Budget Treasurer Scott Morrison's speech in full .. investment of the Medical Research Future Fund to date of $ million over 10 for a longer and healthier life with new online skills and health check-ups at ages A student council speech for treasurer is easy to put together once you know what elements make up a good speech. TREASURY BRISBANE. Colonial cool that leaves ordinary at the door. Choose dates. Press the and bars. Treasury Brisbane offers so many reasons to return.
The Prime Minister is working to improve energy regulation, with additional funding tonight to improve gas market efficiency and transparency. He is investing in new generation, transmission and storage capacity. This includes Snowy 2. To support older Australians we are restoring the pensioner concession card to those impacted by the pension assets test change introduced earlier this year.
As a result, they will regain access to state and territory based concessions that were withdrawn after the change. And we want customers and taxpayers to get a fairer deal from our banks. For the system to be fairer, there needs to be greater competition and accountability — now.
In response to the Ramsay Review, we are establishing a simpler, more accessible and more affordable one-stop shop for Australians to resolve their disputes and obtain binding outcomes from the banks and other financial institutions, to be known as the Australian Financial Complaints Authority.
If in breach, they can be deregistered and disqualified from holding executive positions, and be stripped of their significant bonuses.
Banks will also be held to account if they try and hide misconduct by executives with new mandatory reporting requirements.
As recommended by the Coleman Committee, a permanent team will be established within the ACCC to investigate competition in our banking and financial system. The introduction of an open banking regime in will give customers greater access to their own data, empowering them to seek out better and cheaper services.
Tonight, I also announce a new six-basis point levy on the big banks' liabilities, starting on July 1. 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.
Unlike the previous bank deposit tax, this is specifically not a levy on pensioners' and others' ordinary deposit accounts, nor is it on home loans. We have also chosen to put downward pressure on rising housing costs If a family or an individual has a roof over their head that they can rely on, then all of life's other challenges become more manageable.
Whether you are saving to buy a home, spending a high proportion of income on your rent, waiting for subsidised housing, or you're homeless, this is an important issue to you. There are no silver bullets to make housing more affordable.
But by adopting a comprehensive approach, by working together, by understanding the spectrum of housing needs, we can make a difference. We will work with the States and Territories and local Governments to get more homes built, because prices are higher where demand is greater than supply. An online Commonwealth land registry will be established detailing sites that can be made available for residential development. In Melbourne, land for a new suburb that could cater for 6, new homes will be unlocked just 10km from the CBD, by releasing surplus Defence land at Maribyrnong.
The Turnbull Government will also help deliver tens of thousands of new homes needed in Western Sydney as part of our Western Sydney city deal. A new National Housing Finance and Investment Corporation will be established by July 1 next year to provide long-term, low-cost finance to support more affordable rental housing.
States and Territories will also be encouraged to transfer stock to the community housing sector. Other measures to address supply include: These measures will also support State, Territory and local governments imposing inclusionary zoning requirements on new development sites and provide more vehicles for superannuation funds to invest in affordable housing. On the demand side, for those who are trying to save to buy their first home, we will support them by providing a tax cut on their first home deposit savings.
First home buyers will be able to save for a deposit by salary sacrificing into their superannuation account over and above their compulsory superannuation contribution from July 1.
Contributions and earnings will be taxed at 15 per cent, rather than marginal rates, and withdrawals will be taxed at their marginal rate, less 30 percentage points. Savers will not have to set up another account, they can just use their existing super account and decide how much of their income they want to put aside to save for their first home deposit.
Under this plan, most first home savers will be able accelerate their savings by at least 30 per cent. And on demand management, we will continue to prefer the scalpel to the chainsaw, to avoid a housing shock.
Mum and dad investors will continue to be able to use negative gearing, supporting the supply of rental housing and placing downward pressure on rents. Our regulatory agencies will continue to use the flexible and calibrated controls they have available. And we will legislate to extend APRA's ability to apply controls to the non-ADI sector and explicitly allow them to differentiate the application of loan controls by location.
Even tougher rules on foreign investment in residential real estate will be introduced, removing the main residence capital gains tax exemption, and tightening compliance. And we will restore the requirement that prevents developers from selling more than 50 per cent of new developments to foreign investors.
Together, these measures represent a comprehensive package that can make a difference. Finally Mr Speaker, we have chosen to ensure the Government lives within its means.
We will continue our crackdown on multinationals not paying their fair share of tax. Tonight we are toughening the Multinational Anti-Avoidance Law to extend the rules to structures involving foreign partnerships or trusts and clamping down on aggressive structuring using hybrids.
We will also be introducing new tax integrity measures as recommended by our Black Economy Taskforce. We will continue the fight against serious financial and organised crime by providing the Australian Taxation Office with additional funding to chase and tax the crooks.
From 1 Julythe Government will improve the integrity of negative gearing by disallowing deductions for travel expenses and, for properties bought after today, the Government will also limit plant and equipment depreciation deductions to only those expenses directly incurred by investors.
