Australia plans major spending plus surplus in 3 years

Evrard Martin
Mai 12, 2017

The $1.5 billion the levy raises each year would come out of corporate profits of $30 billion this year, Mr Morrison said.

"That would be really excessive", he told Sky News noting there was already a lot of concern about the conduct of banks.

The opposition will support a levy on big five banks, which will raise $6.2 billion over four years for budget fix.

"It's unlikely the government will lose votes whacking a tax on big banks, although the banks will certainly squeal, and parts of the (government's) conservative base won't like these tax measures, meaning its political effectiveness depends a great deal on them sucking it up and keeping their mouths shut".

"Given we finally have a budget where its politics are better, maybe that will ultimately mean budgets with better economics", Mr Richardson told AAP.

For Australia's five biggest banks, this year's federal budget will go down as another Black Tuesday.

Sales pointed out that there would be 0.5% increase in the Medicare Levy, which would see most taxpayers forking out extra money each year.

"I know this has put real pressure on Australians and on their families". This will cover nearly half of the "zombie" savings measures the Turnbull Government has been unable to get through the senate.

Banks will also be forced to report any misconduct under new mandatory reporting rules.

Bank executives will also face tougher penalities for misconduct under a tough new new Banking Executive Accountability Regime, which will require all executives to be registered with the regulator.

"This is nothing more than a naked grab for cash from a sector of the economy the government believes is an easy target".

The government wants to increase the Medicare levy paid by nearly all workers by half a percentage point to 2.5 per cent of taxable income from July 1, 2019, to provide long-term funding for the NDIS.

The Federal deficit will fall to a surplus to $7.4 billion in 2020-2021 from $29.4 billion in 2017-18 and $37.6 billion in 2016-17. At the same time it has managed to return the budget to surplus within four years.

The drug testing of welfare recipients has been attacked as a waste of money by critics in New Zealand for its low rates of positive results.

It's a measure Tony Abbott was unable to lock in during his time as Prime Minister.

The government's much-spruiked plan to combat housing affordibility in the capital cities includes a tweak to negative gearing from July 1 that will disallow deductions for travel expenses, and limits to plant and equipment deductions, raising $2.1 billion of revenue over the next your years.

The freeze on the indexation of the Medicare Benefits Schedule is being lifted and the removal of the bulk billing incentive for diagnostic imaging and pathology services has been reversed.

The opposition leader will emphasise budgets are about "choices".

The cost of reversing these measures is $2.2 billion over the next four years.

Less popular is likely to be a fee hike for university students.

A $1.2 billion skills fund to provide new apprenticeships will be paid for by a foreign worker levy. They would also have to pay between $3000 and $5000 to bring in a worker on a permanent skilled visas.

That measure alone is expected to raise an additional $8.2 billion of taxes in its first two and a half years in operation.

"But there are only a limited number of places they can draw it from".

"On demand management, we will continue to prefer the scalpel to the chainsaw, to avoid a housing shock", Morrison said.

As for the levy on banks: "We're not going to stand in the way of it".

$1.2 billion in new medicines will be made available, including for patients with chronic heart failure, funded by an agreement to decrease the cost of medicines.

Western Sydney airport will get $5.3 billion over the next ten years.

The Commonwealth Government will also try to gain a larger share or outright ownership of the Snowy Hydro scheme.

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