Australia treasurer promises fair budget that reins in debt

But the budget forecast a A$7.4 billion surplus in 2020-21, an improvement on A$1.08 billion at the mid-year review.

Prime Minister Malcolm Turnbull on Monday echoed the theme of budget fairness.

The Australian Prudential Regulation Authority (APRA) will be able to remove and disqualify executives that hide misconduct, and ensure at least 40 per cent each executive's pay is linked to more than short-term performance.

Outside of infrastructure, the government has promised to greatly lift expenditure on health and education.

With the latest Newspoll showing the government trailing the opposition Labor Party at 52 points to 48 points, the budget contained measures to appease an electorate angry that a surging property market means they are unlikely to achieve the great Australian dream of owning their home.

Mr Turnbull said the levy would raise $6 billion over the next four years. "But it is only going to be good debt if expended on a good project and well delivered", he said. "We could all potentially be recipients of this scheme".

Treasurer Scott Morrison said the country's profitable banks, which have been under fire in recent months amid a series of misconduct scandals, would bear the brunt of a budget "re-set" as he abandoned so-called "zombie savings" worth some A$13 billion.

Under new measures, banks with liabilities of more than $100 billion - Westpac, ANZ, Commonwealth, National Australia Bank and Macquarie Group - will be slugged 0.06 per cent on those liabilities each year from July.

That equates to $6.2 billion of new taxes from the banking sector over the next four years.

Everyday customer deposits are not included in the liabilities, and the levy will not apply to superannuation funds or insurers.

'This represents an additional and fair contribution from our major banks, is similar to measures imposed in other advanced countries, and will even up the playing field for smaller banks, ' Mr Morrison said.

A senior executive at one of the Big Four banks warned the government of "unintended consequences" of introducing a new levy.

Bank executives will also face tougher penalities for misconduct under a tough new new Banking Executive Accountability Regime, which will require all executives to be registered with the regulator.

The revenue will be directed towards budget fix, the treasurer said.

As recommended by the Coleman committee, a permanent team will be established within the ACCC to investigate competition in the nation's banking and financial system.

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

"Malcolm Turnbull's budget locks in a $16,000 tax cut for people making $1,000,000 a year, but he's cutting schools and Medicare", Mr Shorten said.

Banks with liabilities of more than $100 billion - which is now the big four lenders and Macquarie - will be slugged a levy of 0.06 per cent on those liabilities each year from July 1, delivering revenue of $6.2 billion over the next four years.

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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