Foreign property investors hit hard in Australian budget

Customers withdraw money from National Australia Bank (NAB) Automatic Teller Machines (ATMs) in central Sydney, Australia, July 24, 2015.

Treasurer Scott Morrison said the lenders could afford to pay, and the cash would help with budget fix and a raft of spending on infrastructure, health and schools.

While Morrison has cautioned the banks that their customers "already don't like them", telling them to "prove (the customers) wrong and pony up to help fix the budget", bankers have warned the government that it was likely that the levy will be passed onto customers.

"This work will assist the national collecting institutions to fully utilise the assets available to them and better enable the ability for self-generated revenue".

Throw in a promise to spend big on infrastructure, and, according to one Australian commentator, Mr Morrison didn't just steal the opposition's clothing - he took the whole wardrobe.

The major banks have found themselves the subject of a political pincer with the Federal Opposition having upped the ante on the Government's proposed bank levy while continuing its demands for a Royal Commission.

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The government will also encourage new players in the banking sector by loosening restrictions around capital requirements for aspirants.

Australia's big four bank stocks have traded sharply lower today on speculation the Australian government will unveil a levy on inter-bank funding in Tuesday evening's federal budget.

The federal government and Australia's five largest banks are on a collision course, with Treasurer Scott Morrison demanding they "pony up" for budget fix and the banks threatening to hit households with higher costs.

"The Australian banks will seek to compensate for the levy, which may include expectations of higher returns from their New Zealand subsidiaries, although the main compensation will come from their Australian customers", Stuff quoted Matthews as saying.

"My thoughts are we have solved a problem - it needed to be funded and if Australians can look at this levy increase and see the benefits to our community - honestly, it is a relief - now we can get on to bigger problems we still have to address, like engaging people with disabilities into the workforce, engaging in education, engaging them in the tourism industry".

He said the federal government made an explicit decision not to apply the bank levy to global banks and regional banks in order to level the playing field.

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The government will require senior bank executives to register with the Australian Prudential Regulation Authority, which can deregister them, disqualify them from executive positions and even strip them of bonuses for breaches of laws or systemic failures in their banks.

The ACCC will also receive $13.2m to establish a unit to regularly inquire into financial system competition.

"If [Labor] seriously think Australian business can compete with a tax rate of 30 per cent when other comparable countries are at 20 or 18 per cent or in terms of the United States, heading to 15 per cent, they are dreaming", Mr Turnbull said.

Well, she would say that, wouldn't she?

"It's a bit of a quick sprint to the finish line for housing affordability but still an endurance race for any real tax reform", he said.

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.

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