Media Releases

Strengthening APRA governance

16 August 2018

The Turnbull Government has strengthened the Australian Prudential Regulation Authority (APRA) by legislating that a second Deputy Chair to be created. This newly-created position will ensure APRA has the capabilities to effectively carry out its mandate. I intend to nominate Mr John Lonsdale for a five year term to fill this second Deputy Chair position. […]

More power in the hands of consumers

15 August 2018

The Turnbull Government is helping customers get a better deal – today releasing exposure draft legislation to introduce a Consumer Data Right. This Bill is a game changer for Australians. The Consumer Data Right will empower customers to use their data for their own benefit. Customers will determine which data is shared, on what terms […]

Nomination of Australian Executive Director to the IMF

14 August 2018

The Australian Government will nominate Mr Nigel Ray PSM for appointment as the Executive Director at the International Monetary Fund for a two-year term commencing later in 2018. Mr Ray will represent a constituency of countries at the IMF, comprising of Australia, Kiribati, Korea, Marshall Islands, Micronesia, Mongolia, Nauru, New Zealand, Palau, Papua New Guinea, […]

Board appointments – National Housing Finance and Investment Corporation

13 August 2018

The Government is pleased to announce the appointment of Mr David Cant, Ms Teresa Dyson, Mr Adrian Harrington and Ms Kylie Rampa as part-time Members of the National Housing Finance and Investment Corporation (NHFIC) Board. They will join Mr Brendan Crotty, Chair of the NHFIC Board, bringing with them skills and expertise from a range […]

Making sure foreign investors pay their fair share of tax

7 August 2018

The Turnbull Government is continuing to protect the integrity of Australia's corporate tax system by tightening the rules on stapled structures. These entities have been used by foreigners to reduce the tax paid on the income they earn from their Australian investments. Today I released exposure draft legislation dealing with additional integrity rules that will […]

Turnbull Government expands ASIC’s armoury

7 August 2018

The Turnbull Government is injecting a further $70.1 million into the Australian Securities and Investments Commission (ASIC) to ensure the corporate regulator has the resources and powers it needs to combat misconduct in the financial services industry and across all corporations for the protection of Australian consumers. This new funding will bolster ASIC’s enforcement capabilities […]

Release of the ACCC Gas Inquiry 2017-2020 Interim Report

2 August 2018

The Coalition Government's strong action to shore up domestic gas supplies has contributed to a positive outlook for the gas market in the latest Australian Competition and Consumer Commission Gas Inquiry report. The Treasurer directed the ACCC to conduct a three year inquiry into the wholesale gas market in Australia in April 2017, with interim […]

Appointment and reappointment to the Payments System Board

1 August 2018

Today I announce the appointment of Mr Greg Storey as a part-time member of the Payments System Board (the PSB) for a five-year term and the reappointment of Ms Gina Cass-Gottlieb as a part time member for a further five-year term. Mr Storey is a highly regarded industry professional with experience and deep subject matter […]

Ensuring all multinationals pay their fair share of tax

1 August 2018

Today the Turnbull Government released draft legislation for public consultation that cracks down on foreign entities leveraging their debt to reduce the amount of tax they pay in Australia. The thin capitalisation rules prevent multinationals from shifting profits offshore by using excessive levels of tax deductible debt to fund their Australian operations. This measure was […]

Removing tax loopholes

26 July 2018

The Turnbull Government continues to deliver on its commitment to protect the integrity of Australia’s corporate tax system, by tightening the rules on stapled structures that have been used by foreigners to reduce the tax paid on the income they earn from their Australian investments. Staples can present an unintended tax loophole available only to […]

Ensuring all multinationals pay their fair share of tax

20 July 2018

The Turnbull Government is ensuring multinational tax laws apply to all relevant entities, by extending the definition of a Significant Global Entity (SGE). This measure was announced in the 2018-19 Budget. Many significant measures undertaken by the Turnbull Government to tackle multinational tax avoidance rely on the SGE definition. For example, a foreign private investment […]

