Media Releases

Turnbull Government delivers more gas, more jobs

13 December 2017

Australia is no longer facing a shortfall of gas supply in 2018 on expected demand, with Turnbull Government action to keep more gas for the domestic market beginning to reap dividends. Since we moved to shore up our gas supply for Australian users, significant gas supply has been diverted to the domestic market, and we […]

Foreign Investment Review Board appointment

12 December 2017

Treasurer, the Hon Scott Morrison, today announced the appointment of Ms Teresa Dyson as a part-time member to the Foreign Investment Review Board (FIRB) for a five-year period. The FIRB is a non-statutory body established in 1976 to advise the Treasurer on the Government’s foreign investment policy and its administration. Ms Dyson is a senior […]

Turnbull Government delivers leg-up for first home buyers and downsizers

7 December 2017

The Parliament has today passed key elements of the Turnbull Government’s housing affordability plan, giving first home buyers a tax cut by allowing them to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and allowing older Australians to contribute the proceeds of the sale of their family home into […]

New ASX technology improves the competitiveness of Australia’s financial markets

7 December 2017

The Turnbull Government welcomes the ASX's announcement on its decision to move to a distributed ledger technology (DLT) based platform. This move is consistent with the Government's agenda to put Australia at the forefront of financial technology and efficient financial markets. The ASX will replace the CHESS clearing and settlement system with a DLT based […]

National accounts – September quarter 2017

6 December 2017

Today's national accounts is another encouraging set of numbers, reinforcing an economic strategy that is based on driving growth through increased investment to secure the better days ahead. This has been the heart of the Turnbull Government's growth strategy to support jobs, by driving investment that in the September quarter created more than 100,000 jobs. […]

ACCC to review digital platform services

4 December 2017

The Turnbull Government is taking action to strengthen competition within Australia’s media industry, and support local jobs. The Government has directed the Australian Competition and Consumer Commission (ACCC) to hold an inquiry into the impact of digital platform services on the state of competition in media and advertising services markets. The terms of reference provided […]

Australia to join in IMF Financial Sector Assessment in 2018

30 November 2017

I am pleased to announce that Australia will participate in the International Monetary Fund’s (IMF) Financial Sector Assessment Program (FSAP) in 2018. As a country with an IMF-designated systemically important financial system and a member of the Financial Stability Board, Australia has agreed to undergo an FSAP every five years. This is an important symbol […]

Royal Commission – Banks and Financial Services

30 November 2017

The Turnbull Government will establish a Royal Commission into the alleged misconduct of Australia’s banks and other financial services entities. All Australians have the right to be treated honestly and fairly in their dealings with banking, superannuation and financial services providers. The highest standards of conduct are critical to the good governance and corporate culture […]

Turnbull Government clampdown on multinational tax avoidance hits hybrids

24 November 2017

Today’s release of exposure draft legislation to address hybrid mismatch arrangements reaffirms the Turnbull Government’s continued focus on strengthening the integrity of Australia’s tax system, and stamping out multinational tax avoidance. The exposure draft legislation seeks to implement the recommendations of the 2015 Organisation for Economic Co-operation and Development (OECD) report - Neutralising the Effects […]

Bouris taskforce to help digitise small business

20 November 2017

The Turnbull Government has established a Small Business Digital Taskforce, to be headed by one of Australia’s most successful entrepreneurs, Mark Bouris AM, to ensure more Australian small businesses can thrive in an increasingly digital economy. The taskforce will talk to small business owners around the country about the benefits of adopting digital technologies to […]

Appointment to the Future Fund Board of Guardians

20 November 2017

The Government is pleased to announce the appointment of Robert Priestley to the Future Fund Board of Guardians for a period of five years from 7 November 2017. Mr Priestley is currently the Chair of J.P. Morgan Australia and New Zealand and a Non-Executive Director of ASX Limited. He previously served as the Chief Executive […]

More evidence backs Turnbull tax cuts

20 November 2017

A survey of CEOs employing over one million Australian workers confirms the Turnbull Government's Enterprise Tax Plan will increase investment and generate more jobs, and that Bill Shorten's alternative of higher taxes would saddle Australia with less jobs, lower investment and lower economic growth. Modelling already confirms the Turnbull Government's fully-funded Enterprise Tax Plan will […]

