Australia vows practical budget to counter voter frustrations

Federal Treasurer Scott Morrison claims the government's 2017 budget is founded on fairness, security and opportunity.

Mr Morrison finally drew a line through $13 million of "zombie measures" from the 2014 budget that have failed to pass through parliament, but in doing so needed to find revenue from other sources to plug the gap.

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

Spending on hospitals will increase by $2.8 billion over four years.

The biggest hit to foreigners, who have been increasing the value and volume of property purchases, will be in the change to their capital gains made on property and their strategy of holding properties without occupying them.

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. "It is all of our responsibility to fund the NDIS. We could all potentially be recipients of this scheme".

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. The moves are aimed at alleviating public concerns about the dominance of the big banks following a series of scandals in the banking sector and public allegations of abuse of market power.

This means it will impact only the four major banks, as well as Macquarie Bank, and is expected to raise more than $6 billion.

A new Banking Executive Accountability regime will also be established, which requires all senior banking executives to register with APRA.

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

The Treasurer also promised a "one-stop shop" for customer complaints aganst the banks called the Australian Financial Complaints Authority.

Mr Turnbull was touring a forensics complex to announce a $321 million boost for the Australian Federal Police's domestic operations, in a further attempt to beef up national security.

A new training fund will be launched paid for by a levy on businesses bringing in foreign workers.Businesses will have to pay an annual levy of $1200 -$1800 per worker per year to bring in people on the two-year temporary worker visa.

Morrison said whether Australia maintains its strong credit rating in light of the budget for the fiscal year beginning July 1 was a question for the rating agencies.

The federal government has kept the pressure on the big banks through a parliamentary inquiry after several separate scandals emerged involving the mistreatment of customers previous year.

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.

The headwinds faced by the banks are many.

"Data was one of the earliest success stories of this government as we increased the 500 datasets available in 2013 to more than 20,000 datasets now - and this has delivered real benefits in innovation", Taylor said last week.

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