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Live updates: Budget 2017

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8.40pm

Mixed reactions to the 2017 Budget.

federal budget 2017 treasurer scott morrison auspol canberra


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Scott Morrison has concluded his second Budget speech.

So to be clear, our plan is to grow our economy to create more and better paid jobs, to guarantee the essentials that Australians rely on, to reduce cost of living pressures, and to ensure that the government lives within its means.

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However, not everyone is pleased.


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Treasurer Scott Morrison has devoted a large portion of his second Budget speech to housing affordability.

The Commonwealth will replace the National Affordable Housing Agreement that provides $1.3 billion every year

On the demand side, for those who are trying to save to buy their first home, we will support them by providing a tax cut on their first home deposit savings.

First home buyers will be able to save for a deposit by salary sacrificing into their superannuation account over and above their compulsory superannuation contribution from July 1.

The First Home Super Savers Scheme will attract the tax advantages of superannuation. Contributions and earnings will be taxed at 15 per cent, rather than marginal rates, and withdrawals will be taxed at their marginal rate, less 30 percentage points.

Savers will not have to set up another account, they can just use their existing super account and decide how much of their income they want to put aside to save for their first home deposit.

Contributions will be limited to $30,000 per person in total and $15,000 per year.

Under this plan, most first home savers will be able accelerate their savings by at least 30 per cent.


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Reports that the Budget will include a liabilities tax for Australia's banks have already made an impact.


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Treasurer Scott Morrison will unveil the Turnbull Government's first post-election Federal Budget in Canberra in just half an hour.

We've looked at what you can expect from this year's Budget, and heard Morrison promise "better days ahead" for Australia.

Now it's time to find out just who are the winners and losers of the 2017 Federal Budget.

Follow @moneymagaus or watch this space for updates.

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