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Australia treasurer promises fair budget that reins in debt

10 May 2017

This will cover nearly half of the "zombie" savings measures the Turnbull Government has been unable to get through the senate.

"But now they're talking about tax-preferred savings accounts for first home buyers, and for the life of me I can't understand why they can't seem to get through their heads that anything of that nature is just boosting demand".

Three years on, Morrison finally wiped the slate clean tonight in his second budget, also setting down a path to budget surplus by 2021.

Australia's banks will be forced to share the data they hold on a customer when requested by that customer under a new regime introduced by the federal government.

The Government will launch a "one-stop shop" where Australians can take their complaints about the financial sector called the Australian Financial Complaints Authority.

However, the government has slightly tweaked negative gearing for investors by disallowing deductions for travel expenses from 1 July this year.

The federal government has projected a deficit of $29.4 billion for 2017-18, down from its projection a year ago.

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

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.

In a surprise move, the Turnbull Government will bring back a trial on drug testing welfare recipients.

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It's a measure Tony Abbott was unable to lock in during his time as Prime Minister.

Defence spending will hit two per cent of GDP by 2020/21.

The big four banks plus Macquarie face a levy that will raise $6.2 billion over four years.

This comes at a cost of $2.2 billion over four years. 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.

A levy on the biggest banks and crackdown on multinational tax avoidance could well be out of the Greens' playbook.

In foreign policy, defense spending was projected to rise by 5.3 percent a year through to fiscal 2021, reaching almost A$34 billion. "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.

First home buyers, downsizers and renters can expect some help from the 2017 budget.

Mr Pearson expected if the market can stand it, the banks will find a way - as any company would - to pass on as much of their costs to customers.

As for the levy on banks: "We're not going to stand in the way of it". 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 objective of buying a home. But he's been less emphatic on the capital gains tax discount, which allows landlords to pay tax at their marginal rate on only 50 per cent of the capital gains they realise when they sell a property.

Downsizers over the age of 65 will be able to make a non-concessional contribution of up to $300,000 into their super fund from selling the family home.