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Higher taxes in Australia's 'better times' budget

16 Mai 2017

Westpac Banking declined 0.2% and investment bank and asset manager Macquarie dropped 1%, while National Australia Bank edged up nearly 0.1%.

During this budget speech last night, Treasurer Scott Morrison said skilled migration has always played a significant role in driving Australia's economic growth.

Australia's budget will impose a levy of 6 basis points on banks with liabilities in excess of $100 billion Australian dollars ($74 billion) in an attempt to raise more than A$6 billion over the next four years.

Mr Narev said only that the banks had "a responsibility", once they had all the details of the proposed new levy, to explain its impact and explain that "it really is a tax on all Australians".

"It seems not only were banks kept in the dark on this tax, but perhaps Treasury officials had been kept in the dark up until now", she said after the meeting in Canberra.

Now in what looks like a significantly more generous Budget than before from the Coalition government, Prime Minister Malcolm Turnbull appears to be trying to reverse that negative reputation and make a comeback from tepid polling and a near miss at the 2016 election which severely weakened his government.

Labor has not ruled out supporting the increase, although Opposition Leader Bill Shorten said he was not convinced it was the only way for the government to fund the NDIS.

But Labor supported the tax on the banks.

Morrison confirmed a raft of so-called "zombie measures" that have failed to pass parliament have been dropped, at a cost of A$13 billion.

"The banks want to send a message to their customers about how much they value them?"

"Don't do what they may be contemplating doing".

Young job seeking parents will be given a $263 million boost to get them back into the workforce through expanding an already-existing initiative deemed, ParentsNext. Prove them wrong. Don't confirm their worst impressions.

"We must live within our means and this is an honest budget", Morrison said.

But he is trying to ease the sting of a tax rise by assuring voters the money will go directly to paying for health and the National Disability Insurance Scheme.

The Turnbull Government is starting afresh from Tony Abbott's horror 2014 budget, vowing to make the "right choices" for Australia.

Notably, the government is also forecasting a big turnaround in the budget deficit along the exact same timeline. "We will see. What I will say is we desperately need broad tax reform in this country, but is a super tax on just the banks the answer?"

"However, as every business owner or employee knows, every extra cost needs to be borne by customers or shareholders, or a combination of both". This tax is borne by these people. "It's not a tax on mortgages", he said.

Senior banking executives will also be more accountable as they will be forced to be registered with APRA and can be deregistered and stripped of bonuses for any misconduct.A permanent team will also be set up within the ACCC to investigate competition in the sector.

Australian Treasurer Scott Morrison has promised to address rising debt but remain fair when he delivers his nation's budget on Tuesday.

Higher taxes in Australia's 'better times' budget