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emfizz.com November 24, 2017


The Federal Government Announces Plans To Expand The Snowy Hydro Even Further

20 May 2017, 03:04 | Jan Cross

"In requiring big banks to give consumers greater control over their own data, the government has stood up to the banking sector lobbyists and shown it's serious about boosting competition in financial services in Australia", he said.

ALL but the most disadvantaged Australians will be hit by a big tax rise as the Government uses the Budget to regain ground on health spending.

Former prime minister John Howard has also called it a tax.

He would not say whether he would retain last year's target of returning the budget to surplus in 2020-21.

"Right now, the major banks of Australia are very angry".

Credit Suisse analysts estimated in a note on Wednesday that the levy would cost financial institutions around A$1.6 billion a year, or around 5 percent of the banks' current profits.

The government plans to clamp down on the hiring of foreign workers and to impose hefty taxes and charges on overseas investors in property that will collect an extra A$600 million over the next four years.

Qantas CEO Alan Joyce said surprises and uncertainty are not good for business, as he warned against making Australia less competitive.

At the same time, schools will face a $22 billion easing in funding and the Medicare GP rebate freeze won't come off in its entirety.

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In a post-budget breakfast address to about 100 guests at accounting giants PwC in Canberra, Mr Costello said the government's strategy seemed to be simply to rely on the economy growing, and debt as a share of the economy to fall. The budget pledges $8.4 billion in equity to the Australian Rail Track Corporation to pay for the project that it forecasts will generate 16,000 jobs at the peak of construction.

Businesses with a turnover of up to $50 million will receive a company tax cut and the $20,000 asset write-off has been extended for a second year.

Mr Turnbull also acknowledged an increase in the Medicare levy will be an extra tax on families, but said its role in funding the NDIS made it worthwhile.

The conservative government of Prime Minister Malcolm Turnbull has blamed a lack of supply for sky-rocketing house prices and on Tuesday announced setting up a A$1 billion National Housing Infrastructure Facility to help develop new homes.

A housing affordability package includes a "first home super savers scheme" that will provide a tax cut for those trying to get a deposit together. It would mean that it would be taxed at 15% rather than the marginal tax rate, and when the money is withdrawn, it is taxed at marginal tax rates less a 30% offset.

Downsizers over the age of 65 will be able to make a non-concessional contribution of up to $300,000 into their super fund from selling the family home.

That's expected to generate 60,000 jobs in the long term.

Western Australia gaining $1.6 billion to improve road access to the Fiona Stanley Hospital precinct and $700 million for its METRONET rail project. The government will also establish a trust to get investors - both foreign and domestic - interested in investing in affordable housing.



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