Australia plans major spending plus surplus in 3 years

On budget night, the government downplayed the company tax cut, which rated only a glancing, one-line reference in Morrison's speech.

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.

The budget revealed a series of measures meant to establish an accountable and competitive banking system, including the major bank levy, an authority to help Australians get a fairer deal from the banks, and a regime holding the banks' top executives answerable.

"They make $30B in profits and this is just $1.5B (every year for four) out of that", Morrison said.

He did so by targeting key areas where the Opposition has been scoring political points, such as the future of Medicare, Labor's continuing push for a royal commission into the banking sector, and rising housing costs, especially in Sydney and Melbourne.

But from 1 July this year, tax deductions relating to expenses incurred while visiting properties in Australia will be completely scrapped.

Mr Morrison signalled that it was his intention to use adjustments in tax thresholds to curb the negative effects of bracket creep, pointing to last year's budget decision to grant relief to 500,000 lower and middle-income taxpayers.

Mr Morrison said the levy rise was fair and any debate over how it was structured was a "different discussion".

The levy that Australians pay for their universal health care system would increase from 2 percent of their income to 2.5 percent to help pay for a newly established disability insurance scheme.

Following Question Time, Mr Morrison said the government was being "upfront" by revealing the new figure.

The levy will apply to funding sources such as corporate bonds and large deposits and will only affect banks with debts above $100 billion - effectively limiting it to big players the Commonwealth Bank, Westpac, NAB, ANZ and Macquarie.

Additionally, all senior executives will be required to register with APRA with the introduction of a new Banking Executive Accountability Regime.

"They key will be how well this is executed", he said. "Customer deposits of less than $250,000 and additional capital requirements imposed on the banks from regulatory authorities are excluded". "Banks will also be held to account if they try and hide misconduct by executives with new mandatory reporting requirements".

But Mr Morrison has revised that figure to $65.4 billion for the decade starting a year later, on July 1, 2017 (2017-28).

The Treasurer said an extension of the rules involving foreign partnerships or trusts, plus new tax integrity measures recommended by the government's Black Economy Taskforce, would help raise a further $4 billion over the forward estimates. "But we will work with the states and territories and local governments to get more homes built".

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