Media Releases

Release of the Petroleum Resource Rent Tax Review

28 April 2017

The Turnbull Government has released the report of the review into the operation of the Petroleum Resource Rent Tax (PRRT), crude oil excise and associated Commonwealth royalties. The review was led by respected economist Mike Callaghan AM PSM and received strong interest from a wide range of industry and other stakeholders. The review received 77 […]

Turnbull Government committed to driving jobs and higher wages for Australians through business tax relief

27 April 2017

The Turnbull Government will re-introduce the remaining elements of our Enterprise Tax Plan when the Parliament resumes for the Budget, building on the significant progress achieved in delivering our National Economic Plan for Jobs and Growth. The Government is already reducing the corporate tax rate for companies with a turnover less than $50 million. The measures passed through […]

Enhancing transparency in Budget spending

27 April 2017

The Turnbull Government has today announced the Budget will include important changes to improve the way the Commonwealth’s capital and recurrent spending is presented and the impact this will have on government debt. These changes will define the difference between Commonwealth spending on vital infrastructure and assets that will boost our economy and provide future […]

Appointment of Commissioners of Taxation

27 April 2017

The Turnbull Government has today announced the reappointment of Mr Chris Jordan AO as Commissioner of Taxation and the appointment of Mr Ramez Katf as Second Commissioner of Taxation. Mr Jordan’s term as Commissioner of Taxation, and Registrar of the Australian Business Register, which had been slated to conclude at the end of 2019, will […]

Government welcomes Federal Court’s decision in Chevron case

21 April 2017

The Turnbull Government today welcomed the Full Federal Court’s decision confirming the Australian Taxation Office’s assessment of $340 million in taxes and penalties owed by Chevron. The assessment followed the ATO’s decision to disallow deductions claimed by Chevron for interest payments made to related offshore parties in respect of a multi-billion dollar loan. It is […]

ACCC to monitor Eastern Australian wholesale gas market

19 April 2017

Today I have directed the Australian Competition and Consumer Commission (ACCC) to monitor the wholesale gas market in Eastern Australia using its inquiry powers. This is the latest action in the Turnbull Government’s plan to ensure Australians have access to affordable and reliable energy and follows last year’s ACCC inquiry into the competitiveness of wholesale […]

FIRB chair appointment

8 April 2017

Treasurer Scott Morrison has today announced the appointment of David Irvine AO as Chair of the Foreign Investment Review Board, replacing outgoing Chair Brian Wilson. Mr Irvine will begin his five year term on 16 April 2017. The Board is a non-statutory body established in 1976 to provide advice to the Government on foreign investment […]

2017-18 Budget Media lock-up

7 April 2017

Media organisations are invited to the 2017-18 Budget lock-up from 12pm, Tuesday 9 May 2017 Parliament House, Canberra. Media organisations should email media_lockup@treasury.gov.au by 5pm, Wednesday 19 April 2017 with the names and positions of employees seeking access. Space in the lock-up is limited, so please restrict applications to essential employees. Treasury will confirm approved […]

Multinational tax crackdown reaping results

6 April 2017

The Turnbull Government’s tough new tax laws provide the Australian Taxation Office (ATO) with the powers and penalties it needs to ensure the Australian people receive the tax owed to them. Treasurer the Hon. Scott Morrison and the Minister for Revenue and Financial Services, the Hon. Kelly O’Dwyer, said the ATO has made significant progress […]

Youth Jobs PaTH – getting more young people into work

3 April 2017

Today, the Turnbull Government is delivering on its promise to get more young people off welfare and into work with the launch of the Youth Jobs PaTH program. The Turnbull Government’s Youth Jobs PaTH program will assist 120,000 young Australians into internships to help them gain real world, practical experience in a business. A common […]

Tax cuts to boost jobs and wages

31 March 2017

The government will deliver tax relief for around 3.2 million small and medium Australian businesses, employing over 6.5 million workers. Company tax is a tax on workers, a tax on jobs and a tax on wages. Small and medium Australian businesses with turnovers of less than $50 million a year will benefit. This reform will deliver jobs and […]

Further APRA measures on residential mortgage lending

31 March 2017

The Government welcomes the additional supervisory measures announced by the independent Australian Prudential Regulation Authority (APRA) today to address the build-up of risks associated with housing lending. The announcement of further carefully calibrated and proportionate macroprudential measures demonstrates that regulators are alive to risks around housing market lending and household balance sheets, and will continue […]

Strengthening Competition – Harper Review legislation introduced

30 March 2017

Today the Turnbull Government has introduced a significant package of legislation to simplify and strengthen Australia’s competition law. These reforms are designed to better target anti‑competitive conduct while supporting pro‑competitive behaviour. Together with reforms to the misuse of market power provision, which are already before the Parliament, this package moves towards the Turnbull Government’s aim […]

