Another A$1.2 billion will be raised over the next four years by imposing a levy on foreign workers, another issue that has been heavily debated publicly, with Prime Minister Malcolm Turnbull promising earlier this year "Australian jobs for Australians".
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.
And Mr Morrison officially scrapped $13 billion in so-called zombie Budget measures hanging over from the 2014 and 2015 budgets.
He did so by targeting key areas where the Opposition has been scoring political points, such as the future of Medicare, Labor's continuing push for a royal commission into the banking sector, and rising housing costs, especially in Sydney and Melbourne.
Morrison announced the launch of a Medicare Guarantee Fund, which he said was created to ensure that the public health system had guaranteed funding.
That measure alone is expected to raise an additional $8.2 billion of taxes in its first two and a half years in operation.
Speaking at a post-Budget breakfast in Perth yesterday, Mr Howard said the Federal Government needed to revisit taxation reform in a "big way".
Labor left the national disability insurance scheme unfunded.
"There are no silver bullets to make housing more affordable", Mr Morrison said. "It is all of our responsibility to fund the NDIS".
The Budget delivered by Treasurer Scott Morrison also outlined a massive $75 billion infrastructure splurge over 10 years, including the Commonwealth's outright purchase of Snowy River Scheme from NSW and Victoria.
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Claim 6: The investigation into the Trump campaign's ties to Russian Federation "was set up by the Democrats", the president said. Former FBI Assistant Director Ron Hosko said on "The Story" tonight that he does not believe that's the case.
Shares for the big four banks fell by between 2.1 and 3.6 per cent.
The cash pool will be funded by the Medicare Levy on high-income earners, as well as broader income tax revenue.
"Not only has the Government kept the banks and the public in the dark on this new tax, it is now clear that they have kept Treasury in the dark too", Bligh said.
He also said there was no way the banks could "absorb" the levy.
The Government will launch a "one-stop shop" where Australians can take their complaints about the financial sector called the Australian Financial Complaints Authority. "We are not sending lawyers around the country for three years, we are acting now", the Treasurer said, in reference to a royal commission.
In a final whack at the sector, a permanent team will be established within the ACCC to investigate competition in the nation's banking and financial system, as recommended by the Coleman Committee.
Mr Shorten made a series of other announcements in the speech, including a promise to block the government's first home super savers scheme, cuts to universities and student fee increases, a re-heated pledge to close multinational tax loopholes and save $5.4 billion, a promise to reverse TAFE cuts to apprenticeships and identified about $1 billion in new savings.
The levy of 0.06 per cent on their client deposits will start on July 1, and raise $6.2 billion over the next four years.
The government is dipping its toe in the negative gearing waters with a winding back of some deductible expenses for investors, but it doesn't go as far as Labor's multibillion-dollar policy aimed at improving housing affordability.
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