Exposure draft legislation: GST on offshore hotel bookings

20 July 2018

The Turnbull Government is ensuring offshore companies that sell hotel bookings in Australia have the same GST obligations as Australian companies. Draft legislation released today for public consultation removes an exemption that allows offshore sellers not to count sales of hotel bookings in Australia towards their $75,000 GST turnover threshold. The measure will apply to […]

G20 Finance Ministers and Central Bank Governors Meeting – Buenos Aires, Argentina

20 July 2018

Today I will be travelling to Buenos Aires, Argentina, to attend the third G20 Finance Ministers and Central Bank Governors Meeting under Argentina's 2018 G20 Presidency. While global economic growth remains robust, the risks to the outlook are increasing. The meeting will take place against the backdrop of ongoing financial vulnerabilities in emerging market economies […]

Appointment – full-time Chair – Productivity Commission

13 July 2018

I am pleased to announce that the Governor-General has appointed Mr Michael Brennan as the full-time Chair (and Commissioner) of the Productivity Commission (PC) for a five-year period commencing from 11 September 2018. In April 2018, I requested that the Secretary to the Treasury, Mr John Fraser undertake a full merit-based selection process for the […]

Resignation of Mr John Fraser as Secretary of Treasury

12 July 2018

As Treasurer I would like to thank and pay tribute to Mr John Fraser for his leadership as Secretary of the Department of Treasury for the last three and a half years. Since his appointment in January 2015, Mr Fraser has provided exemplary leadership and advice on economic and financial issues. In this capacity, John […]

Final report of the ACCC Retail Electricity Pricing Review

11 July 2018

The Turnbull Government is pleased to release the Final Report of the Australian Competition and Consumer Commission’s Retail Electricity Pricing Review. This marks another important step in the Turnbull Government’s plan to ensure the energy market delivers affordable, reliable and sustainable power for Australian households and businesses. The ACCC has delivered a comprehensive package of […]

Reappointment of part-time Chairperson to the Commonwealth Grants Commission

6 July 2018

The Government has reappointed Mr Greg Smith as the part-time Chairperson to the Commonwealth Grants Commission for a further two-year period. The Commonwealth Grants Commission is a statutory authority whose role is to provide advice to the Government on how the revenues raised from the Goods and Services Tax (GST) should be distributed amongst the […]

All better off from fairer way to share the GST

5 July 2018

The Turnbull Government will fix problems in the system used to share the revenue from the GST leaving all states and territories better off. This will be the first time real changes have been made to fix problems in how the GST is shared since the GST was introduced almost 20 years ago. This problem […]

Delivering on Budget measures

1 July 2018

Key Turnbull Government measures coming into effect on 1 July will help Australian families with the cost of living, grow our economy by freeing up businesses to invest and employ more Australians, boost essential services and protect consumers. These measures are part of the Turnbull Government’s plan for a stronger economy. Tax cuts for working […]

Better targeting the Research and Development Tax Incentive

29 June 2018

The Turnbull Government is taking an important step to better target the Research and Development Tax Incentive (R&DTI), today releasing draft legislation for public comment. The Treasurer, Scott Morrison MP, alongside the Minister for Jobs and Innovation Senator Michaelia Cash, said the consultation will help strike the right balance for the R&DTI — the Government’s […]

Ensuring foreign investors pay Australian tax – integrity measures paper released on stapled structures

28 June 2018

The Turnbull Government is continuing to protect the integrity of Australia's corporate tax system to ensure foreign investors pay their fair share of tax, with the closure of a former Labor government loophole that gave foreign investors a discounted tax rate that cannot be accessed by Australian investors. In March, I announced a package of […]

