Big banks fume over hefty new Australia levy

The federal government is now on a collision course for a protracted battle with the

The Prime Minister warned the ACCC "would be watching very, very closely" and invited customers to shop around the smaller banks.

The budget forecast real GDP at 2.75 percent in 2017/18, strengthening to 3 percent through to 2020/21. The government also plans an AU$8.4 billion ($6.2 billion), 1,700 kilometer (1,000 mile) new railway corridor between Melbourne, Australia's second largest city, and the third largest city, Brisbane.

That equates to $6.2 billion of new taxes from the banking sector over the next four years.

"The Australia people don't give you a leave pass because you have difficulties in the Senate", he said on Tuesday.

"Malcolm Turnbull's budget locks in a $16,000 tax cut for people making $1,000,000 a year, but he's cutting schools and Medicare", Mr Shorten said.

A super tax, new regulatory bodies, and big fines for new misconduct rules - it wasn't a great day at the office for the banks.

Wage growth is projected to accelerate to 3.75 per cent by the end of the four- year budget estimates, nearly double the rate now.

He was expected to scrap the four-year Medicare freeze for Global Positioning System and fully fund the NDIS.

The Federal Government has announced a $2 billion expansion of the Snowy Mountains hydro scheme, increasing the 4,000 megawatt output by 50 per cent - a plan that will power up to 500,000 homes.

First home buyers will be able to salary sacrifice to buy their first home.

More news: Microsoft Points Finger at NSA in Ransomware Outbreak

"There are no silver bullets to make housing more affordable", Mr Morrison said. "But by adopting a comprehensive approach, by working together, by understanding the spectrum of housing needs, we can make a difference".

Morrison repeated the government's stance that the main problem with housing affordability was that supply had not kept up with demand, and the government will be releasing some government land - starting with 127 hectares of surplus Defence land in Maribyrnong in Victoria (Bill Shorten's electorate), which the government estimates could support up to 6000 new homes.

The contributions will receive the tax advantages of superannuation, with contributions and earnings taxed at 15% rather than marginal rates.

There will be a national housing finance corporation established from July next year to offer long-term, low-priced finance to community housing providers for affordable housing.

According to The Australian, one way in which the mooted scheme could be introduced is through comparing a national register of foreign owned land which is being constructed by the Australian Taxation Office with water usage levels kept by each state to determine which properties are both (a) owned by foreigners and (b) also sitting vacant.

The initiative is expected to facilitate more than $15 billion in Government asset sales and unlock $17 billion in infrastructure spending.

It's estimated to create 16,000 jobs at the peak of the construction phase.

The Western Sydney airport is getting $5.3b over ten years.

Following a move last month to tighten visas and hike fees for temporary foreign workers, the government has imposed a tax of up to A$5,000 per worker on employers who hire foreigners.

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