Australia plans major spending plus surplus in 3 years

The government wants to increase housing supply through several budget measures

Along with Prime Minister Malcolm Turnbull, Mr Morrison has crafted a Budget created to reframe political conversations in this country between now and the next federal election in 2019.

Labor will describe it as "Labor lite".

"Every single parliamentarian feels very strongly about the NDIS and we have a shared commitment to make sure it's there with all people with a disability".

Mr Turnbull said the Senate had not backed the government's savings measures to allow it to fund the NDIS by other means.

"We've had a fights about funding for several years".

Morrison painted an optimistic picture of the economic outlook, while acknowledging the pain Australians have been feeling, saying that not all people had shared the country's economic growth and "many remain frustrated at not getting ahead".

"This is proceeding with indecent haste and policy mistakes are nearly inevitable in that context", she said. "Why such a drastic change?"

Mr Morrison rejected suggestions he wanted a war with the banks because they were less popular with voters than the government.

On 4 May, in response to the Federal Government's decision to scrap the 457 visa program, Labor leader, Bill Shorten, swore to mandate a new "SMART" visa category if his party forms government.

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

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But she said "the banking levy effectively represents double-taxation of some of Australia's most successful companies, which already pay $11 billion in company tax each year".

He would not say whether he would retain last year's target of returning the budget to surplus in 2020-21.

Analysts said the banks could charge customers more to offset the tax costs.

"It is clear it is a tax on earnings", Karara Capital investment manager Rohan Walsh said. Banks face a liquid coverage ratio (LCR) that aims to ensure they have sufficient assets on hand to cover short-term outflows.

Ms Bligh said bankers are angry about the tax and insulted by the haste. In a clever political move, the Treasurer has exempted customer deposits of less than $250,000, as well as superannuation and insurance funds. This is a smart tax. "He can do their bit for budget fix".

The budget was the first since the government was re-elected on a tiny majority previous year.

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

Nevertheless, it will support the levy, shadow treasurer Chris Bowen confirmed.

Higher education fee contributions for students will be increased, by a sizeable 7.5 per cent phased in over four years from 2018. "We have chose to reset the budget by reversing these measures at a cost of $13 billion", Morrison said.

Mr Bowen also said the party was yet to accept the Medicare guarantee fund proved there was no secret plan to abolish universal health care. He would be heartened that Tony Abbott's partyroom criticism (just hours before the budget) wasn't taken up by many colleagues, although this could still be a slow-burn issue. "But by adopting a comprehensive approach, by working together, by understanding the spectrum of housing needs, we can make a difference". But if there's anything good about it, he said, it's that you're disabled in Australia.

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