Australia treasurer promises fair budget that reins in debt

Scott Morrison says he has been listening to voters and reflecting on what he has heard.

"This is strangely a pre-election budget just after an election".

A super tax, new regulatory bodies, and big fines for new misconduct rules - it wasn't a great day at the office for the banks.

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

Morrison assured Australians today that the Federal Government were "optimistic" for better days going forward and vowed to focus on "principles of fairness, principles of opportunity and principles of security".

"I know this has put real pressure on Australians and on their families".

"I believe though that we are now moving towards the end of this hard period".

And the ultimate sign of getting the message is the abandoning of the so-called zombie measures - the cuts from the 2014 budget the senate refused to pass. This will cover nearly half of the "zombie" savings measures the Turnbull Government has been unable to get through the senate. Only Australia's five biggest banks will be hit with the new tax which will be on liabilities.

Tax revenue will rise by more than $20 billion but Mr Morrison said the only people paying increased tax rates from July 1 will be multinationals and major banks.

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The government has also asked Australia's competition watchdog to undertake an inquiry on residential mortgage pricing until June 30, 2018.

The government has announced a number of measures over the past year to protect consumers and boost transparency in the banking sector, including beefing up the corporate watchdog's powers.

Commonwealth Bank of Australia CEO Ian Narev during the House Economics Committee.

It forecasts a modest return to a budget surplus, of A$7.4 billion (£4.2 billion), by 2020-21.

The Government is keen to introduce a trial program restricting welfare recipients from buying booze, placing bets or withdrawing money.

The decision will hit the ACT's defence contractor market that has benefited from growing department spending on its services in recent years.

A 0.5 percentage point rise in the Medicare levy from mid-2019 will cost a worker on $80,000 about $400 extra a year to fund the national disability insurance scheme.

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

But in a bid to recover from Labor's campaign on Medicare, there will be a $10 billion "reinvestment" in health funding. The facility will be located at the South Australian Health and Medical Research Institute and will be used to help patients with cancer in the spinal column, skull, pelvis and tumours in infants and children.

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That amounts to $2.2 billion over the next four years.

"We've had a fights about funding for several years". "Taxpayers, including those who have never attended university, will still fund the majority of university fees and costs - around 54 per cent of the cost on average, as well as significantly subsidising the student loan scheme", he said.

As of December annual growth was 2.4 per cent.

States would only be able to draw on the fund once they delivered on their commitments to train new apprentices.

Daniel Cohen, co-founder of lobby group First Home Buyers Australia, said he disagreed with the view that subsidised savings accounts would only push up prices.

"Another example is the National Map, which allows us to better understand datasets for creating new businesses and applications". He introduced a First Home Super Savers Scheme - a salary sacrificing model allowing FHBs to deposit a portion of their income into their superannuation for the explicit goal of buying a home.

"This measure will not improve housing affordability one iota".

An inland rail linking Melbourne and Brisbane will get an $8.4 billion, with the project set to begin in the next financial year.

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

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