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Australia treasurer promises fair budget that reins in debt

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Bank CEOs say customers will pay for new tax

Mr Shorten also dismissed claims the budget was "Labor lite", saying it was "devoid of values altogether".

"We have to fund the NDIS". While prices in Sydney were unchanged in April from March, they were still up 16% from a year earlier, pushing the city's median house price to just under A$1 million (US$736,000), according to data from CoreLogic Inc.

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But Sales wasn't the only one to be hard on the Treasurer last night over the budget.

"This measure is meant to encourage foreign owners of residential property to make their properties available for rent where they are not used as a residence and so increase the number of dwellings available for Australians to live in", Morrison said. "Why such a drastic change?"

On a more structural level, the banks should also, quite rightly, be looking to pass on the tax.

The center-left opposition Labor Party accused the conservative government of delivering a tax cut for millionaires and a tax hike for every working Australian.

In this case, imposing it upon liabilities is a direct attack upon the accumulation of wholesale funding, much of it offshore derived.

The government says it's still on track to return to surplus in 2020-21, and is gambling S&P won't penalise its splurge on productivity-enhancing infrastructure.

From 1 July 2017, a First Home Super Saver Scheme will be introduced allowing individuals will be able to make voluntary contributions of up to $15,000 per year and $30,000 in total to their superannuation account to purchase a first home. "It's not a tax on mortgages", he said.

However, local media quoted the Westpac and Commonwealth Bank chief executives as signalling that customers could be charged.

The Australian Competition and Consumer Commission will be asked to monitor the situation.

"It doesn't include the regulatory required capital for banks to ensure they're unquestionably strong".

For more from Deloitte on the Budget 2017-18, visit its dedicated page. Morrison said he expected the offices would be awed that his most recent spending plan kept up its direction toward a surplus in three years.

It is thought to be a bid to bury the disastrous 2014 Budget once and for all, the Budget where former Treasurer Joe Hockey infamously declared "the age of entitlement is over".

As expected, Mr Shorten committed to providing $22 billion more for schools than what the Coalition announced in the budget.

"We'll back the Government's 0.5 per cent increase in the Medicare Levy ... but only for Australians in the top two tax brackets."
It's a big decision. He said Fitch would look closer at new policy measures on the economy and housing market, "factors we have identified as rating sensitivities in our previous review".

Also, if people fail to show up for appointments, or don't do their best to find work, or are welfare cheats, they may have their payments cut or face financial penalties - "it has to be a two-way street", said Morrison. The government also said it would take a bigger stake in, or outright ownership of, the Snowy Hydro scheme.

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