Australia plans major spending plus surplus in 3 years

  • Australia plans major spending plus surplus in 3 years

Australia plans major spending plus surplus in 3 years

The government also restored a regulation that prevents developers from selling more than 50 percent of new projects to anyone not living in Australia. The budget deficit is expected to narrow to AUD29.4 billion in 2017-18 from AUD37.6 billion in 2016-17.

Commonwealth Bank of Australia CEO Ian Narev during the House Economics Committee.

But it forecast widening deficits in the next three years before a return to surplus, which saw Standard and Poor's warn the rating could be lowered if the government does not improve its budget balances and deliver on the surplus plans.

In a surprise move, the Turnbull Government will bring back a trial on drug testing welfare recipients.

Turnbull is "playing a long game to grind down the opposition", the Australian National University's Hughes said.

Defence spending will hit two per cent of GDP by 2020/21. APRA will get A$4.2 million in additional funding over four years and an annual A$1 million for a fund to enforce breaches where banks fail to meet expected standards.

The levy will raise $1.2 billion over the next four years. It's a sign of how much damage the Labor campaign on health and Medicare did to the Coalition.

It will give $48 million to the Smith Family's Learning for Life program for an extra 24,000 children.

For Aussies looking for personal loans, one way to avoid footing the bill for the big bank levy is to look outside the major banks when borrowing, and consider smaller non-bank, online or peer-to-peer lenders.

In Budget 2017, our government is guaranteeing Medicare with a Medicare Guarantee Fund that will only pay for Medicare and medicines.

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

For infrastructure funding and financing, the government committed over AUD75 billion over the next 10 years.

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

The hard work is done for now; it's time for them to begin the hard sell.

By either jacking up rates faster than the central bank or holding on to part of the Reserve Bank of Australia's rate reductions, the lenders have been able to grow profits even as they doubled the average equity they hold to more than $200 billion over the past nine years.

"Our schools funding package delivers a fairer and simpler way to meet our shared commitment to educate each and every child, in accordance with the Gonski needs-based standard".

As the affordability debate heats up, concern has been raised about foreigners holding vacant properties and absorbing local housing supply.

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

The biggest blow for offshore property buyers will be the change to their capital gains made on property and their strategy of holding properties without occupying them.

"We commend [Treasurer] Scott Morrison for jumping on the Productivity Commission's recommendation to introduce an open data regime for banks in Australia", said RateSetter Australia chief executive Daniel Foggo. 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.