Foreign property investors hit hard in Australian budget

Owen Stevens
May 16, 2017

"We've all heard the media speculation this week that Federal Treasurer Scott Morrison may make some small and belated attempt to begin to fix the damage of the 2014/15 slash and burn Abbott-Hockey Budget, but the only outcome acceptable to Queenslanders will be full restoration of funding", the Minister said. But we'll have one by FY 2020-21, promise.

Employers will pay an annual levy of up to AU$1,800 ($1,322) for every foreign worker they employ on a temporary visa.

"This isn't a tax. on pensioner's bank accounts". It's promising tax breaks for putting more money into superannuation and trying to encourage people to downsize.

He emphasised: "A tax can not be absorbed".

"We look forward to Treasury outlining how this tax will apply in practice".

"There will also be $31.4 million for capital works to maintain important infrastructure, gaining efficiencies in reduced long-term maintenance costs", Mr Morrison said.

It is unimaginable that a politician will make a decision to harm their fellows, but the Australian Treasurer has done the next best thing by slapping a new tax on large banks.

The Reserve Bank of Australia (RBA) last week held interest rates at a record low 1.50%, citing concern about fuelling more borrowing in the country's red-hot property market.

"There is no "magic pudding" [like in the children's book]".

"The cost of any new tax is ultimately borne by shareholders, borrowers, depositors, and employees", Westpac chief Brian Hartzer said.

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The levy will raise $1.2 billion over the next four years.

Mr Morrison rejected suggestions he wanted a war with the banks because they were less popular with voters than the government. No taxpayer funds have been used to prop-up the Australian banks. It's hard enough to control the domestic economy's behaviour - i.e. the reaction of economic agents - business, consumer, investor and government - of the budget measures themselves.

Yes Virginia, it's Budget overload, there's wall to wall coverage of the Australian Federal government's 2017/18 Budget - before, during and after - its big reveal on the evening of the 10 May 2017.

The 2017 Budget also seeks to entirely recover from Labor's Mediscare campaign that almost cost the Coalition the election while tackling the Opposition's main arguments on schools' funding, training and a calls for a Royal Commission into the banks.

The government also expects to gain $4 billion this year alone from taxes on big multinational companies.

A central plank of the 2017 Budget is tough new measures on banks to boost competition in the sector.

"Now it is fully funded so you'll know if you have a disabled child ... you will know the money is there, and it's there because Scott Morrison included it in the budget last night".

"While the banking industry has made itself an easy political target, the industry is taking action to significantly improve its relationship with customers and the community".

So, the cyclical considerations are that if we have not seen enough tightening to end the boom then the banks should hike rates ASAP.

The Treasurer argues there is no other feasible way of paying for the scheme, and says now is the time to stop debating how to pay for the NDIS and just do it.

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