Protecting around 1 million of the most vulnerable Australians from extra costs

28 June 2018

The Turnbull Government is continuing to protect Australia’s most vulnerable individuals and families, lifting the Medicare levy low‑income thresholds for singles, families, seniors and pensioners so that they will continue to be exempt from the Medicare levy. One million people are expected to benefit from lifting the Medicare levy low-income thresholds for the 2017-18 income […]

Inquiry into the economic regulation of airport services

22 June 2018

The Liberal and Nationals Government has today announced a Productivity Commission (PC) inquiry into the economic regulation of airport services. The inquiry will review the efficiency and effectiveness of the economic regulation of airport services where scheduled airline services are provided. The PC inquiry will also review the provision of passenger and freight transport services […]

Lower, fairer and simpler taxes for all working Australians

21 June 2018

The Turnbull Government has delivered income tax relief for hard-working Australian families. In passing our Personal Income Tax plan through the Parliament, the Government has ensured all Australians paying tax will be better off. They will be paying less tax, and they will be rewarded for their hard work both now and into the future. […]

Appointment of inaugural National Housing Finance and Investment Corporation chair

20 June 2018

I am pleased to announce the appointment of Mr Brendan Crotty as the inaugural National Housing Finance and Investment Corporation (NHFIC) Chair for a period of 3 years. Mr Crotty will formally commence his appointment following passage of the enabling legislation for the NHFIC. He brings considerable financial acumen, business expertise and property sector experience […]

Treasury costings of Labor’s retiree tax revenue

18 June 2018

A detailed Treasury costing of Labor’s retiree tax proposal has revealed a $10 billion black hole in Labor’s expected budget revenue from denying tax refunds for dividend imputation credits over the medium term. This includes a shortfall of around $1 billion over the current budget and forward estimates. Treasury’s costing is the product of a […]

Moody’s affirms Australia’s AAA credit rating

14 June 2018

The Turnbull Government welcomes the announcement today that Moody's has affirmed Australia's AAA credit rating, with a stable outlook. The Government's record of strong economic management has ensured Australia's AAA credit rating has been maintained with all three major ratings agencies, one of just ten countries to have achieved this. Factors cited by Moody's include […]

National Accounts – March Quarter 2018

6 June 2018

Today's National Accounts show that the Turnbull Government's plan for a stronger economy is working, and we need to stick to that plan. At the last election we said we would deliver jobs and growth. And that is exactly what has been delivered. More than 1 million jobs have been created since we came to […]

Consultation begins on new regulations so Australians can get better loan deals

4 June 2018

The Turnbull Government is ensuring Australians can get better deals on their loans – today releasing an exposure draft so interested parties can have their say on the new Mandatory Comprehensive Credit Reporting Regulations. Consultation on the National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Regulations 2018 exposure draft follows the introduction of the […]

Ambassador and permanent representative of Australia to the Organisation for Economic Cooperation and Development (OECD)

4 June 2018

Today I announce the appointment of Mr Philip Gaetjens as Australia's next Ambassador to the OECD in Paris. The OECD aims to promote policies that improve the economic and social wellbeing of people around the world, and informs Australia's thinking on economic and social policy issues. Australia benefits significantly from participation in the OECD's work […]

Strengthening our financial regulator

30 May 2018

The Treasurer today announced: the reappointment of Helen Rowell as Deputy Chair of the Australian Prudential Regulation Authority (APRA); and his intention to nominate John Lonsdale for the Governor-General's consideration as an additional Deputy Chair of APRA if Parliament agrees to the legislation introduced on 24 May to amend the APRA Act. These appointments continue […]

National Disability Agreement review

25 May 2018

The Turnbull Government is today announcing a Productivity Commission review of the National Disability Agreement (NDA). The Agreement is designed to ensure the disability services sector delivers outcomes that improve the lives of Australians with a disability. The NDA was finalised in 2008-09 before the introduction of the National Disability Insurance Scheme (NDIS) and does […]

