Major banks receive Budget shakeup

The 2017-18 budget is a far cry from the 2014 offering from Hockey and Abbott

Some analysts compared the tax to the carbon and mining taxes introduced by the former Labor Government in their impact on the market value of their targets - banks.

Fitch Ratings said the levy would have a "negative" but "manageable" impact on banks.

"I am shocked and amazed and also excited that for the first time in a few years this won't be brought up as a political thing", he said.

For a government that has trenchantly resisted a royal commission into the banks - which is still a partisan division between the Coalition and Labor - its measures are certainly highly interventionist.

Mr Morrison rejected suggestions he wanted a war with the banks because they were less popular with voters than the government.

Mr Howard addressed a PriceWaterhouseCoopers post-Budget event in Melbourne on Wednesday and again in Perth on Thursday.

Labor argues that, when it was last in government, it had set out sufficient savings to fully fund the NDIS for 10 years and the government has now allocated some of those savings to its corporate tax cut - which has necessitated the rise in the levy.

Banks are warning they will try to pass on some of the government's $6.2 billion bank levy to their millions of customers, with Westpac slamming the move as a "stealth tax" that will also hit shareholders and finance workers.

This was after the chief executives of Westpac, National Australia Bank and the Commonwealth Bank warned they may have to put up fees.

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Arnhem Investment Management portfolio manager Mark Nathan said the banks did not view their funding sources as discreet cost pools in that way, which meant they were likely to raise rates on all customers.

Morrison talks to Bloomberg about the bank levy and Australia's AAA rating.

"It is now time for all our leaders to move on from populist bank bashing so we can work constructively with Parliament and policy makers on how we can best support the Australian economy", Mr Elliott said.

People who receive welfare payments may be subject to random drug tests to make sure they're, well, not doing drugs. "They are hundreds of thousands of individual Australian shareholders - many of whom are retirees - who are living on share dividends as a result of their retirement". "That they have certainty about policy", he told ABC radio.

Upon leaving a meeting with Treasury officials yesterday, ABA chief executive, Anna Bligh claimed the levy was "fraught with even more uncertainty after Treasury officials were unable to answer key questions at a briefing with banks". The job had been sought by Morrison's then staffer Sasha Grebe.

The treasurer allocated money for infrastructure projects, including a second Sydney Airport, and increased a healthcare levy to fund a disability insurance scheme. Morrison drew on his own family experience on Wednesday by telling the story of his brother-in-law Gary - present at Wednesday's lunch - who suffers from multiple sclerosis (MS).

"The encouraging further development here, is that the Treasurer has committed the government to the Medicare Levy increase, which is a viable way ahead for covering numerous NDIS costs. The budget goes into surplus in 2020/2021 and remains there over the medium term".

But the opposition has no power to stop the removal of the deficit levy, which comes off automatically at the end of June.

It is expected that the new levy will raise up to $6.2 billion. Once it's gone, reimposing it becomes harder.

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