1. Tax cuts and services spending in the 2021-22 budget

Among the key announcements from Tuesday's budget are $20.7 billion in tax breaks for businesses, a $7.8 billion extension of the low and middle income tax offset for 10.2 million Australians, $17.7 billion in response to the aged care royal commission and $13.2 billion in additional funding for the NDIS. Watch our analysis for investors and read Peter Switzer's latest article.

2. Scott Morrison says pandemic is '30 times worse' than the GFC

Prime Minister Scott Morrison said that the COVID-19 pandemic "is 30 times worse globally" than the Global Financial Crisis and added that the budget "shows we’re not being complacent" in response to a question that referred to Labor's spending during the GFC from Today's Karl Stefanovic. "In a pandemic, there’s no politics, there’s just a virus looking to take your health and to take your livelihood," the PM said according to the Sydney Morning Herald.

3. CBA reports 24% surge in profit

The Commonwealth Bank has reported a cash profit of $2.4 billion in the March quarter, up 24% from the average profit of the previous two quarters. "Our disciplined focus on operational excellence was reflected in continued strong operational performance in the March quarter," said CBA CEO Matt Comyn.

4. 'Wanted' cookies used to track down robber

Canfora Bakery in the US state of Milwaukee has printed sugar cookies with a security camera image of a man suspected of stealing cash and equipment to help track him down. "We decided to make the best of it and see if the community could identify him," owner Karen Krieg told the Milwaukee Journal Sentinel. The man has since been identified.

5. Dow down 1.36% overnight

The Dow Jones fell 473.66 points or 1.36% on Tuesday, the biggest fall for the index since February. The S&P 500 closed 36.33 points or 0.87% lower to 4,152.10. The Nasdaq was down 2.16% from Monday's close at the start of the session, but rebounded later in the day to close down just 12.43 points or 0.09%.