Ensuring multinationals pay their fair share of tax

24 May 2018

The Turnbull Government is continuing to ensure multinationals pay their fair share of tax here in Australia. Legislation introduced into Parliament today specifically cracks down on hybrid mismatch arrangements. These arrangements are used by multinationals to gain an unfair advantage, and avoid paying tax. For example a company might claim a tax deduction overseas, and […]

Turnbull Government acts to further strengthen APRA

24 May 2018

The Turnbull Government today introduced legislation that will bolster the ability of the Australian Prudential Regulation Authority (APRA) to ensure stability and accountability in our critical financial sector through the appointment of a second Deputy Chair. Our financial regulators need to have the capacity available to ensure our financial system remains strong and stable, that’s […]

Backing small business – Extending the $20,000 instant asset write off

24 May 2018

The Turnbull Government is continuing to back small business – introducing legislation to extend the instant asset write-off. This legislation will deliver on our 2018-19 Budget announcement to extend the $20,000 instant asset write-off by a further 12 months to 30 June 2019. Around 3.3 million small businesses across the country with an annual turnover […]

Independent chair of the Consumer Data Right’s Data Standards Body selected

23 May 2018

The Turnbull Government is continuing to progress our establishment of the Consumer Data Right, beginning with the Open Banking regime, which will provide Australians with more choice and better deals in the financial sector. Mr Andrew Stevens has been selected as the interim Chair of the Data Standards Body for the Consumer Data Right. The […]

Ensuring foreign investors pay their fair share of tax

17 May 2018

The Turnbull Government is continuing to protect the integrity of Australia's corporate tax system – ensuring foreign investors don't have a competitive advantage over Australian investors. Today we released exposure draft legislation and explanatory material for public consultation on the tax treatment of stapled structures to give effect to the policy announced on 27 March […]

Government Response to the Open Banking Review

9 May 2018

The Turnbull Government will act to improve customer outcomes and increase competition in the financial sector by implementing the recommendations in the final report of its independent Review into Open Banking. Implementation will be phased in from July 2019, paving the way for the introduction of the Government’s Consumer Data Right in the banking sector. […]

Guaranteeing the essential services Australians rely on

8 May 2018

The Turnbull Government's plan for a stronger economy is enabling the government to deliver record investment in Medicare, hospitals, schools and disability services and make new commitments to provide better care and support for older Australians. Our strengthening economy is guaranteeing access to high quality essential services that Australians rely on, like Medicare and schools […]

Ensuring the government lives within its means

8 May 2018

Acting to ensure the government lives within its means by keeping spending and taxes under control is enabling the Turnbull Government to build a stronger budget that underpins economic growth and guarantees the essential services Australians rely on like health and education. Our plan for a stronger economy is returning the budget back to balance, […]

A stronger economy to create more jobs

8 May 2018

The Turnbull Government is sticking to its plan for a stronger economy which will create more jobs and opportunities for Australians. We are providing tax relief to encourage and reward working Australians, backing businesses to invest and create more jobs for Australians, continuing our $75 billion investment in transport infrastructure and building a smarter economy […]

Tax relief for working Australians, low and middle income earners first

8 May 2018

The Turnbull Government's seven-year Personal Income Tax Plan will provide tax relief to encourage and reward working Australians, starting with low and middle income earners, meaning more working Australians will pay lower taxes. This fully funded tax relief, achieved while bringing the Budget back into balance, will target tax relief for low and middle income […]

2018 Budget – A plan for a stronger economy

8 May 2018

The Turnbull Government will build a stronger economy to create more jobs, provide tax relief to encourage and reward working Australians, guarantee essential services and keep Australians safe, while ensuring the government continues to live within its means by returning the Budget to balance. The 2018 Budget sticks with our plan to strengthen the economy […]

Levelling the playing field for craft brewers and distillers

4 May 2018

Craft brewers and distillers will no longer pay additional tax, allowing them to compete on fairer terms with large beverage companies. As part of our commitment to unleash the potential of Australian small businesses, the Turnbull Government will increase the amount beverage companies can claim back on their excise and extend the concessional draught beer […]

