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Faced with dire polling the government has gone for popular spending measures on infrastructure and the National Disability Insurance Scheme (NDIS) in part funded by new revenue raising measures in the form of a higher Medicare levy and a new tax on big banks.

I won't be surprised if this triggers that feeling of deja vu for the butcher, the baker and the candlestick maker for we've been here before.

Mr Morrison has promised to return the Budget to a sizeable $7.4 billion surplus within four years, however if that is achievable in the current economic climate remains to be seen, especially with dire predictions ahead.

The Australian government pledged to deliver a small budget surplus in 2020-21, slapping big banks with new taxes to end more than a decade of deficits that have threatened its prized triple-A credit rating.

The government will impose a fee on businesses that employ foreign workers, which is expected to raise AUD1.2 billion over four years.

Housing investors will have to pay more. Contrary to longstanding rejection by the Government, it has altered negative gearing provisions to bar tax refunds for travel to investment properties, and for removable purchases such as dishwashers.

In the 2017 Budget announcement, Treasurer Scott Morrison announced a 0.06% annual levy on key funding sources for Australia's major banks - a cost that could be passed on to Aussie borrowers and may drive them toward alternate lending sources.

Both measures also help replace the $13 billion hole left by dumping the so-called "zombie" measures that have been stuck in the Senate since 2014 because of opposition by Labor, the Greens and many on the crossbench.

She pressed the Treasurer again, quoting comments he made when delivering the budget a year ago.

In foreign policy, defense spending was projected to rise by 5.3 percent a year through to fiscal 2021, reaching almost A$34 billion. "This is good, common-sense financial management", Mr Morrison said.

Mr Morrison insists the government has arrested the growth in debt by more than two-thirds since coming to power in 2013, but will still top half a trillion dollars before June 30.

And he gave a rosy forecast of improved circumstances and for households facing rising living expenses and stalled wage growth.

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.

"And I believe Australians want us to fill that gap".

Analysts said the Budget was largely created to try to restore the political fortunes of the Coalition, which is trailing the Labor opposition in opinion polls. As for the "technical assumption" of above-trend growth in the following 5-year projection period - so as to reduce lingering spare capacity in the labour market - this has been assumed for several Budget rounds now.

BACK in the early 2000s, when our nation was riding a major commodities boom, Federal Budget night was like Christmas for Australian families.

"We will no longer accept, as an excuse from repeat offenders, that the reason they could not meet their mutual obligation requirements was because they were drunk or drug-affected", Morrison said.

Elsewhere, the scientific research sector lamented a lack of funding, while health experts said the government's commitment to public healthcare was "essential".

And, according to Mr Reece, the Government's plan to allow first homebuyers to take advantage of the tax benefits of superannuation when saving for a deposit will add more upward pressure to housing prices.


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