Australia treasurer promises fair budget that reins in debt

Ben McCormack

"We are absolutely committed to supporting the Australian manufacturing sector", Mr Turnbull said.

The government will also lift the freeze on the Medicare rebate from July, which is set to cost the government an extra $2.2 billion but will be covered by an increase in the levy.

He promised the measure would deliver $6.2bn to support budget fix.

Mr Pearson expected if the market can stand it, the banks will find a way - as any company would - to pass on as much of their costs to customers.

In addition, bank executives will face tough penalities for misconduct under a Banking Executive Accountability Regime.

"If in breach, they can be deregistered and disqualified from holding executive positions, and be stripped of their significant bonuses", the Treasurer said.

Australia's "Big Four" banks say they are working hard to cut costs to maintain earnings momentum as they combat rising challenges from regulatory action, a fresh government inquiry and a possible new levy on their institutional businesses.

In a final whack at the sector, a permanent team will be established within the ACCC to investigate competition in the nation's banking and financial system, as recommended by the Coleman Committee.

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.

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

Birthday boy Mertens nets 2 as Napoli beats Cagliari 3-1
If we win at home, even though Roma still have to play the next day, we will be closer to one of our objectives. Juventus manager Max Allegri has ruled out signing Torino star Andrea Belotti in the summer.

"They can't go and lie to customers", he said.

South Australia's cancer facility - There will be Federal Government funds of $68 million allocated to give the country its first cancer treatment facility which will house a proton beam therapy. This will be placed into their superannuation funds from the proceeds of the sale of their principal home. "For this reason we think the uninterrupted growth in gross debt outstanding is one of the weak links in the government's fiscal strategy", ANZ said. Additionally, plant and equipment depreciation deductions will be limited to expenses incurred directly by investors, effective from today (10 May).

But Mr Evans is concerned about the government's commodity price assumptions.

A further restriction by the government on foreign investment in Australia's housing pool will be to revise the percentage of a new development that can be sold to foreigners.

An online Commonwealth land registry will be created to identify sites which can be freed up and made available for residential development.

The government will also tackle supply issues, unlocking Defence land in Maribyrnong, in Melbourne's west, for 6000 new homes, and crack down on foreign buyers of new developments.

But Australian Small Business Ombudsman Kate Carnell said if a levy to pay for a compensation scheme was true it would be a good way forward.

"There is now consensus that there should be a move away from negative gearing and to prune back the capital gains discount".

"We've had a fights about funding for several years". The new regulation applies only to developments with at least 50 units.

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