Budget 2017: Government reaffirms commitment to cutting company tax for all businesses

Wednesday, 10 May, 2017

The Treasurer's second Budget has wage growth pounding along at 3.5 to 3.75 per cent in three to four years time, nearly double the record-low growth we're experiencing now.

Fines for misconduct could reach 200 million dollars for the big banks, and companies could be penalized for failing to properly monitor the actions of senior management.

Elsewhere, Mr Morrison plans to help pay for his big-spending plans with an array of new taxes, levies and charges.

The Turnbull Government announced the end of the troublesome Medicare rebate freeze which has been forcing up the cost of GP visits and threatening the spread of bulk billing.

Shadow treasurer Chris Bowen said the government was playing catch-up and trying to neutralise issues, rather than directly address problems.

A Financial Complaints Authority will be set up as a one stop shop to deal with grievances customers have with banks and other financial institutions.

He indicated that the banks should not pass the levy onto customers, said the Australian Competition and Consumer Commission would monitor the situation, and advised people to switch to one of the smaller banks if they thought they were being shortchanged.

Work on both projects is to begin in the fiscal year which starts July 1. The choice to ensure that we guarantee the services that Australians rely on.

Another key plank of this year's budget is to fully fund the National Disability Insurance Scheme. Nor did we experience the level of misconduct that cost the United Kingdom banks billions of pounds in compensation.

No more subsidies on university fees for citizens from New Zealand.

Star Wars: Episode IX Jumps Into Hyperspace for May 2019 Release
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This means it will impact only the four major banks, as well as Macquarie Bank, and is expected to raise more than $6 billion.

Treasurer Scott Morrison has announced first home buyers and older Australians will be able to use their superannuation to get tax breaks under a new housing affordability package.

Employers will pay an annual levy of up to AU$1,800 ($1,322) for every foreign worker they employ on a temporary visa.

Mr Evans also expects the budget deficit for 2017/18 to show an improvement to $27.7 billion from the $28.7 billion predicted in December's mid-year review while gradually moving to a $4 billion surplus in 2020/21.

There have been many leaks of what the budget will contain in the lead up to the annoucement, including for education, infrastructure and housing.

Instead, they've chose to raise revenue to fund healthcare, while rejigging the higher education cuts to make them more palatable to the public and to the parliament.

The Commonwealth will scrap the National Affordable Housing Agreement but will still provide $1.3 billion to the states and territories under new arrangements to boost the stock of affordable housing.

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.

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.

The Western Sydney airport is getting $5.3b over ten years. The airport is expected to create 60,000 jobs in the long term and is projected to be complete by 2026.