Beware of pre-Christmas payment surcharge rip-off

17 November 2017

The Turnbull Government has put businesses on notice ahead of the Christmas shopping period, as the Australian Competition and Consumer Commission (ACCC) cracks down on excessive payment surcharging. The ACCC has issued its first formal infringement notices under the new excessive payment surcharging provisions legislated by the Turnbull Government to better protect consumers. A large […]

Turnbull Government equals jobs

16 November 2017

The Australian economy continues to set new records with its unprecedented growth in jobs. Under the Turnbull Government, Australia is shaping up to have a record year for jobs. Since the start of the year, a massive 296,400 jobs have been created. That is the strongest jobs growth we have seen in the first ten […]

Australian FinTechs recognised among best in world

16 November 2017

The Turnbull Government welcomes the announcement that ten Australian FinTech firms have been recognised in this year's FinTech100, demonstrating that Australian FinTech firms are holding their own against the best in the world. The FinTech100 represents the best FinTech innovators from around the world. The report, a collaboration initiated in Australia between KPMG and H2 […]

Turnbull Government delivers on key housing affordability measures

15 November 2017

The Turnbull Government has today secured passage of significant reforms announced in the 2017 Budget which will help address housing affordability and assist private renters. The Treasury Laws Amendment (Housing Tax Integrity) Bill 2017 implements an annual vacancy charge on foreign owners of residential real estate where property is not occupied or genuinely available on […]

PC report backs the Government’s model to collect GST on Low Value Imported Goods

9 November 2017

The Turnbull Government welcomes the Productivity Commission’s report on Collection Models for GST on Low Value Imported Goods. Applying the GST to goods costing $1000 or less is a win for Australian retailers. It removes the unfair advantage for foreign businesses and creates a level playing field to help Australian businesses grow and create more […]

Report reveals Shorten’s company tax lies

8 November 2017

A Treasury research paper examining the global implications of US plans to reduce company taxes highlights the real risks to Australian economic growth and wages should our company tax rate remain less internationally competitive and highlights a revenue return to the Budget under the Turnbull Government’s Enterprise Tax Plan. The paper raises serious concerns that […]

Backing co-ops, mutuals and customer owned banks to increase competition

8 November 2017

The Turnbull Government has decided to further increase competition in our banking system by backing all eleven recommendations of the inquiry into Reforms for Cooperatives, Mutuals and Member-owned Firms, conducted by Greg Hammond OAM. Cooperatives, mutuals and member-owned firms make a significant contribution to GDP in Australia. They represent a real alternative model for delivering […]

Aussie small business and consumers the winners as strengthened competition laws commence

6 November 2017

The Turnbull Government’s competition laws commence today, levelling the playing field and delivering on major reforms to Australia’s competition law to provide greater protections for small business and support competition in a dynamic economy. The reforms are a key part of the Turnbull Government’s response to the Harper Competition Policy Review. They will drive increased […]

Australian FinTech streaming ahead

3 November 2017

The Turnbull Government welcomes the release today of the EY FinTech Australia Census 2017, which reveals the strength and maturity of Australia's FinTech sector. The Census provides a comprehensive overview of the Australian FinTech landscape, showing that the number of FinTech firms operating in Australia is now approaching 600, having more than doubled since 2015. […]

Mandating comprehensive credit reporting

2 November 2017

The Turnbull Government will legislate for a mandatory comprehensive credit reporting regime to come into effect by 1 July 2018, to ensure good customers are rewarded with better deals. Comprehensive credit reporting will give lenders access to a deeper, richer set of data, encouraging competition for small businesses and retail customers with positive credit histories. […]

Tax changes to support FinTech and innovation

31 October 2017

The Government today released exposure draft legislation and explanatory material for public consultation regarding amendments to the Tax Incentive for Early Stage (angel) Investors and the Venture Capital Limited Partnership and Early Stage Venture Capital Limited Partnership regimes. The proposed amendments highlight the Turnbull Government’s commitment to promoting innovation, by incentivising investors to support innovative, […]

