Published: Fri, May 19, 2017
Global News | By Stacy Ballard

Morrison budget avoids serious tax reform

Morrison budget avoids serious tax reform

Labor will describe it as "Labor lite".

"These are principles that are very important to the Liberal Party".

The Treasurer argues there is no other feasible way of paying for the scheme, and says now is the time to stop debating how to pay for the NDIS and just do it.

He was expected to scrap the four-year Medicare freeze for Global Positioning System and fully fund the NDIS.

About $2.9 billion was allocated to build Western Sydney, with an additional $1.5 billion in funding and a $2 billion concessional loan committed to WestConnex.

But Ms Sales pointed out a dramatic about-face from his first budget previous year.

Bank executives will be subject to a new accountability regime in which the Australian Prudential Regulation Authority will have the power to sack or disqualify them, claw back their bonuses and enforce penalties on banks of up to $200 million. "Why such a drastic change?"

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She called the tax bad and lazy policy to fill a funding hole and banks were "an easy target".

In perhaps the biggest surprise of the 2017 Budget, the Liberal Party has gone after the big four banks to wear the biggest share of budget fix.

The government also restored a regulation that prevents developers from selling more than 50 percent of new projects to anyone not living in Australia.

Among revenue boosting measures was a six-basis point levy on the liabilities of banks with liabilities of more than A$100 billion from July 1, a move that will help the government raise A$6.2 billion through 2020/21 to aid budget fix.

Speaking at the National Press Club, Mr Morrison said if banks wanted to show they valued their customers, then they would not charge higher fees.

Until now, employers have contributed one to two per cent of their payroll to training if they employ foreign workers and these requirements have been hard to police, Morrison said.

"The ACCC will be tasked to ensure banks do not mislead customers. Banks see more than that move in a week".

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"This isn't a tax. on pensioner's bank accounts". This is a smart tax.

"(This will be used) not only for budget fix, but for funding schools and funding public health".

But there's no serious, and hard, reform in this budget.

In April, Shadow Treasurer Chris Bowen announced that Labour would facilitate a process to introduce a uniform vacant property tax across all major cities through the Council of Australian Governments.

"I accept that. But they have failed miserably".

Bligh said there were three groups of stakeholders who would end up bearing the cost of the levy - borrowers, depositors or shareholders.

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

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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. "It takes commitment and values", he said.

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