"Whether you are saving to buy a home, spending a high proportion of your income on your rent, waiting for subsidised housing, or you're homeless, this is an important issue to you", Mr Morrison said.
"There is no such thing as a good tax, there are only less-worse taxes, such as the GST".
The Australian government pledged to deliver a small budget surplus in 2020-21, slapping big banks with new taxes to end more than a decade of deficits that have threatened its prized triple-A credit rating.
The Medicare levy increase, which mimics the 0.5 percentage point increase Labor introduced in 2014 to help fund the NDIS, will affect nearly all taxpayers.
And in recognition of the pounding on health policy it received at the election previous year, it wants to legislate a Medicare Guarantee Bill with a Medicare Guaranteed Fund to cover all expenses of the scheme.
Downsizers over the age of 65 will be able to make a non-concessional contribution of up to $300,000 into their super fund from selling the family home.
Australia's treasurer Scott Morrison said the banks were profitable and would be watched closely for any misrepresentation as they sought to offset the cost.
The government expects growth will increase from 1.75 percent in the current fiscal year to 2.75 percent next year.
Morrison painted an optimistic picture of the economic outlook, while acknowledging the pain Australians have been feeling, saying that not all people had shared the country's economic growth and "many remain frustrated at not getting ahead". The forecast deficit for 2017-18 is A$29.4 billion.
However, economists have said such measures would help only at the margin, given the government's reluctance to tweak a tax treatment on property massively favored by the wealthy known as 'negative gearing'.
"If the government thinks that by announcing a package of half measures in an attempt to address widespread community concern over banking conduct will reduce the calls for a royal commission, they are wrong".
Western Australia gaining $1.6 billion to improve road access to the Fiona Stanley Hospital precinct and $700 million for its METRONET rail project.
Among revenue boosting measures was a six-basis point levy on the liabilities of banks with liabilities of more than A$100 billion from July 1, a move that will help the government raise A$6.2 billion through 2020/21 to aid budget fix.
"In requiring big banks to give consumers greater control over their own data, the government has stood up to the banking sector lobbyists and shown it's serious about boosting competition in financial services in Australia", he said.
Australian Bankers' Association chief Anna Bligh said the biggest banks would need to make up the shortfall somehow, flagging potential fee increases.
Welfare recipients that fail the test will be placed on the Government's cashless welfare card, which quarantines 80 per cent of welfare payments to a debit card to prevent recipients from spending money on drugs and alcohol.style="text-align: center;"