Australia plans major spending plus surplus in 3 years

Bank executives will also face tougher penalities for misconduct under a tough new new Banking Executive Accountability Regime, which will require all executives to be registered with the regulator.

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.

MR IAN VERRENDER, business commentator on the ABC News website.

The administration expects development will increment from 1.75 percent in the current financial year to 2.75 percent one year from now.

The budget involved a textbook manoeuvre by Mr Morrison - disarm your opponents by grabbing some of their ideas.

"It is honest about our challenges and opportunities".

"These projections denote ongoing commitment to fiscal consolidation", said Marie Diron, an associate managing director, at Moody's Investors Service, adding Australia's fiscal position was a key support to the government's triple A rating and stable outlook.

Labor holds a clear poll lead over the Coalition as Mr Morrison prepares to release his second Budget.

Spending will be A$34.6 billion (S$35.8 billion) in 2017-18, with plans to lift spending to 2 per cent of gross domestic product by 2020-21.

The budget forecast real GDP at 2.75 percent in 2017/18, strengthening to 3 percent through to 2020/21.

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Other tax proposals in the budget include a major bank levy on banks with liabilities greater than AUS $100 billion, which would raise at least AUS $1.5 billion per year.

Labor has yet to confirm whether it will support the hike included in the 2017 budget which will cover a $3.8 billion gap in funding for the National Disability Insurance Scheme.

Helping boost the government's pay book over the forward estimates will be the $50 billion increase over the period in annual personal income tax receipts, the $17 billion increase in annual company tax receipts, the $13 billion in cumulative Future Fund earnings, GST annual revenue growing $10 billion and the $4 billion increase in annual superannuation fund taxes.

The banks may also try and overturn the measure: in 2010, the mining sector funded a campaign against a Labor government over a new resources tax that ultimately helped unseat Kevin Rudd, the prime minister at the time.

Construction workers on Sydney's light rail infrastructure project are pictured behind a banner in Australia, May 9, 2017.

The government is proposing to commit A$8.4 billion in capital for an inland freight rail line that would cut the travel time between Melbourne and Brisbane by 10 hours to less than 24 hours.

Contrary to longstanding rejection by the Government, it has altered negative gearing provisions to bar tax refunds for travel to investment properties, and for removable purchases such as dishwashers.

The crackdown on foreign property owners comes amid growing concerns about housing affordability following a surge in property prices.

Mr Morrison on Wednesday implored the banks not to burden customers as he confirmed the tax would be permanent.

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