Australia plans major spending plus surplus in 3 years


12 May, 2017

The government knows that hardly of us trying to get our foot in the property market door can afford to do so, because all we've been told in the past about buying a house is to "get a good job that pays good money".

Labor has yet to confirm whether it will support the hike included in the 2017 budget which will cover a $3.8 billion gap in funding for the National Disability Insurance Scheme.

Senior political commentators in Canberra have described it as a "Labor Lite" budget -that is, one which could have been handed down by the opposition Labor Party - saying it was not out of the realm of possibility that the Labor party would have introduced similar measures.

"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.

"We did it a year ago, I would love to do it again when we are in a position to do that". "It's time that the politics of that ends and we give disabled Australians and their families the guarantee they deserve". "Why such a drastic change?"

When news of the levy leaked on Tuesday ahead of the budget, investors wiped $14 billion from the value of banks stocks.

Another deal on Australia's five biggest banks was required to generate about AU$1.5 billion ($1.1 billion) a year.

BACK in the early 2000s, when our nation was riding a major commodities boom, Federal Budget night was like Christmas for Australian families.

Commonwealth Bank chief executive Ian Narev said there had been a "lack of detail and the absence of any consultation" about the tax.

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The banks are considering launching a media campaign claiming the levy will be passed on to customers and small shareholders.

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. "Customer deposits of less than $250,000 and additional capital requirements imposed on the banks from regulatory authorities are excluded". This is a smart tax.

People who receive welfare payments may be subject to random drug tests to make sure they're, well, not doing drugs.

It is thought to be a bid to bury the disastrous 2014 Budget once and for all, the Budget where former Treasurer Joe Hockey infamously declared "the age of entitlement is over".

Note also, seen in this way, it's simply not true the increase in the Medicare levy is being used to fully fund the NDIS - as should be apparent from the fact the Budget was still projected to return to surplus with the NDIS even before this Budget.

"I accept that. But they have failed miserably". Let's ensure that the Medicare levy is increased by half a per cent. It's a big decision.

Contributions and earnings will be taxed at 15 per cent rather than at marginal rates.

All up, the government hopes to save $2.8 billion from its latest plans to overhaul university funding. As I've long advocated such an approach, there are few complaints from me, especially if it allows the Government to take a more creative and pro-active approach in getting worthwhile infrastructure projects off the ground.

Elsewhere, the scientific research sector lamented a lack of funding, while health experts said the government's commitment to public healthcare was "essential". "But by adopting a comprehensive approach, by working together, by understanding the spectrum of housing needs, we can make a difference".

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