The 2017 Federal Budget was handed down on Tuesday, and as always, there have been plenty of questions ask of the PM and his Treasurer Scott Morrison. "In addition, worldwide jurisdictions that apply measures such as this already have much lower corporate tax rates than Australia - for example, in the United Kingdom the corporate tax rate is 20 per cent". That will include a potential buy-out of the Snowy Hydro scheme from Victoria and NSW, and a $20 billion "once in a generation" rail line upgrade.
It was a great time to be in government.
Morrison described the measure, along with a A$8.2 billion income tax increase on workers, as "basically a Senate tax" to get the budget back into balance as demanded by ratings agencies or risk losing its triple-A credit rating.
However, a lower university debt repayment threshold, an increase to the Medicare levy, and a potentially backfiring bank levy may fuse in coming years into a ferocious attack on the disposable incomes of Australians who can least afford it. These funds could be used to build public works and to fund public health, education and transport.
"The fact that we're seeing some buying today shows that yesterday we were trying to find that equilibrium, what it (the levy) meant, and we may have over-exaggerated a touch yesterday", Mr Weston said. "We could all potentially be recipients of this scheme".
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 big four are the four biggest companies in Australia ranked by market capitalisation (the value of all shares in a company added together) with Commonwealth first followed by Westpac, NAB and ANZ.
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"Treasury was unable to confirm on the basis on how they determined to $6.2 billion estimate of the revenue of this tax".
"This is the fair and responsible way forward", Mr Shorten said during his budget reply speech on Thursday night.
Banking expert Claire Matthews recons there won't be an immediate impact on New Zealand customers, NZ banks are separate subsidiaries of their Australian couterparts.
"If in breach, they can be deregistered and disqualified from holding executive positions, and be stripped of their significant bonuses", the Treasurer said. Many areas of law, for example taxation or financial sector reform, affect the trading environment for Australian banks and the ABA consults its members to form industry positions on these and many other issues.
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.
Finally, taking capital gains tax concessions from foreign buyers was a technical amendment by the government that was both niche and targeted.
Westpac chairman Lindsay Maxsted has warned the government is setting a "terrible precedent" by imposing higher taxes on the country's largest banks simply because they can afford to pay.
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