withstand the economic downturn. The Federal Reserve is expected to release the full report on Thursday after the stock market closes.