As Australia's rising living expenses continue to outpace wage growth, the treasurer promised his budget would secure "better days" in the future.
In the latest budget, the Treasurer, Scott Morrison introduced a levy of six basis points on the five Australian banks with liabilities of more than $100 billion.
Infrastructure received a boost with the government injecting up to $5.3 billion into the new Western Sydney airport and $8.4 billion for the 1700km Melbourne to Brisbane inland rail project.
"It is important to invest in infrastructure, but we have to make the right choices on projects as part of a broader economic growth strategy", he told Parliament.
The government is also planning to impose a 50% on foreign ownership in new property developments, which the government sees as a way of "increasing the housing stock for Australian purchasers".
Morrison said whether Australia maintains its strong credit rating in light of the budget for the fiscal year beginning July 1 was a question for the rating agencies.
"It's $8 billion. A tax increase which affects nearly every working Australian", he said.
To read this article in one of Houston's most-spoken languages, click on the button below. Australia's largest four companies, which are also the big four banks, along with Macquarie Bank, get slugged with a levy and get hit with a new regulator.
Australian Bankers' Association chief executive Anna Bligh wrote to Mr Morrison on Friday demanding the release of Treasury modelling used to justify the surprise tax unveiled in Tuesday's budget.
The banking levy, he said, "was a tax on banks" that would be impossible for the Labor Party and the Greens to vote down.
This is generally shit because the gist is that university fees will go up, and students will have to start repaying tuition fees sooner - as soon as you start earning an income of $42,000, when previously it was $51,957.
As such, he outlined new measures replacing these requirements with an annual foreign worker levy of $1,200 or $1,800 per worker per year on temporary work visas and a $3,000 or $5,000 one-off levy for those on a permanent skilled visa.
Yes Virginia, it's Budget overload, there's wall to wall coverage of the Australian Federal government's 2017/18 Budget - before, during and after - its big reveal on the evening of the 10 May 2017.
Revenue is expected to grow 7.8 percent next year to AU$444.4 billion ($326 billion), and the deficit to shrink to AU$29.4 billion ($21.6 billion).
It sees the unemployment rate at 5.75 percent in 2017/18, easing from a 13-month high of 5.9 percent now while it pegged the consumer price index (CPI) at 2 percent, climbing to 2.5 percent by 2020/21.
It sees the unemployment rate at 5.75% in 2017-18, easing from a 13 month high of 5.9% now while it pegged the consumer price index (CPI) at 2%, climbing to 2.5% by 2020-21.
The government gave up on making cuts in health and education spending that the Senate has been rejecting as unfair to the poor since the ruling coalition's first budget in 2014.
Government payments are also forecast to fall to 25% of GDP in 2020-21, returning close to the 30 year historical average, he said. That may please U.S. President Donald Trump, who has urged America's allies to increase their military spending.