"Scott Morrison, the treasurer, argues that this will go a long way to easing the housing pressures in big cities, but the devil is in the detail and the proof will be many years in the making on that one".
Australia's budget will impose a levy of 6 basis points on banks with liabilities in excess of $100 billion Australian dollars ($74 billion) in an attempt to raise more than A$6 billion over the next four years.
Marie Diron, associate managing director of Moody's Investors Service, said the agency assessed Australia's fiscal strength as "very high, a key support to the government's triple-A raiting and stable outlook" after the budget.
However, Treasury forecasts say there will then be a turnaround, with debt falling to A$374.7b in 2019/20 and dropping down to A$366.2b in 2020/21.
Prime Minister Malcolm Turnbull said that would be unwise.
Labor has not ruled out supporting the increase, although Opposition Leader Bill Shorten said he was not convinced it was the only way for the government to fund the NDIS.
Instead it seriously antagonised a Treasurer looking for a swift, neat, way to sweep billions off his budget deficit.
As for the levy on banks: "We're not going to stand in the way of it".
Analysts estimated the levy could cut the big banks' earnings by up to 6% a year, unless they can offset it by raising lending rates and cutting costs.
These are small "l" liberal policies that Mr Turnbull's supporters have been longing to see since he took over leadership of the Liberals, but they should not scare the more conservative factions in his party.
"Don't do what they may be contemplating doing".
Young job seeking parents will be given a $263 million boost to get them back into the workforce through expanding an already-existing initiative deemed, ParentsNext. Prove them wrong. Don't confirm their worst impressions. "That they have certainty about policy", he told ABC radio. Morrison told CNBC in the budget lock up.
The $1.5 billion the levy raises each year would come out of corporate profits of $30 billion this year, he said.
And he spoke at length about his brother-in-law, Garry Warren, who has multiple sclerosis, and his wife Michelle Warren, during the speech, as he outlined why the government had made a decision to raise the Medicare levy to fund the National Disability Insurance Scheme.
According to Deloitte, the theme of this new Budget is to "bury the ghosts of Budgets past" - an appropriate assessment of this new spending spree, as it's been playfully dubbed in the media and social networks as a "Labor Budget" delivered by a Coalition government. He said the government will be adding on to the plan by backing small businesses further. Westpac said the financial impact of the levy was not immediately clear while representatives of CBA and NAB declined to comment. This tax is borne by these people. "It's not a tax on mortgages", he said.
Senior banking executives will also be more accountable as they will be forced to be registered with APRA and can be deregistered and stripped of bonuses for any misconduct.A permanent team will also be set up within the ACCC to investigate competition in the sector.