Employment Minister Michaelia Cash announces a film and TV production tax incentive in July (Image: AAP/Albert Perez)

On Tuesday, Treasurer Josh Frydenberg will reveal the most eagerly awaited budget (literally -- we’ve been waiting since April) in recent history. 

In true budget fashion, plenty of the good parts have already been leaked (or surfaced by solid reporting). Here’s some of what we know:

A big deficit

Thanks to the pandemic, we always knew the deficit would be big. Today, The Australian reports it’ll peak at a little over $210 billion. There won’t be a surplus until 2024-25. You can keep those "back in black" mugs locked away.