James Gruber

Finally, the budget delivered a $215 income tax offset for all salaried workers for 2027-28%.

All up, the projected budget deficits are now slightly lower over the budget period by around $45 billion, mainly due to more windfall revenue.

CBA economists think this is a big plus from the budget, that is, the improvement in the budget position driven by NDIS savings and new revenue measures.

But they say the negative is that there will still be higher spending in the near term.

which will make the RBA's job to bring down inflation harder.

All up, they describe the having big ambitions with mixed results, and they maintain their view that interest rates will remain on hold for the remainder of this year.

So how will the market receive this budget?

Well, index futures are fairly muted, down 0.1%.

But given the budget leaks, perhaps much of the reaction was already priced in, with the ASX lagging most other major markets over the past week.

Let's now take a deeper look at what's happened with commodities and currencies overnight.

On commodity markets, global oil prices rose as hopes of peace in the Middle East dwindled.

Brent crude futures settled 3.4% higher at $107.77 a barrel.

Base metal prices were higher due to supply issues and bullish technical signals.

Copper futures rose 1.1% while aluminium futures jumped 1.7%.

Let's take a look at currencies.

They were lower against the US dollar as investors sought to dial down risk.

The euro dipped 0.4% to 1.1741 US dollars.

The Japanese yen fell 0.3% to 157.59 yen.

And the Aussie dollar declined 0.2% to 72.38 US cents.

Let's head to Wall Street.