Coalition backed on budget bank levy

Coalition backed on budget bank levy

Big banks will pay a $6 billion levy to help the budget return to balance in 2021, while a 0.5 percentage point hike in the Medicare levy from 2019 will part-fund the national disability insurance scheme.

It all adds up to a better outlook for the economy, claims the Treasurer, with its much talked about "good debt" funding more than $75 billion of infrastructure spending over the next decade.

During the latest round of financial results ending Tuesday with CBA's A$2.4 billion third-quarter profit, bank executives told analysts they were cutting jobs, closing branches and investing in technology to keep a lid on costs.

"We have not seen any evidence that the "vacant property" issue is real", Mr Morrison said, "It appears to be a policy seeking to solve an "urban myth".

Mr Bowen said his party was still dissecting the increase to the Medicare levy, which it is proposed will raise about $8 billion.

The Medicare levy has also been raised from 2 to 2.5 per cent to pay for Labor's National Disability Insurance Scheme, which will be fully rolled out by 2020, a raise that will impact almost every taxpayer.

A new Banking Executive Accountability regime will also be established, which requires all senior banking executives to register with APRA.

"We will restore the requirement that prevents developers from selling more than 50 per cent of new developments to foreign investor", the Treasurer said.

"The Australian banks have a very good track record of passing on higher funding costs, credit risks and other headwinds to customers", Mr Mott said in a note to clients.

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

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An extra $18.6 billion in funding over 10 years under Turnbull's Gonski 2.0 plan goes some way towards the Coalition restoring its education credentials, but is being complicated and potentially derailed by a fierce debate over Catholic school cuts.

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

The federal government has kept the pressure on the big banks through a parliamentary inquiry after several separate scandals emerged involving the mistreatment of customers past year.

A new training fund will be launched paid for by a levy on businesses bringing in foreign workers.Businesses will have to pay an annual levy of $1200 -$1800 per worker per year to bring in people on the two-year temporary worker visa.

Daniel Cohen, co-founder of lobby group First Home Buyers Australia, said he disagreed with the view that subsidised savings accounts would only push up prices.

The headwinds faced by the banks are many.

As for the levy on banks: "We're not going to stand in the way of it".

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

While it's still unclear what the full package will involve in terms of housing affordability, there is an understanding that measures may be introduced to help potential first home buyers save for a deposit.

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.

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