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Posted May 10, 2017

Treasurer Scott Morrison said more than 75 billion Australian dollars ($56 billion) would be spent on infrastructure in the next decade. "It is important to invest in infrastructure, but we have to make the right choices on projects as part of a broader economic". "Mum and dad investors will continue to be able to use negative gearing, supporting the supply of rental housing and placing downward pressure on rents".

But it wants time to consider the hike in the Medicare levy.

A new $6 billion tax on banks tipped to be revealed in Tuesday night's budget would likely be passed straight onto customers, says a major investment bank.

The government has announced a number of measures over the past year to protect consumers and boost transparency in the banking sector, including beefing up the corporate watchdog's powers.

Big banks will pay a $6 billion levy to help budget fix, while a 0.5 percentage point hike in the Medicare levy from 2019 will partly fund the NDIS. "This is one of the many ways we seek to do that".

Senior banking executives will also be more accountable as they will be forced to be registered with APRA and can be deregistered and stripped of bonuses for any misconduct.A permanent team will also be set up within the ACCC to investigate competition in the sector.

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

Mr Evans also expects the budget deficit for 2017/18 to show an improvement to $27.7 billion from the $28.7 billion predicted in December's mid-year review while gradually moving to a $4 billion surplus in 2020/21.

There'll be an extra $115 million for mental health and an extra $1.4 billion for health research, including $65.9 million specifically for research into childhood cancers.

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.

Australian Treasurer Scott Morrison introduced the levy on Australia's five biggest banks.

That amounts to $2.2 billion over the next four years. "Taxpayers, including those who have never attended university, will still fund the majority of university fees and costs - around 54 per cent of the cost on average, as well as significantly subsidising the student loan scheme", he said.

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It's expected to raise $1.2 billion over four years for the Skilling Australians Fund.

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.

"And it's been a fair while since most hardworking Australians have had a decent pay rise, " Mr Morrison told Parliament.

"Another example is the National Map, which allows us to better understand datasets for creating new businesses and applications".

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 total cost of the construction of the Western Sydney airport will be detailed tonight.

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