Coalition backed on budget bank levy

In just a few short hours, treasurer Scott Morrison will hand down his second federal budget in Canberra tonight which he's called "incredibly practical".

The Turnbull Government is starting afresh from Tony Abbott's horror 2014 budget, vowing to make the "right choices" for Australia. "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".

Data61, formed as a result of a merger between the digital productivity arm of the CSIRO and National ICT Australia (NICTA), originally received AU$75 million under Turnbull's innovation fund to spend on improving cybersecurity and developing new architectures to protect datasets; data analytics to connect separate government datasets and publicly release them; establishing a Data Research Network to connect businesses with data researchers; and delivering training in data analytics to improve data literacy in Australian businesses.

"The target of a surplus by 2020/21 is something that has been quite dear to the government and we expect they will be at great pains to achieve that objective", Mr Evans says.

Big banks will pay a $6 billion levy to help budget fix, while a 0.5 percentage point hike in the Medicare levy from 2019 will partly fund the NDIS.

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.

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.

At the same time it has managed to return the budget to surplus within four years.

Construction of an inland freight rail line from Melbourne to Brisbane will also be bankrolled by the Government by as much as $8 billion; Coalition and Labour have already committed nearly $1.8B to help cover the total estimated cost of $10.7B. The facility will be located at the South Australian Health and Medical Research Institute and will be used to help patients with cancer in the spinal column, skull, pelvis and tumours in infants and children.

Eugenie Bouchard reveals there was "extra motivation" in Sharapova win
Former world champion Maria Sharapova's fall from grace and her subsequent comeback to tennis has been marred with controversies. The Canadian pulled off the biggest win of her career as she defeated Sharapova 7-5, 2-6, 6-4 in a almost three-hour match.

Mr Turnbull acknowledged the increase was a new tax for families, but said it was needed to ensure the future of the NDIS.

As announced in the lead up to the budget, schools will get an extra $18.6 billion over ten years.

In foreign policy, defense spending was projected to rise by 5.3 percent a year through to fiscal 2021, reaching almost A$34 billion.

University fees are expected to hike by up to $3000 and students will be forced to pay back loans earlier.

The Treasurer said an extension of the rules involving foreign partnerships or trusts, plus new tax integrity measures recommended by the government's Black Economy Taskforce, would help raise a further $4 billion over the forward estimates.

Defence will slash $70 million of spending on contractors and travel costs in 2017-2018, and cuts will steadily increase to $85.7 million in 2020-21.

Daniel Cohen, co-founder of lobby group First Home Buyers Australia, said he disagreed with the view that subsidised savings accounts would only push up prices.

Mr Morrison has gleaned that people are furious with banks.

The total cost of the construction of the Western Sydney airport will be detailed tonight.

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