Cook’s landing site to be recognised for 250th anniversary

28 April 2018

The Australian and NSW Governments have joined together to properly recognise and commemorate the meeting of two cultures at the landing site of then Lt James Cook and the HMB Endeavour on 29 April 1770 at Kurnell as part of the 2020 250th Anniversary. The Australian and NSW Government will together commit $50 million to […]

Federal GST top up for WA hospital infrastructure

26 April 2018

The Turnbull Government will top up Western Australia’s share of the GST by investing an additional $188.9 million in the state’s hospital infrastructure in the 2018-19 Budget. This funding injection will expand and improve hospital facilities, help save lives and improve patient care. Significantly, it also ensures that Western Australia’s share of the GST is […]

New funding to boost services in the NT

23 April 2018

The Turnbull Government will provide new funding to boost services in the Northern Territory, having reached agreement with the Northern Territory Government on future funding for remote indigenous housing, public hospitals, and housing and homelessness. We are taking responsible action to protect the Northern Territory from the extreme outcomes resulting from the 2018-19 GST distribution […]

Boosting penalties to protect Australian consumers from corporate and financial misconduct

20 April 2018

The Turnbull Government is strengthening criminal and civil penalties for corporate misconduct and boosting the powers of the Australian Securities and Investments Commission (ASIC) to protect Australian consumers from corporate and financial misconduct. These stronger new penalties will ensure that those who do the wrong thing will receive appropriate punishment. These reforms represent the most […]

Australian Competition and Consumer Commission appointments

19 April 2018

Today I am pleased to announce Mr Mick Keogh OAM will serve as a Deputy Chair of the Australian Competition and Consumer Commission (ACCC) for a period of five years.   I am also pleased to announce the reappointments of Ms Sarah Court and Ms Cristina Cifuentes as Commissioners, each for a period of five years. Mr […]

Appointment of part-time member to the Reserve Bank Board

19 April 2018

I am pleased to announce the appointment of Dr Gwenneth (Wendy) Craik AM to the Reserve Bank Board. Dr Craik has been appointed as a part-time member of the Board for a five-year period from 7 May 2018. Dr Craik has a deep and varied range of experience across a range of areas of economic […]

$3.75 billion hit to retirees and pensioners

18 April 2018

Labor's bungled and damaging retiree tax just gets worse, with new data showing the proposal would rip $3.75 billion out of 2.6 million APRA-regulated superannuation member accounts, including those held by pensioners despite Labor's so-called 'pensioner guarantee'. Labor's proposal does not exempt pensioners whose APRA-regulated super funds are affected. These pensioners will be hit even […]

Australian Competition and Consumer Commission cross appointment to the New Zealand Commerce Commission

17 April 2018

Australian Treasurer Scott Morrison and New Zealand Commerce and Consumer Affairs Minister Kris Faafoi have welcomed the cross-appointment of Australian Competition and Consumer Commission (ACCC) Commissioner Roger Featherston to the New Zealand Commerce Commission (NZCC). “I am very pleased to appoint Roger Featherston as an associate member of the NZCC under the cross-appointment arrangement with […]

Reform of the Financial Sector (Shareholdings) Act 1998

16 April 2018

The Turnbull Government is today releasing exposure draft legislation to relax the restriction on ownership of banks and insurers as well as introducing a new streamlined approval path under the Financial Sector (Shareholdings) Act 1998 (FSSA) as part of this Government's commitment to improving competition in the financial sector. This Bill will provide new and […]

Melbourne Airport Rail Link to ease Victorian congestion, deliver economic growth

12 April 2018

The Turnbull Government will build the Melbourne Airport Rail Link, connecting the CBD and the airport for all Victorians and the 34 million people who use the airport every year. Talk about a rail connection to the Melbourne Airport is as old as the airport itself but through a Commonwealth investment of $5 billion, this […]