Key agreements secured with states and territories

27 October 2017

The Council on Federal Financial Relations met today in Sydney to progress issues of national economic significance and reached agreement on key Turnbull Government initiatives including the National Affordable Housing Agreement and efforts to reduce small business red tape. Treasurers received an update on the economic and fiscal outlook. We are seeing improved economic conditions […]

Opinion piece, The Daily Telegraph

26 October 2017

Having endured some tough times since the end of the mining boom, businesses are now starting to see the better days that I spoke about in this year's budget. And they are responding in the best way possible - giving Australians jobs. We are seeing improved economic conditions across the globe and a renewed optimism […]

Release of PC report on Australia’s productivity performance

24 October 2017

The Australian Government welcomes the Productivity Commission’s (PC) report on Australia’s productivity performance. These are the views and observations of the Commission. This report is not from Government, but produced for all Governments, State and Federal. Similar productivity agendas from the 1990s were crucial to lifting our productivity. The changes that were made then overhauled […]

Draft legislation and regulations – enhanced FinTech regulatory sandbox

24 October 2017

The Turnbull Government has today released exposure draft legislation and regulations to create an enhanced regulatory sandbox to support innovation in financial services. This proposed legislative package will be a game changer for competition in the financial services sector and continues the Turnbull Government's strong support of Australian FinTech which has helped Australia become the […]

Treasurer to Attend APEC Finance Minister’s Meeting in Vietnam

19 October 2017

This week I will attend the Asia-Pacific Economic Cooperation (APEC) Finance Ministers Meeting in Hoi An, Vietnam, on 19-21 October. APEC is the pre-eminent economic forum in the Asia-Pacific, providing an opportunity for developed and developing economies to work together on significant global and regional issues. The upcoming meeting will be an opportunity to build […]

Taking action now for a more accountable, competitive and stable banking system

19 October 2017

The Turnbull Government is taking action now to build an accountable, competitive and stable banking system, introducing legislation today to enact landmark financial services reform. The banking sector plays an essential role in promoting economic growth and a critical role in the lives of everyday Australians who rely on it. Australians expect a system which […]

Strengthened competition law – Harper reforms passed

18 October 2017

The Turnbull Government has today legislated a second tranche of major amendments to Australia’s competition law that will better protect small businesses and provide more choice for consumers. These changes complement reforms to strengthen the prohibition against the misuse of market power (section 46), which passed the Parliament in August. With the passage of this […]

ACCC releases draft report on electricity market

16 October 2017

Today I am releasing the preliminary report of the Australian Competition and Consumer Commission’s (ACCC) inquiry into retail electricity prices that I commissioned on March 27 this year. The report outlines the drivers of increased electricity costs for Australian businesses and households and provides insight into how further downward pressure can be placed on rising […]

Treasurer to attend G20, IMF and World Bank Meetings in the US

10 October 2017

This week I will attend the International Monetary Fund (IMF) and World Bank Annual Meetings in Washington D.C. on 13-14 October 2017. These meetings are an opportunity to discuss some of the emerging positive trends in the global economy and the better days that are ahead. I will also attend a G20 Finance Ministers and […]

Productivity Commission releases draft report on horizontal fiscal equalisation

9 October 2017

The Turnbull Government welcomes the Productivity Commission’s (PC) draft report on horizontal fiscal equalisation (HFE). The draft report provides a comprehensive analysis of HFE and how GST revenue is distributed to the States and Territories, the impact of the current method on national productivity, efficiency and economic growth, and how this could be better achieved. […]

Red tape is an anchor that holds back small business

4 October 2017

Small business owners and their workers now have compelling reasons to be more confident about there being better days ahead. A brighter picture is emerging within our economy. Amid a flurry of positive economic news, jobs growth is running at record highs, exports are up, new business investment is finally beginning to increase and so […]

Foreign Ownership of Agricultural Land Register findings

29 September 2017

The Turnbull Government today released an update of the Foreign Ownership of Agricultural Land Register, building on our commitment to increase scrutiny and transparency in Australian agriculture and foreign investment. The Land Register shows foreign investors held just 13.6 per cent of all Australian agricultural land as at 30 June 2017, down from an adjusted […]

