Published: Wed, May 10, 2017
Markets | By Terence Owen

Surprise tax increases in 2017 Australian budget

But with new taxes on banks and big multinational companies, the Budget is still projected to return to a surplus by 2020-21.

Labor will describe it as "Labor lite".

"These are principles that are very important to the Liberal Party". "It is all of our responsibility to fund the NDIS". "We are not sending lawyers around the country for three years, we are acting now", the Treasurer said, in reference to a royal commission.

"We need to fund it responsibly and give that assurance to Australians that their government is standing behind them, guaranteeing those essential services", he told ABC TV.

The federal government has kept the pressure on the big banks through a parliamentary inquiry after several separate scandals emerged involving the mistreatment of customers a year ago. Morrison says he will outline a budget for the next fiscal year that will be fair and rein in mo.

"We are choosing to ensure the government lives within its means, taking practical action to reduce the deficit and the growth in our debt, and doing all we can to preserve our AAA credit rating, whilst pursuing policies to grow the economy", he said in a statement. "Why such a drastic change?"

Morrison announced the Australian Financial Complaints Authority, a one-stop shop for consumers to resolve their disputes with the banks and obtain more binding outcomes.

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.

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In the first half of the financial year, the cash earnings of Commonwealth Bank of Australia (CBA), Westpac Banking Corp, National Australia Bank Ltd (NAB) and Australia and New Zealand Banking Group Ltd (ANZ) rose by an average of 6.2 per cent to a combined A$15.6 billion (S$16.2 billion) on flat revenue, according to a KPMG report.

Banks will face a new tax that is expected to recoup $6.2 billion over the forward estimates and help to fix the budget.

However, he was less effusive when asked by Ms Sales if the banks would not simply pass the payment on to customers."It's not a tax on bank deposits like the last one".

"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". This does not include people's deposit accounts or mortgages. This is a smart tax.

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".

"It would be irresponsible to rule out supporting it", shadow treasurer Chris Bowen told ABC radio.

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

However, the banks would argue that any levy on short-term funding from the wholesale market would increase costs, with customers having to bear part of the pain.In the recent half-year profit reporting season, the sector blamed interest rate hikes, including the controversial out-of-cycle rate rise in March, on regulatory reforms leading to intense competition for term deposits.

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