Consultation on Banking Executive Accountability Regime

6 April 2018

The Turnbull Government is progressing action to hold banks and senior executives to account, today releasing more information on how legislation will be implemented. The Banking Executive Accountability Regime (BEAR), legislated by the Turnbull Government in February, imposes higher standards of behaviour on banks and their senior executives and directors. Where these obligations are not […]

Turnbull Government action swells GST pool by $5 billion

5 April 2018

States and Territories are projected to receive $5 billion in additional GST funding over four years courtesy of measures implemented by the Turnbull Government. These measures include improving the integrity of GST on property transactions and applying the GST to digital products and services and to low value goods imported to Australia. In 2018-19 alone, […]

Inquiry into the impediments to business investment in Australia

29 March 2018

I have written to the Chair of the House of Representatives Standing Committee on Economics, Sarah Henderson MP, to request that the committee undertake an inquiry into the impediments to business investment in Australia. Business investment is critical to economic growth. When firms are empowered to invest in new productive capacity and technology, it supports […]

Establishment of Indigenous Commissioner position at the Productivity Commission

29 March 2018

I am pleased to announce that last night the Parliament passed legislation to establish the position of Indigenous Commissioner at the Productivity Commission. The legislation will facilitate the Productivity Commission’s work in evaluating policies and programs that have an impact on Indigenous Australians. Enshrining this position and policy focus into law forms part of the […]

Strengthening financial regulation

28 March 2018

Financial institutions that manipulate financial benchmarks will now be hit with specific civil and criminal penalties – thanks to amendments legislated by the Turnbull Government today. The law will better protect Australians from the possible abuse of financial markets by sophisticated financial institutions. The manipulation of any financial benchmark, or product used to determine such […]

Getting Australians better deals on their loans

28 March 2018

The Turnbull Government is ensuring Australians can get better deals on their loans – today introducing legislation to enact Mandatory Comprehensive Credit Reporting. This is game changer for both consumers and lenders. It will boost lending competition and provide Australian households and small businesses better access to finance. Mandatory Comprehensive Credit Reporting will ensure lenders […]

Making sure multinationals pay their fair share

28 March 2018

The Turnbull Government has moved to strengthen rules that ensure multinational companies pay their fair share of tax. The Government today introduced legislation to extend the reach of its successful Multinational Anti-Avoidance Law (MAAL), honouring a commitment made in the 2017-18 Budget. This legislation extends the Multinational Anti-Avoidance Law to corporate structures that involve: Foreign […]

Independent inquiry into the system of compensation and rehabilitation for veterans

28 March 2018

The Turnbull Government has today announced a Productivity Commission inquiry into the system of compensation and rehabilitation for veterans. The Commission is the Government's independent research and advisory body on a range of issues affecting the welfare of Australians. This inquiry will examine whether the system of compensation and rehabilitation for veterans is fit for […]

Levelling the playing field for Australian investors: Taxation of Stapled Structures

27 March 2018

The Turnbull Government is continuing to deliver on its commitment to protect the integrity of Australia’s corporate tax system by tightening the rules on stapled structures. The package announced today levels the playing field for Australian investors by closing down an unintended concession that was only available to foreign investors. Over recent years, a growing […]

A win for Aussie FinTechs looking to London

22 March 2018

Australian FinTech companies will benefit from improved access to global markets thanks to an agreement with the United Kingdom, signed overnight in London by Treasurer Scott Morrison.   The UK-Australia FinTech Bridge was announced alongside the UK Chancellor of the Exchequer the Rt Hon Philip Hammond at the International FinTech Conference in London. The deal […]

G20 meeting in Buenos Aires and London FinTech conference

18 March 2018

Today I will be travelling to Buenos Aires, Argentina, to attend the first G20 Finance Ministers and Central Bank Governors Meeting under Argentina’s 2018 G20 Presidency. In addition to attending the G20 meeting, I will be holding discussions with US Treasury Secretary Steven Mnuchin and UK Chancellor Philip Hammond as well as my counterparts in […]

