Tuesday, 18 December, 2018

UP: Start here for our comprehensive coverage of the federal budget

UP: Start here for our comprehensive coverage of the federal budget UP: Start here for our comprehensive coverage of the federal budget
Ben Pena | 17 May, 2017, 19:00

On Tuesday evening, the Hon.

New taxes, including the levy on the big five banks, and a lift in the medicare levy, will raise nearly $21 billion of new tax revenue over the next four years, and help give the Turnbull government a modest surplus by 2021.

Treasurer Scott Morrison promised to deliver a small A$7.4 billion ($5.4 billion) surplus in 2020/21, an improvement on the A$1.08 billion it forecast in the mid-year review in December.

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

The $100 billion threshold will be indexed to grow in line with nominal Gross Domestic Product.

It is expected that the new levy will raise up to $6.2 billion.

"If the banks want to send a message to Australia, that they want to horde this level of profit to themselves and not do their fair share to support budget fix, they can make that decision", Mr Morrison told 2SM Radio.

Mr Morrison on Wednesday implored the banks not to burden customers as he confirmed the tax would be permanent.

In a statement, Commonwealth Bank chief executive Ian Narev said he would seek more information from Treasury about the tax, but indicated it could be passed on.

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

"And I believe Australians want us to fill that gap".

Leonard out for Game 2; Spurs coach blasts play
Popovich said if Leonard remained in the game and San Antonio lost, he would go to practice the next day and "move on". My approach to this game for the 14 years I've been in this league is to play hard and give 100% of whatever I have.

"Our equity colleagues estimate the impact on profitability will be 3-6 per cent. Bank stocks fell 3 per cent yesterday, reflecting reports on the possibility that such levy would be introduce", they said.

Morrison outlined plans to deliver A$75 billion in infrastructure funding and financing over the next years as the base of Australia's next growth wave.

'If the banks want to send a message to Australia, that they want to horde this level of profit to themselves and not do their fair share to support budget fix, they can make that decision, ' he told 2SM Radio.

The Australian Competition and Consumer Commission would be watching them "very, very carefully indeed".

"This is the bank's contribution to the budget fix task; it's something that happens in the United Kingdom and Europe and brings Australia in line with other jurisdictions".

"There is no "magic pudding" [like in the children's book]".

The Westpac CEO added that the Australian banks are already the largest taxpayers, with Westpac being the country's second largest taxpayer (paying more than 30 per cent of its profits in tax).

Mr Morrison and PM Malcolm Turnbull will hope that is enough to keep their party room content, and ensure the government's slim majority remains intact. Small and medium-sized businesses, the lifeblood of the economy, get a lower tax rate and incentives to invest.

Numerous commentators described it as a "Labor Budget" because it had shown a surprising willingness to increase taxes and to boost spending on areas such as schools and support for the disabled.

ANZ has noted that the tax will be "the subject of briefings by the Australian government in the coming days and of continuing analysis by ANZ".

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