Mr Turnbull said it was only fair the "most profitable banks in the world" were levied to help balance the nation's budget and similar measures were in place around the world.
"Accordingly, we are replacing these requirements with an annual foreign worker levy of $1200 or $1800 per worker per year on temporary work visas and a $3000 or $5000 one-off levy for those on a permanent skilled visa", Morrison said during his budget speech.
Australian Treasurer Scott Morrison delivered his federal budget Tuesday evening in Canberra, seeking to boost the government's flagging poll ratings through a A$75 billion ($55 billion) infrastructure plan that aims to support growth and jobs.
"These big ticket items include funding for the second Sydney airport, money to build a new inland rail line between Brisbane and Melbourne and additional funds for a range of other urban rail projects across Australia", the Deloitte report said.
"This Budget is about making the right choices to secure the better days that are ahead".
The government plans to spend AU$5.3 billion ($3.9 billion) on building a second global airport in Sydney which is due to open in 2016.
The government is also planning to impose a 50% on foreign ownership in new property developments, which the government sees as a way of "increasing the housing stock for Australian purchasers".
Notably, the government is also forecasting a big turnaround in the budget deficit along the exact same timeline.
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Banks will face a new tax that is expected to recoup $6.2 billion over the forward estimates and help to fix the budget.
Negative gearing and capital gains tax for Australians remain unchanged as part of the 2017 budget, but the government has announced a very few policies to attempt to make it slightly easier to get into the housing market.
Indeed the biggest revenue measure, more than $8 billion, hits nearly all Australian taxpayers - a 0.5 percent increase in the Medicare levy, created to close the funding gap in the National Disability Insurance Scheme.
Labor has not ruled out supporting the increase, although Opposition Leader Bill Shorten said he was not convinced it was the only way for the government to fund the NDIS.
The government hopes to recoup costs by pushing the burden for university costs more onto students.
Speculation that this levy would be part of the budget announcement saw nearly $14 billion wiped off the banks' stocks on Tuesday.
"We will inject up to $5.3 billion in equity over the next ten years into this company".
The budget was the first since PM Malcolm Turnbull's government was re-elected on a tiny majority a year ago.
Morrison said he expected the agencies would be impressed that his latest budget maintained its trajectory toward a surplus in three years.
The budget forecasts wages growth - which has been around 2% - will increase to as much as 3.75% by the end of the budget period.