Federal Budget 2017: Drug testing of dole recipients defended by Malcolm Turnbull
“I believe though that we are now moving towards the end of this hard period”.
“Measures to offset may be asset or liability price adjustments but an intended review into competition in the banking system will make the task of recovering the cost of this levy incrementally more challenging”.
“Unlike the previous bank deposit tax, this is specifically not a levy on pensioners’ and others’ ordinary deposit accounts, nor is it on home loans”.
The banks thought making Bligh their chief lobbyist was a stroke of genius, the theory being it might settle down Labor calls for a Banking Royal Commission.
The major bank levy, a version of the Big Banks Tax the Greens have been demanding for several years, was a shock move in Tuesday’s budget which will hit the big four banks plus Macquarie.
Banking sector sources say that Treasury Secretary John Fraser would contact banking chiefs at 6.30pm, before Treasurer Scott Morrison’s speech.
Banks will also be forced to report any misconduct under new mandatory reporting rules.
While Mr Morrison is hitting the biggest businesses, he is delivering for smaller ones.
The government takes on the banks at their peril.
The tax resembles a charge im-posed on big mining companies in 2010 that was ultimately re-designed after an industry advertising campaign which helped unseat the then Labour prime minister Kevin Rudd.
“This budget is an admission that the last four years of coalition government have been an economic disaster for working people, “.
It’s a measure Tony Abbott was unable to lock in during his time as Prime Minister. JobSeeker recipients testing positive would be placed on the Cashless Debit Card. A hostile Senate blocked several key planks of that Budget.
There’ll be an extra $115 million for mental health and an extra $1.4 billion for health research, including $65.9 million specifically for research into childhood cancers.
At the same time, schools will face a $22 billion easing in funding and the Medicare GP rebate freeze won’t come off in its entirety.
The Treasurer allocated $75 billion to infrastructure, with transport receiving the lion’s share of about $70 billion in funding over the next 10 years.
Spending will be A$34.6 billion (S$35.8 billion) in 2017-18, with plans to lift spending to 2 per cent of gross domestic product by 2020-21.
Uni students will pay more for tertiary education with a 2.5 per cent efficiency dividend introduced.
Work will commence in late 2018 and airport operations will begin by 2026, creating some 20,000 jobs.
$216.6 million over four years cut from funding for aged care – a cut of around $1670 per resident per year. The forecast deficit for 2017-18 is A$29.4 billion.
“There are no silver bullets to make housing more affordable”, Mr Morrison said.
As for the levy on banks: “We’re not going to stand in the way of it”.
It comes into effect on July 1.
The contributions will receive the tax advantages of superannuation, with contributions and earnings taxed at 15% rather than marginal rates.
First home buyers will be able to salary sacrifice to buy their first home.