Deficit falls below 2 per cent of GDP

26 September 2017

The responsible budget management of the Turnbull Government has brought the 2016-17 Final Budget Outcome (FBO) in at $4.4 billion better than the underlying cash balance forecast in the 2017-18 Budget. At $33.2 billion, the underlying cash deficit is 1.9 per cent of gross domestic product, the first time in four years it has fallen […]

Consultation on National Housing Finance and Investment Corporation

22 September 2017

The Turnbull Government today released a Consultation Paper on the proposed National Housing Finance and Investment Corporation (NHFIC), the National Housing Infrastructure Facility (NHIF) and the affordable housing bond aggregator for public consultation. These important measures, announced as part of the comprehensive housing affordability plan in the 2017-18 Budget, continue the work of the Turnbull […]

Draft Legislation – Banking Executive Accountability Regime

22 September 2017

The Turnbull Government is continuing to deliver on strengthening accountability in the banking system, today releasing exposure draft legislation for the Banking Executive Accountability Regime (BEAR). In order for the banking sector to operate at the highest standards and meet the needs and expectations of Australian consumers and businesses the Turnbull Government is focused on […]

Opinion piece: Making more room to build our world-leading FinTech sector

22 September 2017

Digital disruption in financial services is changing the world. The opportunities that spring from this disruption, in a region with an Asian middle class increasingly empowered by choice, are there for our taking. Last weekend I travelled to Beijing to lead our representation at the Strategic Economic Dialogue with the Chinese Government, and meet with […]

Australia grows to become Asia-Pacific’s second largest alternative finance market

21 September 2017

The Turnbull Government’s strong support for FinTech has helped Australia become the second largest alternative finance market in the Asia-Pacific, with US$610 million raised in 2016. A KPMG, Cambridge Centre for Alternative Finance and Australian Centre for Financial Studies report, shows Australia’s market grew more than 50 per cent over the last year, leapfrogging Japan, […]

Strategic economic dialogue with China

15 September 2017

Treasurer, the Hon. Scott Morrison and Minister for Trade, Tourism and Investment, the Hon. Steven Ciobo will take part in the third Strategic Economic Dialogue (SED) in Beijing tomorrow to strengthen Australia's economic and trade relationship with China. The SED is one of our premier bilateral economic meetings with China and will be hosted by […]

Increasing the supply of affordable housing

14 September 2017

The Turnbull Government is ensuring more Australians have access to secure and affordable housing, a key priority of the Federal Budget announced in May. Today, the Government is releasing draft legislation to implement critical elements in our comprehensive housing affordability plan for Australians including: enabling investors to obtain a 60 per cent capital gains discount […]

Removing the double taxation of digital currency

14 September 2017

Today the Turnbull Government introduced legislation to deliver on the 2017-18 Budget promise to remove the double taxation of digital currency, action that will further cement Australia’s reputation as a global FinTech centre. The Bill will ensure that Australians are no longer charged GST on purchases of digital currency, allowing it to be treated the […]

Turnbull Government opening up new capital markets for small businesses and start-ups

14 September 2017

The Turnbull Government is delivering on its commitment to extend crowd-sourced equity funding to proprietary companies, introducing legislation to the Parliament today which will enact this important reform. Extending the crowdfunding framework builds on the Turnbull Government’s support for the start-up and FinTech sector including the enhancements to the ASIC regulatory sandbox and tax incentives […]

Open competition in clearing and settlement of shares

7 September 2017

I welcome the release today of the Council of Financial Regulators’ (CFR) policy statements on the regulation of Australian cash equities clearing and settlement services, developed in collaboration with the Australian Competition and Consumer Commission. This follows the Turnbull Government’s commitment to opening up competition in this important part of the financial system. Reforms to […]

Targeted tax measures to improve housing affordability

7 September 2017

The Turnbull Government is moving forward on the housing affordability package announced in the Budget. Legislation introduced into the Parliament today will: enable prospective first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS) allow older Australians to contribute the proceeds of the sale of their family […]

