Banks tipped off to new tax: Hinch calls for investigation

Scott Morrison appeared much more mellow and measured as he fronted reporters in the budget lock-up

Scott Morrison appeared much more mellow and measured as he fronted reporters in the budget lock-up

Big nation building projects will get an extra $75 billion over ten years, while schools will get an extra $18.6 billion, and tough new measures will be placed on the financial sector.

Morrison warned the banks - some of Australia's most profitable companies - not to pass on the hit to customers as it did not apply to mortgage or deposit accounts.

"Plans to tax vacant homes, limit the share of foreign investment in new projects and increase foreign investor duties all send exactly the wrong signal to potential investors in Australia", he said in a statement.

On Thursday night, federal senator Derryn Hinch outlined details of a letter he wrote to the AFP asking for an investigation.

Ms Bligh said it was unacceptable to keep banks and the broader community "in the dark" and has demanded to see the modelling by 5pm on Tuesday, May 16, the day before the ABA expects to see the draft legislation for the new levy.

Mr Howard, who was able to successfully negotiate with the Australian Democrats in the Senate when he was prime minister, acknowledged his Liberal successor Malcolm Turnbull had a harder time getting legislation passed.

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. Health An extra healthcare tax from 2019 will raise funding for a national scheme to support people with disabilities.

The moves will negate calls by the ALP and the Greens for a Royal Commission into the banks, while also helping to bring the budget back into balance by 2021.

He said that it now appeared "no-one now is talking about paying back debt".

Challenges in addressing first home buyer issues.

"There are no silver bullets to make housing more affordable", Mr Morrison said.

As for the levy on banks: "We're not going to stand in the way of it".

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.

Work will commence in late 2018 and airport operations will begin by 2026, creating some 20,000 jobs.

"Third, Snowy Hydro would have to remain in public hands".

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