Morrison outlined plans to deliver A$75 billion in infrastructure funding and financing over the next years as the base of Australia's next growth wave.
It does take into account the Medicare levy increase in two years, a tougher stance on multinational tax dodgers and the levy on banks.
Nearly all Australians will pay more tax under changes announced in the country's annual budget by Treasurer Scott Morrison tonight.
Budget papers indicate the deficit, which is A$37.6b for 2016/17, will dramatically fall from A$21.4b in 2018/19 to just A$2.5b in the following year.
To do so, Mr Morrison is banking on what we'll call ambitious growth forecasts, bumping up the Medicare Levy, and asking the country's five biggest banks to chip in an extra $6.2 billion through a liabilities levy.
Those savings, including welfare reforms, had artificially reduced the red ink in the budget after they were blocked by opposition lawmakers in a hostile Senate where the government has a wafer-thin majority.
"Growth in payments has been restricted to less than 2.0 per cent per year".
The Australian Bankers Association described the new tax as "inherently risky", blaming speculation that the measure might be included the budget for banks losing AU$14 billion ($10 billion) in value on the Australian stock market earlier Tuesday.
Mervyn Tang, director of Asia-Pacific sovereigns at Fitch Ratings, said the new revenue measures in the budget implied a faster reduction in the government deficit.
"We are an immigration nation, but the fact remains, Australian workers must have priority for Australian jobs, so we're abolishing the 457 visas, the visas that bring temporary foreign workers into our country", Turnbull said previously.
Standard & Poor's did not immediately comment on the budget.
'This new tax is not a well-thought-out policy response to a public interest issue, it is a political tax grab to cover a budget black hole, ' chief executive Anna Bligh said.
"Contrary to the government's claim that the tax will only be levied on banking liabilities, the reality is that it will affect the entire banking system", Bligh said in a statement.
The center-left opposition Labor Party accused the conservative government of delivering a tax cut for millionaires and a tax hike for every working Australian.
Australia's peak housing body backs federal budget measures to help first home buyers save for a deposit and increase supply but warns barriers to foreign investment are unproductive.
Among revenue boosting measures was a six-basis point levy on the liabilities of banks with liabilities of more than A$100 billion from July 1, a move that will help the government raise A$6.2 billion through 2020/21 to aid budget fix.
That measure alone is expected to raise an additional $8.2 billion of taxes in its first two and a half years in operation.
The budget forecast real GDP at 2.75 percent in 2017/18, strengthening to 3 percent through to 2020/21.
The economy is on course to complete a world record 26 years of uninterrupted economic growth in the next few months and, once it overcomes the impact of Cyclone Debbie, should be travelling at a rate of 2.75 per cent in 2017/18 before accelerating to three per cent until at least 2020/21. Underlying inflation is stuck below the RBA's target band of 2-3 percent with wages crawling at their slowest pace on record.
Brent crude was up 34 cents at US$49.44 a barrel at 1410 GMT, having recovered from a session low of US$48.65. OPEC will meet on May 25 in Vienna to determine whether to extend its production cut deal.
Donald Trump attacked the long-standing Senate procedure, when striking out at a negotiated budget deal on Capitol Hill. Why haven't Republicans already used reconciliation to get around hardline Democratic opposition to Trump's policies?
This approach is what was always intended for the Board and we're making a clear break with the last administration's approach". Freire suggested that Scott Pruitt is not interested in maintaining the science-only direction of the board.
He won't, I'm guessing, get all the free stuff DeGeneres promised him if he lets her Twitter record stay intact. This story has been edited to correct the last name of the teen to Wilkerson, from Wilkinson.
The stock was sold at an average price of GBX 2,450 ($31.69), for a total value of £520,600.50 ($673,306.39). Checking in on some valuation rankings, EM Systems Co., Ltd. (TSE:4820) has a Value Composite score of 43.
Rents in Donegal rose by over 14% this the first quarter of 2017 compared with the same period previous year . It was the fourth quarter in a row that a new all-time high for the cost of renting has been set.
In his comments at the conference in Istanbul, Erodgan also criticized promises by President Donald Trump to move the US Embassy in Israel from Tel Aviv to Jerusalem, saying the plan was "extremely wrong" and should be "dropped from the agenda".
Prosecutors said that Hernandez knew this and committed suicide so his fiancée, Shayanna Jenkins, could collect that money. Quinn III will appeal Garsh's decision to vacate Hernandez's conviction, saying the abatement is "antiquated".
Prosecutors argued during that hearing that Hernandez's conviction in a 2013 murder shouldn't be erased because he killed himself. Additionally, Garsh claimed that there is no proof Hernandez knew that his death could lead to his conviction being dismissed.
A JPMorgan analyst (via 9To5Mac ) suggests that the OLED display will be edge-to-edge only horizontally and not vertically. Following this report , a designer Benjamin Geskin came up with a concept iPhone 8 based on the diagrams shown by CLSA.
Suspect in killing of Arkansas deputy captured
Mainhart was a five-year veteran of the Yell County Sheriff's Department, Sheriff Bill Gilkey said. Negotiators are attempting to make contact with the individual during the hostage situation.
May denies energy bills cap is from 'Marxist universe'
Under the new proposal by the Conservatives, industry regulator Ofgem would set a cap for the default standard variable tariffs. The PM said five of the "big six" energy companies had recently raised prices while their profit margins hit "record levels".
Home, sweet home: Beal, Wall lead Wizards past Hawks, 103-99
Atlanta let Washington bleed 10 seconds off the clock without fouling before grabbing a defensive board in a four-point game. The Wizards avoided the dismal start that essentially ruined their hopes in Game 3 before the first quarter was done.
Carrasco And 2 Relievers Toss 4-hitter, Indians Top Jays 6-0
It was a big and warm welcome for Edwin Encarnacion returning to Toronto, as he received a standing ovation in his first at bat. He walked two Cleveland batters in the second inning and both would come in to score to provide the Indians with a 2-0 lead.
Conor McGregor vs Floyd Mayweather
Remember when I seen him in Mexico and I called him out? A majority of his knockouts have come due to exceptional striking skills. This is the way I push myself back off the ground; this is the way I deal with adversity, and this is the way I get up.
Australia treasurer promises fair budget that reins in debt
A senior executive at one of the Big Four banks warned the government of "unintended consequences" of introducing a new levy. 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.
Klopp relishing top-four pressure
Liverpool will secure the Premier League place they deserve this month - and Jürgen Klopp loves the pressure of trying to ensure that is in the top four.
Samsung foresees bigger profit in 2017 as memory chips soar
However, it expects overall smartphone shipments to be flat quarter-on-quarter due to decreased sales of mid to low-end products. Samsung has posted its best quarterly profits since 2013 with strong memory chip and display sale, despite Sliding mobile sales.
Missouri Valley Conference invites Valpo to join the league
The Valley has been in a state of transition in the past half decade, after losing power member Creighton to the Big East in 2013. Tickets for the 2017 MVC Softball Championship are on sale now through the Illinois State Athletics Ticket Office.
Mexico, Police Chief Slam Texas Sanctuary Ban
Mexico is Texas' largest trading partner and shares close ties with the state. "They don't really see this as affecting people". He also took the opportunity to counter the claims that this is a " show me your papers " law and is somehow unconstitutional.