Your primer to the 2017-18 Federal Budget

A bank levy will raise the sum over the next four years.

The Treasurer was unrepentant when speaking about the new tax, which he admits will be used for budget fix after he was forced to dump more than $13 billion of "zombie" savings measures from the 2014 federal budget that had failed to pass the parliament.

This is a tax on liabilities for banks which have aggregate liabilities in excess of £20 billion.

A rise in the department's overall public servant head count will come as it cuts $304.1 million of spending over the next four years largely by reducing its use of contractors and consultants, and clamping down on travel costs.

In it Mr Morrison outlined higher education reforms aimed at savings of A$3.8bn by June 2021.

And the big element will be the 0.5 per cent increase in the Medicare levy to be paid by all singles earning $21,655 a year and above, and couples on $36,541, with additions for dependent children.

"Unlike the previous bank deposit tax, this is specifically not a levy on pensioners' and others' ordinary deposit accounts, nor is it on home loans".

"It's been a fair while since most hardworking Australians have had a decent pay rise", he said.

Bank executives will also face tougher penalities for misconduct under a tough new new Banking Executive Accountability Regime, which will require all executives to be registered with the regulator.

"On demand management, we will continue to prefer the scalpel to the chainsaw, to avoid a housing shock", Morrison said.

The government's new scheme mimics the United Kingdom model where that country's banks have been told to allow for API-based sharing of data for individual and small business customers by next year.


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Welfare recipients that fail the test will be placed on the Government's cashless welfare card, which quarantines 80 per cent of welfare payments to a debit card to prevent recipients from spending money on drugs and alcohol.

And in recognition of the pounding on health policy it received at the election previous year, it wants to legislate a Medicare Guarantee Bill with a Medicare Guaranteed Fund to cover all expenses of the scheme.

That amounts to $2.2 billion over the next four years.

"We will also apply an annual foreign investment levy of at least $5,000 on all future foreign investors who fail to either occupy or lease their property for at least six months each year".

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.

"Another example is the National Map, which allows us to better understand datasets for creating new businesses and applications".

From 1 July, this will attract the tax advantages of super with contributions being taxed at 15% instead of marginal rates.

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.

The total cost of the construction of the Western Sydney airport will be detailed tonight.

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