National Accounts – June Quarter 2017

6 September 2017

The better days ahead for the Australian economy are now beginning to emerge. In recent weeks and months we have seen evidence of more jobs, more investment, more wages and more exports. Today’s National Accounts for the June quarter reveal solid and more balanced growth for our economy, confirming the emerging national economic consensus of […]

Turnbull Government ban on excessive card surcharging extended to all businesses

1 September 2017

Excessive card surcharging will be banned for all businesses from today, 1 September, continuing the Turnbull Government’s ‘taking action now’ approach to delivering fairer financial services for Australians. This action will ensure Australians are not ripped off when they make purchases with their cards. This will give consumers the confidence that any surcharge on card […]

Government appointments

29 August 2017

Treasurer, the Hon. Scott Morrison, today announced that the Governor-General has appointed the Honourable Justice Jennifer Davies and reappointed the Honourable Justice Lindsay Foster as part-time Deputy Presidents to the Australian Competition Tribunal (the Tribunal) each for five-years. The Tribunal is an independent statutory tribunal that hears applications for authorisation of company mergers and acquisitions […]

Shorten’s GST ‘fix’ a new Labor tax blitz

28 August 2017

Once again, Labor thinks they can fix a problem by writing a big cheque with no clue how to pay for it. The answer is you, by the way. That is what we saw from Bill Shorten on Saturday, talking about the GST. Mr Shorten is not proposing to fix GST sharing arrangements for WA. […]

Government backs APRA CBA inquiry – taking action now

28 August 2017

I welcome today’s announcement by the Australian Prudential Regulation Authority (APRA) to commence an independent prudential inquiry that would focus on the governance, culture and accountability frameworks and practices within the Commonwealth Bank of Australia (CBA). This is a further example of the “take action now” approach to our banks, supported and sponsored by the […]

Moody’s maintains Australia’s AAA credit rating

23 August 2017

The Turnbull Government welcomed the announcement today that Moody’s has maintained 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. Factors cited by Moody’s to support their announcement included Australia’s: Very high economic strength […]

Crackdown on Labor’s tax loopholes

23 August 2017

Australians are getting a fairer tax clip from large multinational companies, with over $4 billion raised in assessments last financial year, according to evidence by the Australian Taxation Office (ATO) to the Senate Economics Committee yesterday. The Turnbull Government welcomes Commissioner of Taxation, Chris Jordan’s evidence before the Committee that the ATO’s audits and reviews […]

Turnbull Government to strengthen APRA’S crisis management powers

18 August 2017

The Turnbull Government has today released draft legislation to overhaul the powers of the Australian Prudential Regulation Authority (APRA) during times of financial crisis. The Government committed to strengthening APRA’s crisis management powers following recommendations from the Financial System Inquiry. One of the key reasons Australia successfully navigated the Global Financial Crisis was the robust […]

Strengthened competition law to benefit Aussie small businesses and consumers

15 August 2017

The Turnbull Government has today legislated significant amendments to strengthen Australia’s competition law providing greater protections for small businesses and more choice for consumers by boosting innovation and opening new markets. The amendments implement a key recommendation of the Harper Competition Policy Review to strengthen section 46 of the Competition and Consumer Act 2010, also known […]

Boosting competition in banking

15 August 2017

The Turnbull Government welcomes the Australian Prudential Regulation Authority's (APRA) release today of the discussion paper on a phased approach to licensing new entrants to the banking industry. As announced at the 2017 Budget, the Government supports the implementation of a phased APRA licensing system to encourage new and innovative providers. APRA's proposed new approach […]

Draft legislation – Protecting Aussies from predatory credit card practices

14 August 2017

The Turnbull Government has today released exposure draft legislation and explanatory material for the credit card reforms announced by the Government in the 2017-18 Budget. It is vital that we protect vulnerable Australians from predatory behaviour which seeks to make a quick buck from people’s misfortune, and compound their financial hardship. The reforms will help ensure […]

Foreign Investment Review Board Appointment

14 August 2017

The Treasurer, the Hon Scott Morrison has appointed Ms Cheryl Edwardes as a part-time member to the Foreign Investment Review Board (FIRB ) for a five-year period. The Board is a non-statutory body established in 1976 to provide advice on the Government’s foreign investment policy and its administration. The Board’s functions are advisory only. Ms […]

