Wednesday, 24 May, 2017

Federal Budget 2017: Banks would pass on new tax to customers

Mae Harvey | 10 May, 2017, 03:51

Labor holds a clear poll lead over the coalition as Treasurer Scott Morrison prepares to release his second budget.

The Turnbull Government is starting afresh from Tony Abbott's horror 2014 budget, vowing to make the "right choices" for Australia.

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

The new National Australia Bank branch at 700 Bourke St, Melbourne, Victoria, Australia.

Pensioners - Treasurer Scott Morrison has confirmed pensioners will get a one-off payment to help ease their electricity bills during winter.

The government's much-spruiked plan to combat housing affordibility in the capital cities includes a tweak to negative gearing from July 1 that will disallow deductions for travel expenses, and limits to plant and equipment deductions, raising $2.1 billion of revenue over the next your years.

"We are not sending lawyers around the country for three years, we are acting now", the Treasurer said, in reference to a Royal Commission.

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.

Defence spending will hit two per cent of GDP by 2020/21.

The 2017/18 budget projects a return to balance in 2020/21, improving from a deficit of $29.4 billion to a projected surplus of $7.4 billion within four years. The facility will be located at the South Australian Health and Medical Research Institute and will be used to help patients with cancer in the spinal column, skull, pelvis and tumours in infants and children.

Unlikely arms getting starts for the Toronto Blue Jays
But after I took the necessaray steps to secure my future with the Indians , it got a lot easier. The Rogers Centre and the Toronto Blue Jays host the Cleveland Indians in MLB baseball Monday.

Trump begins effort to pack courts with conservatives
Among them are Michigan State Supreme Court Justice Joan Larsen, who Trump will reportedly nominate to the U.S. Supreme Court Justice Clarence Thomas and is known to share the view of a limited role for the judiciary.

Red Sox Eject, Ban Fan Who Allegedly Used Racial Slur
Additionally, Orioles outfielder Adam Jones was the subject of racist taunts from some fans at Fenway Park on Monday. Boston won 4-2 here at Fenway Park . "Jones was clearly competing in the game".

Mr Turnbull praised his colleagues for the government's achievements so far this year, including company tax cuts, energy reform and changes to school funding - to be announced in the budget.

"Our decision to increase the levy reflects the fact that all Australians have a role to play", Mr Morrison said.

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

University fees are expected to hike by up to $3000 and students will be forced to pay back loans earlier.

A $1.2 billion skills fund to provide new apprenticeships will be paid for by a foreign worker levy.

"The only people paying higher taxes are large banks and the crackdown on multinationals and foreign investors", he replied. He introduced a First Home Super Savers Scheme - a salary sacrificing model allowing FHBs to deposit a portion of their income into their superannuation for the explicit goal of buying a home.

Contributions and earnings will be taxed at 15 per cent rather than at marginal rates.

Downsizers will get special exemptions from superannuation rules to allow them to put lump sums into their retirement savings from selling their family home.

The government has foreshadowed extra spending on health and education, tax breaks for first home buyers, infrastructure investment and more money for defense and national security.

Western Sydney airport will get $5.3 billion over the next ten years.

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