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Australian conservative government to raise taxes on five biggest banks

19 Mai 2017

"Accordingly, we are replacing these requirements with an annual foreign worker levy of $1200 or $1800 per worker per year on temporary work visas and a $3000 or $5000 one-off levy for those on a permanent skilled visa", Morrison said during his budget speech.

Despite boosted outlays, the Treasurer promised a $7.4 billion surplus in 2020-21 with no borrowing for recurrent spending, which cover the day-to-day bills from running the government.

An extra $18.6 billion in funding over 10 years under Turnbull's Gonski 2.0 plan goes some way towards the Coalition restoring its education credentials, but is being complicated and potentially derailed by a fierce debate over Catholic school cuts.

Morrison on budget night finally buried the $13 billion in so-called "zombie" savings previously blocked by the Senate.

Prime Minister Malcolm Turnbull has warned Australia's big five banks not to lie to customers if they try and pass on the $6 billion levy proposed in the federal budget.

By Wednesday morning there was speculation the big four would immediately move to increase interest rates by as much as 15 basis points. The government stepped in to take the reins last week after Sydney Airport Holdings (SYD.AX) declined its right of first refusal for the development.

The government says this will mean Australian buyers will have more access to dwellings, but it could limit developers' ability to find the funding for their properties.

"This budget is an admission that the last four years of coalition government have been an economic disaster for working people, ".

And in recognition of the pounding on health policy it received at the election a year ago, it wants to legislate a Medicare Guarantee Bill with a Medicare Guaranteed Fund to cover all expenses of the scheme.

"This represents a fair contribution to the community from our major banks, is consistent with other advanced countries and helps foster competition from smaller banks", according to budget papers.

Now a former-banker prime minister and his treasurer have picked a fight they've judged a political win for them.

Mr Morrison also announced new laws to "guarantee" Medicare and the PBS, with proceeds from the Medicare levy and a portion of income tax paid into a new Medicare Guarantee Fund.

Businesses with a turnover of up to $50 million will receive a company tax cut and the $20,000 asset write-off has been extended for a second year.

TWO of the big four banks' bosses separately found out details of Scott Morrison's Budget plan to rip $6.2 billion from them after meetings with anxious investors.

The flagship project is a 1,700 kilometer long new rail line between Melbourne in the southeast of the country and Brisbane on the northeast coast.

The Commonwealth is open to acquiring a larger share or outright ownership of Snowy Hydro from the NSW and Victorian State Governments, Morrison said, "subject to some sensible conditions".

Australian conservative government to raise taxes on five biggest banks