The hashtag #threewordbudget was trending as the Treasurer handed down his Budget last night – with social media expressing both admiration and outrage.

Don’t get sick #threewordbudget

— Christina Lee (@CLeeBrisbane) May 13, 2014

Many social media users complained that election promises of “no new taxes” had been broken – others were upset about cuts to the ABC, SBS, the arts and welfare.

Tonight I’m reading both #Budget2014 analysis and #GoT recaps. Westeros currently seems like a kinder gentler place — Bethanie Blanchard (@beth_blanchard) May 13, 2014

Some tweeters were too distracted by Julie Bishop’s new haircut to focus on funding cuts. The ABC’s Jonathan Green tweeted “julie bishop’s hair has taken 20% trim. shape of things to come #Budget 2014″.

Have you seen Julie Bishop’s hair? That’s what I call feeling flat after the budget. — Madame Lea (@Lea_Bit) May 13, 2014

Others thought the cuts were fair and to be expected.

My dad likes the Budget — he wants to pay more to see a doctor – says shouldn’t be free #usedToBeAsocialist — Brigid Delaney (@BrigidWD) May 13, 2014

Memes were also circulated of a smug-looking Julia Gillard.

Miss me now? #ThreeWordBudget pic.twitter.com/TDYm015JZw

— Margo Kingston (@margokingston1) May 13, 2014

The general feeling on Twitter after Joe Hockey’s big reveal? Journalist Joe Hildebrand summed it up:

BUDGET IN A NUTSHELL: If you live in the future you’ll be happy, if you live in the present you’ll be sad. #Budget2014

— Joe Hildebrand (@Joe_Hildebrand) May 13, 2014