Australian government delivers sombre election budget for 'extraordinary times'

Australian Treasurer Scott Morrison speaks to journalists at a press conference before delivering the 2016 Federal Government's budget at Parliament House in Canberra, Australia, May 3, 2016. AAP/Mick Tsikas/via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. IT IS DISTRIBUTED EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE TO CLIENTS. EDITORIAL USE ONLY. NOT FOR SALE FOR MARKETING OR ADVERTISING CAMPAIGNS. NO RESALES. NO ARCHIVE. AUSTRALIA OUT. NO COMMERCIAL OR EDITORIAL SALES IN AUSTRALIA. NEW ZEALAND OUT. NO COMMERCIAL OR EDITORIAL SALES IN NEW ZEALAND

CANBERRA (Reuters) - Australia's conservative government unveiled an economic blueprint on Tuesday aimed at creating jobs and growth in "extraordinary times", just hours after the country's central bank slashed interest rates to an all-time low.

Stealing the thunder from the annual budget, the Reserve Bank of Australia (RBA) cut the cash rate by a quarter percentage point to 1.75 percent, citing surprisingly low inflation and uncertainty about the global outlook.