Delegation of Authorisation on Same-Sex Marriage Survey

14 August 2017

Under section 34AAB of the Acts Interpretation Act 1901, I have authorised the Finance Minister to act on my behalf with respect to the Australian Bureau of Statistics collecting statistical information related to same sex marriage, that I may perform or exercise under the Census and Statistics Act 1905 and the Australian Bureau of Statistics […]

New Zealand joins Australia in multinational tax crackdown

10 August 2017

The Turnbull Government welcomes New Zealand’s decision to join Australia in tackling multinational tax avoidance. Australia is a strong advocate for all jurisdictions to adopt these measures. New Zealand will take action against multinationals that use artificial arrangements to avoid having a taxable presence in New Zealand. In Australia, the Turnbull Government introduced legislation in […]

Direction to Australian Statistician

9 August 2017

Today I have issued a direction to the Australian Statistician, asking the Australian Bureau of Statistics to request statistical information from all Australians on the electoral roll as to their views on whether or not the law, in relation to same sex marriage, should be changed to allow same sex couples to marry. This information […]

Empowering customers through Open Banking – Issues Paper released

9 August 2017

The Open Banking Review has released an Issues Paper today seeking feedback on the best approach for implementing an Open Banking framework for Australian customers.  Open Banking has the potential to transform the way in which Australians interact with the banking system. Better informed customers will put pressure on the financial services sector to become […]

A better deal for Australian families

9 August 2017

The Turnbull Government is taking decisive action to reduce energy prices for Australian families and businesses. It is simply not good enough that some consumers cannot always afford to turn on their lights, heating and equipment. This must stop. Too many families are not on the best power deal. That is why today we took […]

Developing Australia’s Social Impact Investing market

8 August 2017

The Turnbull Government is today announcing a set of principles to guide its investment in programs that help our most vulnerable Australians. The guidelines reaffirm the government’s $30 million commitment to develop a strong Social Impact Investing (SII) market in Australia, to deliver genuine outcomes for those at risk of homelessness and juvenile detention or […]

Helping Australians realise their dream of home ownership

21 July 2017

The Turnbull Government is launching the next phase of its comprehensive housing affordability package, releasing draft legislation to: help Australians buy their first home remove the barriers that discourage retirees from downsizing their homes and stop foreign residents investing in residential real estate claiming the main residence exemption. Legislation to establish the First Home Super […]

Empowering consumers through open banking

20 July 2017

The Turnbull Government will seek advice on implementing an open banking system regime in Australia, and examine how such a framework can help boost competition and innovation in financial services for the benefit of Australian customers and businesses. Open Banking is about giving Australians greater access to their own banking data and has the potential […]

Strengthening financial stability – APRA release on unquestionably strong capital ratios

19 July 2017

The Government welcomes APRA’s decision today to increase the level of capital that banks are expected to hold to be considered ‘unquestionably strong’. The Government supports APRA’s independent view on capital strength, which will further strengthen Australia’s financial resilience. This delivers on the Government’s commitment in response to the Financial System Inquiry’s key recommendation that […]

Turnbull Government acts to further strengthen financial stability

17 July 2017

The Turnbull Government is taking action to further strengthen Australia’s financial resilience by extending our prudential regulator’s powers to non-bank lenders, as announced in the 2017 Budget. The Turnbull Government is getting on with the job of implementing our Budget measures which will deliver a fairer and stronger financial system for Australians. Since December 2014, […]

Further action to create a more competitive banking system for Australians

17 July 2017

More competitive loans and other financial products for Australians will be encouraged through new reforms announced by the Turnbull Government in the 2017 Budget. The Turnbull Government is getting on with the job of implementing our Budget measures which will deliver a fairer and stronger financial system for Australians. New entrants to the Australian banking […]

Review into the efficiency and competitiveness of the superannuation system commences

30 June 2017

The Turnbull Government has taken further action to ensure Australia’s superannuation system is as efficient and competitive as possible with the release of the Terms of Reference for the Productivity Commission’s system wide review. The third and final stage of the review, a key recommendation of the 2014 Financial System Inquiry, is a critical step […]

Appointment of part-time member to the Reserve Bank Board

30 June 2017

I am pleased to announce the appointment of Mr Mark Barnaba AM to the Reserve Bank Board. Mr Barnaba has been appointed as a part-time member of the Board for a five-year period from 31 August 2017.