Mandatory Code of Conduct for sugar industry

29 March 2017

The Coalition Government has confirmed its commitment to introduce a mandatory Code of Conduct to apply to growers, millers and marketers in the sugar industry. The draft Code of Conduct will ensure grower choice in marketing and that all parties have access to arbitration and mediation. It will provide certainty for the industry and assist […]

Diverted profits tax passes Senate

27 March 2017

Today the Turnbull Government successfully legislated a new Diverted Profits Tax, which will prevent multinationals shifting profits made in Australia offshore to avoid paying tax. The Diverted Profits Tax will commence on 1 July 2017, and is expected to raise $100 million in revenue a year from 2018-19. It provides a powerful new tool for […]

ACCC to review electricity prices

27 March 2017

The Turnbull Government has directed the Australian Competition and Consumer Commission (ACCC) to review retail electricity prices. The review will scrutinise electricity retailer behaviour as well as contracts offered to residential and business customers and ensure consumers benefit from competition in the National Electricity Market. Competition in retail electricity markets should mean lower prices for […]

Diverted profits tax passes Senate

27 March 2017

Today the Turnbull Government successfully legislated a new Diverted Profits Tax, which will prevent multinationals shifting profits made in Australia offshore to avoid paying tax. The Diverted Profits Tax will commence on 1 July 2017, and is expected to raise $100 million in revenue a year from 2018-19. It provides a powerful new tool for […]

Turnbull Government announces consultation on member-owned firm legislation and regulation

24 March 2017

The Turnbull Government is today initiating a consultation on reforms to support cooperatives, mutuals and member-owned firms in Australia so they can invest, grow and employ more Australians. Cooperatives, mutuals and member-owned firms contribute around 7 per cent of GDP in Australia and the Turnbull Government is committed to ensuring these enterprises are competitive and […]

Statement – Council on Federal Financial Relations meeting

24 March 2017

The Council on Federal Financial Relations (CFFR) met today in Canberra to progress issues of national economic significance. Treasurers provided an update on the economic and fiscal outlook at the Commonwealth and State levels. The Council noted that Australia’s economy continues to navigate the transition from the mining boom to broader based growth. While we […]

Government launches $2.1m program to support children of veterans with mental health issues

22 March 2017

Minister for Veterans’ Affairs the Hon. Dan Tehan and Treasurer the Hon. Scott Morrison today officially launched the Turnbull Government’s $2.1 million pilot support program for children of veterans with mental health issues, run by the Australian Kookaburra Kids Foundation. The government funded program will give children of veterans with mental health issues assistance to […]

G20 Finance Ministers and Central Bank Governors Meeting – Baden-baden, Germany

16 March 2017

Today I will be travelling to Baden-Baden, Germany, to attend the first G20 Finance Ministers and Central Bank Governors Meeting under Germany’s 2017 G20 Presidency. The meeting is an opportunity to discuss developments in the global economy with my international counterparts and decide on actions we can undertake to respond to the major challenges we […]

Turnbull Government establishes affordable housing taskforce

10 March 2017

The Turnbull Government today announced the establishment of the Affordable Housing Implementation Taskforce, which will develop an affordable housing bond aggregator model for consideration by the Commonwealth and the States and Territories. The Turnbull Government recognises that housing affordability remains a concern for many hard working Australians, including the 30 per cent of Australians who […]

National Accounts – December quarter 2016

1 March 2017

Today’s December Quarter National Accounts shows that our economy rebounded strongly from the unexpectedly weak result in September, growing at 1.1 per cent in the December quarter. This is well above market expectation and results in an encouraging 2.4 per cent growth through the 2016 calendar year. Once again, Australia is growing faster than every […]

Turnbull Government welcomes ongoing parliamentary scrutiny of big four banks

28 February 2017

The Turnbull Government welcomes the commencement this week of further House of Representatives Economics Standing Committee hearings with Australia's major banks and will respond to the Committee's first report in the near future. The Review of the four major banks, initiated by the Turnbull Government, provides the opportunity for banks to explain how they are […]

Australian Fintechs hit investment high

24 February 2017

An independent survey released this week shows that Australia has achieved world-leading growth in its FinTech industry. This offers proof that recent actions undertaken by the Turnbull Government to attract investment in innovative financial services technologies have been worthwhile. Investment in Australia’s FinTech industry hit a new high in 2016, with US$656 million invested across […]

