I'm not picking a fight with the banks: Australia Treasurer tells CNBC

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"There is clearly the potential for better days ahead". This is regarded by many economists as very optimistic.

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

The federal government has projected a deficit of $29.4 billion for 2017-18, down from its projection a year ago.

Borrowing would be limited to spending on capital works - infrastructure counted as assets and thus removed from debt calculations.

The government has already announced plans for a new airport for Sydney which is expected to cost A$5 billion.

Western Australia gaining $1.6 billion to improve road access to the Fiona Stanley Hospital precinct and $700 million for its METRONET rail project.

Morrison also said that as well as the intention to further develop the Snowy Hydro, "the Commonwealth is open to acquiring a larger share or outright ownership" of the scheme from the Victorian and New South Wales governments. This will be available from July 1, 2017.

It has also been revealed that the Treasurer's master plan to hit the banks with the 6.2 billion dollar levy came about after a visit to London in January, during which he was taught how British regulators implemented similar measures on their big banks.

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

Treasurer Scott Morrison has described the 2017-18 budget as "honest", attempting to please first home buyers, pensioners and Global Positioning System, but it's set to hit the hip pockets of big banks and high wage earners.

"We are pleased to see action to achieve a surplus by 2020/21, but are concerned that most of the improvement to the bottom line comes from more taxes rather than less spending", Australian Chamber of Commerce and Industry chief executive James Pearson said.

"If they do, take your money somewhere else, take your money to a regional or smaller bank", he said. JobSeeker recipients testing positive would be placed on the Cashless Debit Card.

"We are an immigration nation, but the fact remains, Australian workers must have priority for Australian jobs, so we're abolishing the 457 visas, the visas that bring temporary foreign workers into our country", Turnbull said previously.

There will be a crackdown on those attempting to collect multiple payments, stricter residency rules for new migrants to access Australian pensions, and denying welfare for a disability caused exclusively by their own substance abuse.

In his Budget speech, Morrison said that, until now, employers have had to contribute one or two per cent of their payroll to training foreign workers they have employed, but claimed these requirements have "proven hard to police".

Australian Treasurer, Scott Morrison, handing down the 2017 Federal Budget on 9 May. It was "practical and workable".

"We've got to fully funded the NDIS Leigh", he said.

Chief executives of Commonwealth Bank, National Australia Bank, ANZ and Westpac all labelled Mr Morrison's levy a "bank tax", with three of the four explicitly saying the cost will be passed on.

The Greens attacked the planned drug testing trial for some new welfare recipients was "a violation" and a "very risky precedent".

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