Bill Shorten issues stinging budget reply

BILL Shorten is expected to outline whether Labor will support a hike in the Medicare levy in his formal reply to Scott Morrison's 2017 budget tonight.

An increase in the Medicare Levy to fund the NDIS beyond 2019.

Days after delivering his own budget, Mr Morrison said the Labor leader's response on Thursday night didn't have any solutions for the nation.

When the scheme is fully operational in 2020, it will cost $21 billion and is forecast to provide care for 460,000 Australians who have a severe disability.

The Coalition want to increase the Medicare levy by 0.5 percentage points for nearly all Australians, which would equate to an extra $375 a year for those earning $75,000.

The analysis by Deloitte found that if the deficit levy was retained to match the extra Medicare levy revenues, high income earners on more than $180,000 would have to pay a total tax of 51 cents in the dollar: being 45 per cent on the top marginal tax rate plus two per cent for the existing Medicare levy and a further four per cent in an expanded deficit levy.

"Labor can not support making people on modest incomes give up even more of their pay packet", he said. Labor would only support the levy rise for those in the top two tax brackets.

It was a "budget of big government, higher tax and more debt" and "devoid of values altogether".

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The opposition leader will emphasise budgets are about "choices".

They're facing a backlash from the bankers over the surprise $6.2 billion levy on Australia's largest financial institutions.

The Labor Party will limit the amount an individual can claim as a tax deduction for accountancy to $3000 when in government.

Earlier, in Question Time, the opposition extracted from the government the fact that the cost of its ten-year corporate tax cut - the first part of which is already legislated - would be $65 billion over the upcoming decade, compared with almost $50 billion over a decade when announced a year ago.

The crackdown would raise $1.8 billion over a decade and would affect less than 1 per cent of taxpayers.

"It is not fair that - under this government - someone on $1 million will be over $16,000 better off ever year while Australians on $30,000 and $40,000 will have to pay more".

Finance Minister Mathias Cormann called on Shorten to submit his speech to the Parliamentary Budget Office for costing.

He said Labor's numbers did not add up and it would put the triple A credit rating at risk.

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