Australia's biggest banks are likely to pass on the bulk of a surprise A$6.2 billion (S$6.43 billion) tax to their customers in the form of higher interest rates rather than accept an earnings cut, fund managers and analysts said on Wednesday.
Mr Morrison insisted the levy was specifically tailored for the banks and not other big companies.
The banks have already started to fight back, warning that borrowers and shareholders could be forced to pay the cost of the tax, which could be passed on to customers.
But he notes that there are also few measures aimed at shoring up the Government's conservative base with plans for random drug testing of welfare recipients deemed to be at risk of substance abuse, and new penalties for recipients that routinely avoid employment meetings.
She said: "In 2016, banks paid around AUD11.5bn of income tax". Scott Morrison says he has been listening to voters and reflecting on what he has heard.
Greens leader Richard Di Natale said the banks would be foolish to charge customers more. Don't do what they may be contemplating doing [raising rates or reducing returns]. Here are some of the most important points you shouldn't miss. Prove them wrong. Don't confirm their worst impressions. "That they have certainty about policy", he told ABC radio.
Good days and good times have come to Australia's fintech scene with the 2017-18 Australian budget bringing in some useful initiatives.
The Australian government's 10-year nation-building program is set to create tens of thousands of jobs just as a boom in apartment construction slows and as the end of a mining investment bonanza continues to weigh on growth.
Australia's government announced Tuesday plans for major infrastructure spending including a new Sydney airport and an inland railway linking two major cities, while sticking to its goal of restoring a budget surplus in three years through higher taxes.
In addition, Szetho says it wants work with the government as it establishes the new Australian Financial Complaints Authority to "ensure it provides a fair and low-priced outcome for fintech firms who will be subject to its activities".
"The ACCC will monitor them and consumers can move their money to a regional and smaller bank".
"This levy is a stealth tax on their life savings, the shares in their superannuation accounts, and it will make Australia's banks less competitive", he says.
"The cost of any new tax is ultimately borne by shareholders, borrowers, depositors, and employees", Westpac chief Brian Hartzer said.
"This tax is borne by these people".
Ms Bligh said there had been no consultation with the industry and warned "it should make every company in Australia which earns more than banks wonder who's next".
"The banking sector here is very profitable".
"This is the bank's contribution to the budget fix task; it's something that happens in the United Kingdom and Europe and brings Australia in line with other jurisdictions".