Turnbull and Shorten talk budget

Budget 2017: $75b plan to create more than 60,000 jobs

TREASURER Scott Morrison has promised has announced $75b for big Nation building projects over the next decade.

The Western Sydney airport is getting $5.3b over ten years.

That's expected to generate 60,000 jobs in the long term.

There's also $10b for rail projects.

And a separate $8.4b for the inland rail line from Melbourne to central Queensland.

"Small business owners are out there fighting for growth in their businesses every day.

"They deserve our respect and support.Backing up our recently legislated tax cuts, small businesses with a turnover up to $10 million will continue to be able to immediately write off expenditure up to $20,000 for a further year.

"And we will take further action to reward States and Territories that cut red tape costs for small business.

"To support growth we choose to invest in building Australia, rail by rail, runway by runway and road by road.

"We will establish the Western Sydney Airport Corporation to build and operate the new Western Sydney airport, creating 20,000 jobs by the early 2030s and 60,000 in the longer term. We will inject up to $5.3 billion in equity over the next ten years into this company."

Mr Morrison commitedt to a surplus by 2021, as more leaks about the Budget reveal his plans for the NDIS and Medicare.

He was expected to scrap the four-year Medicare freeze for GPs and fully fund the NDIS.

So far we've been told to expect a crackdown on dole bludgers, with a demerit point system for welfare recipients who don't turn up for job interviews or work-for-the-dole appointments.

Schools have been promised an extra $18.6 billion over the next decade and there'll be some hip-pocket relief for Australians including pensioners.

Australia's 'big four' banks could also be in line for a new tax on their balance sheet liabilities.

Banking sector sources say that Treasury Secretary John Fraser would contact banking chiefs at 6.30pm, before Treasurer Scott Morrison's speech. The tax will reportedly raise $6 billion over four years.

"We've been listening," he said.

"This Budget is about making the right choices to secure the better days that are ahead."

Prime Minister Malcolm Turnbull has also assured his colleagues the Budget will deliver fairness, opportunity and security for Australians.

"It's a responsible budget," he told the Coalition party room.

Labor holds a clear poll lead over the Coalition as Mr Morrison prepares to release his second Budget. The latest Essential poll released today gives Labor a 54-46 two-party preferred lead over the Coalition.

The government's first budget announced in 2014 was widely regarded as unfair, with the poor carrying the brunt of saving measures. A hostile Senate blocked several key planks of that Budget.

We'll be bringing you his speech live from Parliament House. You can watch the live stream above from 7.30pm AEST and follow our live coverage below:

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