The Property Institute hoped the budget would contain a suite of measures to incentivise private buyers to build rather than buy existing homes.
The normally unflappable Mr Joyce appeared slightly shocked anyone would think the budget is concerned with what he calls "a certain event in late September."
On a rough calculation, Mr Joyce still has about $4 billion to play with for the next financial year alone.
Mr Joyce is playing down tax cuts. In fact, he tends to look vague and distracted whenever the subject comes up.