Huge demand for record $11 billion bond issue

23 February 2017

Australia has locked in a record $11 billion government bond deal, reaffirming investor confidence in the long term prospects of the Australian economy. Australia’s largest ever syndicated bond issue attracted an estimated $20.9 billion in orders, meaning the bond attracted bids of almost twice the record amount that was ultimately issued. The Australian Office of Financial […]

Turnbull Government delivering $3 billion boost to responsibly fund the NDIS

13 February 2017

The Turnbull Government will commit $3 billion in funding to the National Disability Insurance Scheme (NDIS), taking an important step towards fully and responsibly paying for the scheme, which will transform the lives of around 460,000 Australians living with disability, their families and carers. Since coming to office, the Government has sought to bridge Labor’s […]

Labor has run out of excuses on business tax cuts as RBA governor exposes their threat to jobs

10 February 2017

Labor has run out of excuses to justify their hypocritical opposition to the Turnbull Government’s plans to drive more jobs and higher wages through lower business taxes, following the independent confirmation by RBA Governor Philip Lowe that reducing the burden of tax on employers will help employees and make Australia more internationally competitive. Bill Shorten […]

IMF praises Australia’s economic performance

10 February 2017

The International Monetary Fund’s (IMF) annual assessment of Australia’s economy and key policy settings has highlighted Australia’s strong economic performance. As noted by the IMF, Australia’s economic performance has been robust in comparison to other advanced economies, despite the unwinding of the mining investment boom. Growth has remained solid and unemployment has remained low considering […]

Turnbull Government continues crackdown on multinational tax avoiders

9 February 2017

Today the Turnbull Government introduced legislation into the Parliament to implement the new Diverted Profits Tax, which will prevent multinationals shifting profits made in Australia offshore to avoid paying tax. The Diverted Profits Tax will commence on 1 July 2017, and is expected to raise $100 million in revenue a year from 2018-19. It provides […]

Responsible budget savings to fund more affordable child care for Australian families

8 February 2017

The Turnbull Government will today introduce legislation to make the Australian child care system more affordable, flexible and accessible for Australian families, while implementing the necessary Budget savings to responsibly fund the reforms. The Social Services Legislation Amendment (Omnibus and Child Care Reform) Bill 2017 introduces the Turnbull Government’s Jobs for Families package, the most […]

Government forces foreign nationals to sell over $100m worth of illegally acquired Australian real estate

6 February 2017

Treasurer the Hon. Scott Morrison has ordered the forced sale of a further 15 Australian residential properties held by foreign nationals in breach of the foreign investment framework, taking the total number of forced sales to 61, with a combined value of $107 million. The 15 latest properties are located in Victoria and Queensland, with […]

Turnbull Government’s Enterprise Tax Plan to drive investment, jobs and wages

1 February 2017

The Turnbull Government’s ten year Enterprise Tax Plan will drive the business investment our nation needs to boost jobs and grow the wages of Australian workers in a globally competitive environment. Our current uncompetitive business tax rate will make it harder for Australian businesses to continue to attract the investment they need to expand, employ […]

Inquiry into Australia’s water resources

1 February 2017

The Turnbull Government has announced a Productivity Commission inquiry into the reform of Australia’s water resources sector. Reform of the water sector has been ongoing over several decades, reflecting the fundamental importance of water to our economy and the significant challenges involved in managing a shared natural resource often impacted by periods of scarcity. The […]

Social impact investing discussion paper released

28 January 2017

Today, the Turnbull Government is releasing a discussion paper on social impact investing and the development of the social impact investment market in Australia. The discussion paper sets out a proposed whole of government position on social impact investing for consultation, including the objectives the Commonwealth has for its role in social impact investing, principles […]

Keeping Australia’s critical infrastructure secure

23 January 2017

Today the Turnbull Government is launching a dedicated centre to manage the complex and evolving national security risks to Australia’s critical infrastructure. With increased privatisation, supply chain arrangements being outsourced and offshored, and the shift in our international investment profile, Australia’s national critical infrastructure is more exposed than ever to sabotage, espionage and coercion. We […]

Treasurer to meet with UK and European counterparts on financial sector innovation and housing affordability reforms

22 January 2017

This week I will be holding high level meetings with counterparts in the UK and Germany on the UK and European economies, assessing the progress and suitability of financial sector innovations and housing affordability reforms and promoting Australia's financial technology (FinTech) agenda at the G20 symposium on financial technology and digitalisation. Digitalisation is occurring rapidly […]

Review of the National Disability Insurance Scheme costs

20 January 2017

The Government has announced a Productivity Commission review into the National Disability Insurance Scheme costs consistent with the Heads of Agreements with the states and territories and the Commonwealth. This review is intended to inform the final design of the full scheme, prior to its commencement, by focussing on updating initial cost projections estimated by […]