And we will continue to stop people trying to take an easy ride on our welfare system to protect it for those who need it most. The best way to get your welfare budget under control is to get Australians off welfare and into work. We will support young parents to get jobs by expanding the successful ParentsNext programme from 13, vulnerable young parents to 68, in more than 20 new locations, especially those with high Indigenous populations. The programme supports young parents, mainly mothers, with child care, pre-employment training, financial literacy and numeracy skills and linking up with other education and training opportunities.
We are also strengthening mutual obligation requirements. Those who do not meet their responsibilities and either fail to turn up to appointments or take on suitable work will face escalating financial penalties, ranging from reduced to cancelled payments. We want to support job seekers affected by drug and alcohol abuse, but to protect taxpayers, it has to be a two-way street. We will no longer accept, as an excuse from repeat offenders, that the reason they could not meet their mutual obligation requirements was because they were drunk or drug-affected.
In addition we will commence a modest drug testing trial for 5, new welfare recipients. This could include funny stories, such as selling lemonade as a kid or how you've saved allowance money. Discuss the importance of creating a budget for student council. Talk about something you've wanted to buy and how you made this happen. Be sincere as you speak and don't try to change anyone's mind.
Let your audience decide for themselves that you are the top choice. Organize the Speech Make sure your speech has a beginning, middle, and end that flows together. It can work nicely to start and end your speech with the same points and then have everything in the middle help to prove your overall objective. Create a list of everything important you want to say.
Try picking topic headings for each part of your speech and then write a few paragraphs or sentences below each one. Try writing the beginning of your speech last. There is a lot to gain and much to lose. We can't ease off. In this year's budget there are five things we must to do to further strengthen our economy to guarantee the essentials Australians rely on.
Provide tax relief to encourage and reward working Australians and reduce cost pressures on households, including lowering electricity prices. Keep backing business to invest and create more jobs, especially small and medium sized businesses.
Guarantee the essential services that Australians rely on, like Medicare hospitals, schools and caring for older Australians. Keep Australians safe, with new investments to secure our borders, and, as always. Ensure that the government lives within its means, keeping spending and taxes under control. Turning first to the key financial outcomes in this year's budget. This will be the best budget outcome since the Howard government's last budget a decade ago. The Turnbull government has now stayed on track for a surplus for six successive budget updates.
Over the medium term the projected budget surplus rises to over one per cent of GDP, without breaching our tax cap, consistent with our fiscal strategy. The forecast outcome foras always, is subject to Treasury's assessment of economic conditions at the time of the budget. As a government we have put constraints on how much we spend and how much we tax, to grow our economy and responsibly repair the budget. Real expenditure growth remains below two per cent, the most restrained of any government in more than 50 years.
This will see government spending fall to We are also keeping taxes under our policy speed limit of Higher taxes to chase higher spending never ends well. Australians always end up paying for it one way or another.
Federal budget 2017: full transcript of Treasurer Scott Morrison's speech
With the budget returning to balance we will start paying down debt. Net debt will now peak at Over the medium term net debt will fall to 3. Gross debt will peak during at less than 30 per cent of GDP.
It has been a long road back from where we started in We are close to our destination.
Northern Territory Government - negeriku.info
We must stick to the plan. Mr Speaker, I turn now to the measures in tonight's budget that form part of our plan for a stronger economy. In this budget we are providing tax relief to encourage and reward working Australians and reduce the cost pressures on households. Tonight I announce a seven-year personal tax plan to make personal income tax lower, fairer and simpler. The plan will result in more working Australians paying lower rates of tax.
It will be enshrined in legislation. The plan has three parts. Tax relief for middle and low income earners now. Protecting what Australians earn from bracket creep. Ensuring more Australians pay less tax by making personal taxes simpler. Under our personal tax plan, 94 per cent of Australian taxpayers will pay no more than That compares to 63 per cent if we leave the system unchanged. This means more working Australians paying lower taxes on every extra dollar they earn.
The Turnbull government believes that to create a stronger economy there must be reward for effort. You must not punish people for working hard and doing well. This is what underpins our plan. This is what can be responsibly afforded, while keeping the budget on track. Step one will be delivered by an additional targeted tax offset through annual tax returns. This tax relief will not be clawed back by other tax increases, including the Medicare levy, which will remain unchanged.
Step two of the plan ensures that a pay rise, extra overtime or working more hours does not get eaten up by higher tax rates. In the budget we increased the top threshold for the In we will make more substantial changes. Step three of the plan makes our tax system simpler. In we will simplify the personal tax system by abolishing the 37 per cent tax bracket entirely.
The plan is affordable and funded.
The overwhelming majority of this cost commences inthe same year the budget is forecast to return to balance. This is not spending or a give-away. We are simply enabling Australians to keep more of what they have earned. Our tax cuts are also not being achieved by increasing taxes elsewhere. Everyone pays the price of higher taxes. It weakens the economy and costs jobs. You don't have to punish some people with higher taxes, who are already paying the majority of tax, to give others tax relief.
In this budget there are other ways we are reducing cost pressures on Australian households. Through the ATO we will be proactively finding your lost super and have it sent to your active superannuation account, ensuring it doesn't get eaten up in ongoing fees.