DEFICIT LEVY TO LAST FOR THREE YEARS -- ONE YEAR FREEZE ON MPs' SALARIES

Treasurer Joe Hockey (Photo: Getty)

Treasurer Joe Hockey has unveiled his first budget in Canberra, calling on the business sector to step up and do its bit in the repair of the government’s balance sheet.

The deficit will fall from $49.9 billion to $29.8 billion next year. It’s projected to be just $2.8 billion in 2017‑18, with government decisions contributing $36 billion to the improvement.

The deficit levy on higher-income earners will last for three years and kick in at $180,000.

There’ll be a one-year freeze on MPs’ salaries and those of senior public servants.

The full speech is here.

More to come…

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