Strengthening ASEAN-Australia economic integration and infrastructure cooperation

17 March 2018

Today at the ASEAN-Australia Special Summit 2018, the Australian Government announced three new initiatives that will strengthen regional economic integration and infrastructure cooperation between ASEAN countries and Australia, and drive sustainable, open and inclusive regional economic growth. The ASEAN-Australia Infrastructure Cooperation initiative will develop a pipeline of high-quality infrastructure projects, to attract private and public […]

Labor’s retiree tax

13 March 2018

The Labor party's latest bright idea, a $59 billion raid on imputation credits, is a direct attack on retirees, pensioners and low income earners that will mean dividends are no longer protected from double taxation. As well as the more than one million individuals who will have their income squeezed, Labor's proposal will also impact […]

2018-19 Budget Media Lock-up

12 March 2018

Media organisations are invited to the 2018-19 Budget lock-up from 12pm on Tuesday 8 May at Parliament House, Canberra. Budget documents will be available from 1:30pm. Media organisations should email media_lockup@treasury.gov.au by 5pm, Friday 13 April with the names and positions of employees seeking access. Space in the lock-up is limited, so please restrict applications […]

National Accounts – December quarter 2017

7 March 2018

Today's National Accounts reveals the continued resilience of Australia's domestic economy, with Australians backing themselves, getting jobs, spending more and investing more. It also highlights that we are not immune to what else is happening in the world. But like most Australians I am optimistic, and I have good cause for it. 2017 was the […]

Inquiry into the effectiveness of the implementation of the Basin Plan

7 March 2018

The Coalition Government has announced a Productivity Commission inquiry into the effectiveness and implementation of the Basin Plan and water resource plans. The Basin Plan supports the integrated management of water resources in the Murray-Darling Basin to optimise social, economic and environmental outcomes. This inquiry will fulfil the statutory requirement for the first of the […]

Making sure multinationals pay their fair share: Addressing hybrid loopholes

7 March 2018

The Turnbull Government is continuing to ensure multinationals pay their fair share of tax – today releasing revised exposure draft legislation to address hybrid mismatch arrangements. Hybrid mismatches exploit the differences in tax jurisdictions. This may occur, for example, where an amount is treated as interest in Australia, but is treated as a dividend in […]

Historic Snowy Deal

2 March 2018

The Turnbull Government has reached an agreement with the New South Wales and Victorian Governments to take full ownership of Snowy Hydro Limited in a deal that will deliver more than $6 billion in Commonwealth funds for investments in infrastructure across both states. The historic agreement will generate more reliable energy, cheaper electricity, better infrastructure […]

IMF endorses Australia’s economic performance

21 February 2018

The International Monetary Fund has praised Australia’s strong economic performance, highlighting the Turnbull Government’s prudent management of the economy that has spurred growth. In its annual assessment of Australia’s economy and key policy settings, the IMF determined the economic outlook for Australia was positive and remained on track to accelerate to above-trend growth. The IMF […]

Putting banking consumers first: cracking down on credit card practices and boosting competition in banking

15 February 2018

Credit card providers will be forced to scrap unfair and predatory practises – after the Turnbull Government passed legislation through the parliament today. These much needed reforms that the Turnbull Government has championed include: requiring affordability assessments be based on a consumer's ability to repay the credit limit within a reasonable period (from January 2019); […]

Strengthening APRA’s crisis management powers

14 February 2018

The Turnbull Government is ensuring Australia’s financial system remains unquestionably strong – by strengthening the Australian Prudential Regulation Authority’s (APRA’s) crisis management powers. Today the Senate passed the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Bill 2017 which provides: clear powers that enable APRA to set requirements on resolution planning and ensure […]

