Treasurer Andrew Barr revealed the budget will remain in deficit for some time, with 2012/13 set to finish $340 million in the red.
He predicted that it would only return to surplus in 2015/16, with a modest surplus of $29.3 million.
"There are certainly challenges we are going to face as a community and as an economy over the next couple of years," Mr Barr told 666 Drive's Adam Shirley.
"Budgets are often about choices. Often you are left with a series of unpalatable choices, having to choose between bad or worse."
The treasurer also unveiled a 10 per cent rise in household rates for most Canberrans, which equates to about $139 per year.
Commercial rates will also go up, an average of 20 per cent or $3,388 per year.
The rates rises are the part of the second wave of the Government's tax reform announced in last year's budget.
But Opposition Leader Jeremy Hanson isn't happy.
"What Andrew Barr needs to be honest about is that they are simply spending more than they are receiving and that is the problem," Mr Hanson told Adam Shirley.
There were also a few big ticket spending items outlined in the Budget.
Health was a big winner, with $40.8 million to be spent on emergency department infrastructure and design at Canberra Hospital and $8.2 million to complete design for a new public hospital at the University of Canberra.
There is $800,000 for initial works for the City to the Lake project and to progress the Australia Forum.
Work on Constitution Avenue ($18 million) and Parkes Way ($4.3 million) will also continue.
Another $951,000 will be put towards expanding nurse-led walk-in centres to Tuggeranong and Belconnen.
There are also $142.6 million worth of spending cuts included over four years.
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