The SMH argues that Federal Treasurer Scott Morrison has some claim when it comes to fairness and opportunity, but there's a gaping hole around security.
Federal Treasurer Scott Morrison delivered his second budget. The government has pledged big spending policies in infrastructure and education, while Australians will be paying more every year in their Medicare levy, the big banks will face a new levy and the crackdown on foreign investors and the black economy will be ramping up in an attempt to recoup expenditures.
The SMH argues that there was no serious and difficult tax reform which is essential for fiscal stability, however this was a budget about bread and butter issues - education, healthcare, infrastructure and affording a house.
The paper says extra $19 billion will be poured into schools over the next decade under the Gonski 2.0 and expects a fairer distribution of spending in the education sector.
And it believes the Medicare levy increase is necessary to fund the National Disability Insurance Scheme as it will secure a sustainable safety net for the needy.
Then there are the opportunity measures. The second airport in Sydney, and inland rail freight from Melbourne to Brisbane all received funding.
The Turnbull government will let first home buyers save up to $30,000 in a super account.
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, up to a maximum of $30,000 in total and $15,000 in a single year.
They will be able to withdraw a maximum of $30,000 of contributions beyond the 9.5 per cent super guarantee, plus the earnings generated from those savings, from July 1, 2018.
The SMH argues that it's the security side of Morrison's catch-cry that is missing because there is no real structural reform of the tax system in the budget.
The paper points out that this budget is more like something we expected from Prime Minister Malcolm Turnbull when he first entered the Lodge because there is more talk about jobs and opportunities.