Realtime payments, any hour, any day of the week

13 February 2018

Australians will now be able to make instant electronic payments at any time of the day, with the launch of the New Payments Platform (NPP) today. The Turnbull Government welcomes the launch of the new platform which is set to revolutionise the payments process for millions of Australians, making payments faster and simpler for consumers […]

Review into Open Banking – giving consumers choice

9 February 2018

Today I am pleased to release the Report of the Review into Open Banking, which will guide the Turnbull Government’s approach to giving consumers greater access to and control of their data, as announced in the 2017 Budget. The Report makes recommendations on the most appropriate model for implementing Open Banking in Australia. Open Banking […]

Delivering Australians a better deal on their loans

8 February 2018

The Turnbull Government is continuing to act on delivering a better deal for bank customers – today releasing exposure draft legislation to mandate a comprehensive credit reporting regime. This Bill is a game changer for consumers – leading to better deals on mortgages, personal loans and small businesses loans. Customers with good credit histories will […]

Improving the integrity of the small business CGT concessions: exposure draft released

8 February 2018

The Coalition Government today released exposure draft legislation and explanatory material for public consultation on integrity improvements to the small business capital gains tax (CGT) concessions. We are committed to supporting small businesses and helping them invest and grow through tax cuts and initiatives such as the $20,000 instant asset write-off, which we extended for […]

Taking action now on bank executive accountability

7 February 2018

The Turnbull Government is delivering on its promise to hold banks and their senior executives to account, with tougher consequences if expectations are not met. The Senate today passed the Banking Executive Accountability Regime (BEAR), imposing higher standards of behaviour. This legislation is part of a broader suite of financial services reforms delivering on the […]

Ensuring Australians can purchase agricultural land while foreign investment is geared toward jobs and growth

1 February 2018

The Turnbull Government has acted to ensure Australians will get every opportunity to purchase agricultural land holdings by introducing tough new rules that mandate vendors to advertise and market agricultural land to Australians first. The Government is committed to ensuring that Australians have the opportunity to purchase agricultural land. We welcome foreign investment in Australian […]

New conditions on the sale of australian electricity assets to foreign investors

1 February 2018

The Australian Government today announces that all future applications for the sale of electricity transmission and distribution assets, and some generation assets, will attract ownership restrictions or conditions for foreign buyers. These conditions codify those already applied, on a case-by-case basis, to previous transactions. Electricity distribution and transmission infrastructure are critical national assets and a […]

Treasurer to meet with US leaders on tax reform, energy and innovation

29 January 2018

This week I will be travelling to the United States to meet with a range of US business and state government leaders to exchange views on tax reform, energy and innovation. Australia and the US have a close economic and strategic relationship. This relationship is built on a strong foundation of business and person-to-person links, […]

S&P affirms Australia’s AAA credit rating under Coalition again

25 January 2018

The Turnbull Government welcomes the announcement today that Standard & Poor’s (S&P) has once again affirmed Australia’s AAA credit rating, following the release of the Government’s Mid Year Economic and Fiscal Outlook (MYEFO) last December. Together with Australia’s AAA rating from Fitch and Moody’s, this means Australia continues to be one of only 10 countries […]

US tax cuts fuel global growth, Labor still in denial

23 January 2018

The Turnbull Government welcomes the International Monetary Fund’s (IMF) upward revision of their forecast for greater global economic growth off the back of the United States’ legislated reduction in company tax. The IMF World Economic Outlook update backs the Turnbull Government’s optimistic ‘better days ahead’ outlook for Australia’s economy. 2018 will be another year of […]

Extension of Productivity Commission’s Inquiry into Economic Impact of Horizontal Fiscal Equalisation

3 January 2018

Today I have agreed to a request from the Chair of the Productivity Commission to extend the timeframe for the PC’s inquiry into the impact on our national economy of Australia’s system of horizontal fiscal equalization (HFE) which underpins the distribution of GST revenue to the States and Territories (States). As requested, the PC will […]