Australian conservative government to raise taxes on five biggest banks

Australian conservative government to raise taxes on five biggest banks

Australian conservative government to raise taxes on five biggest banks

The Government will launch a "one-stop shop" where Australians can take their complaints about the financial sector called the Australian Financial Complaints Authority.

Banks will face a new tax that is expected to recoup $6.2 billion over the forward estimates and help to fix the budget.

He also gave the major banks both barrels at the breakfast.

So the stakes were high when Scott Morrison stood to deliver his Budget on Tuesday night - and he delivered a strong performance.

MR IAN VERRENDER, business commentator on the ABC News website.

According to budget papers, the government expects the fund to ensure an ongoing source of revenue to support Australian skills development and the take-up of apprenticeships and traineeships.

Mr Morrison will unveil the budget, his second since becoming treasurer, in a speech to parliament at 19:30 (09:30 GMT).

"It is honest about our challenges and opportunities".

This comes at a cost of $2.2 billion over four years.

Welfare recipients that fail the test will be placed on the Government's cashless welfare card, which quarantines 80 per cent of welfare payments to a debit card to prevent recipients from spending money on drugs and alcohol.

The Federal Government has announced that Canberra's national collecting institutions are to receive an extra $48.5 million in the coming year to continue developing and delivering programs and services for all Australians.

Multiple injuries as auto hits people in New York's Times Square
Images on social media also showed people being taken away on stretchers and other casualties strewn around the walkway. The vehicle crashed into a pole and came to rest at 45th Street and Broadway before police took the driver away.

Treasurer Scott Morrison has slapped a new tax on financial transactions in a bid to raise $6.2 billion over four years.

No more subsidies on university fees for citizens from New Zealand.

Among other things, the Australian government earmarked 5.3 billion Australian dollars (3.6 billion euros, $3.9 billion) for the construction of a second worldwide airport in Sydney, slated to be ready by 2026.

"They feel they have had a tax imposed on them uniquely that does not apply to any other part of the business community", she said in a statement overnight.

There's also $10b for rail projects.

"The levy will only affect our five largest banks with deposits of $100 billion or more and does not apply to superannuation funds or insurance companies", he said.

Employers will pay an annual levy of up to AU$1,800 ($1,322) for every foreign worker they employ on a temporary visa.

However, the screws will be further tightened on foreign investors by cutting their access to the main residence capital gains tax exemption when they sell a property, and slapping a $5,000 levy on any who fail to occupy or lease their property for at least six months.

Australian Bankers' Association chief executive Anna Bligh blasted the decision as "a political tax grab to cover a budget black hole".

Commonwealth Bank CEO Ian Narev did not rule out a mining lobby-style public campaign against the levy when asked about it on Friday.

Now in what looks like a significantly more generous Budget than before from the Coalition government, Prime Minister Malcolm Turnbull appears to be trying to reverse that negative reputation and make a comeback from tepid polling and a near miss at the 2016 election which severely weakened his government.

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