Extra funding announced for NT schools

28 June 2017

Public schools across the Northern Territory are set for a $78.5 million funding boost from the Turnbull Government on top of the $263 million a year increase in needs-based funding set to flow to NT schools. Treasurer Scott Morrison and NT Senator Nigel Scullion today announced the ongoing additional funding Senator Scullion has secured for […]

Labor will drive up rents, pushing more Australians into rental stress

28 June 2017

Bill Shorten and Labor’s policies will drive up rents for the increasing number of Australians that new Census data reveals are renting, have increasing rental costs or are paying over 30 per cent of their income on rent. Labor reckless decision to abolish negative gearing will not only bring on a hard landing for Australia's […]

Protecting Aussies from predatory credit card practices

22 June 2017

Credit card providers will be forced to scrap unfair and predatory practices within the year under reforms to be introduced by the Turnbull Government. It is vital that we protect vulnerable Australians from predatory behaviour which seeks to make a quick buck from people’s misfortune, and compound their financial hardship. Before the end of this […]

Delivering a fairer playing field for Australian businesses

21 June 2017

Turnbull Government laws will level the playing field for Australian businesses by applying the GST to goods costing $1,000 or less supplied from offshore to Australian consumers from 1 July 2018, following passage of legislation in the Parliament today. The Australian Government has delivered a win for Australian retailers, by removing the unfair advantage foreign […]

Turnbull Government delivers on Major Bank Levy

20 June 2017

The Turnbull Government last night successfully passed legislation through the Parliament which will give effect to the Major Bank Levy from 1 July this year, as promised in the 2017 Budget. This levy will ensure that Australia’s largest banks make an appropriate additional contribution to the Australian community, in recognition of the unique position and […]

National Accounts – March Quarter 2017

7 June 2017

Today’s National Accounts showed that real GDP rose by 0.3 per cent in the March quarter, to be 1.7 per cent higher through the year. The results today demonstrate the continued resilience of the Australian economy. Seventeen of the 20 industry sectors in the economy grew in the March quarter. The results also demonstrate the need to continue making […]

Major Works on The Northern Road and Bringelly Road upgrades

5 June 2017

The Turnbull Government is continuing to deliver vital infrastructure that is improving transport in Western Sydney, creating local jobs and growing the regional economy. Work today began on the next two sections of The Northern Road upgrade as well as the second stage of the Bringelly Road upgrade. The projects form a major part of […]

How we’re making the big banks behave better

30 May 2017

Australians have to place enormous faith in their banks. From the purchase of their first home, the scribble of a signature to start their business, or the building of their retirement nest egg; banks remain at the centre of some of our biggest decisions in life. It’s important for our economy and jobs that our […]

Future fund investment mandate

25 May 2017

Following the decision to defer drawing down from the Future Fund until at least 2026-27 the Government last night registered a revised investment mandate for the Future Fund, which will come into effect on 1 July 2017. The revised mandate which will now be tabled in Parliament, reflects changed global investment market conditions and outlook. […]

Strengthening the integrity of Australia’s tax system

9 May 2017

The Turnbull Government continues to strengthen the integrity of Australia’s tax system by reducing opportunities for multinational tax avoidance and shining a light on the black economy. Everyone, including multinational companies, has a responsibility to pay their fair share of tax in Australia on the profits they earn in Australia. This is important to ensure […]

Guaranteeing the essentials Australians rely on

9 May 2017

The Turnbull Government is protecting and boosting the key services that Australians rely on by sustainably funding Medicare, fully funding our share of the National Disability Insurance Scheme and investing in education. Weak to modest wages growth has put more and more pressure on Australians and their families. It is therefore not surprising that Australians […]

Building an accountable and competitive banking system

9 May 2017

All Australians rely on the banking and financial system. The financial system is the backbone of the economy and plays an essential role in promoting economic growth. It must operate at the highest standards and meet the needs and expectations of Australian consumers and businesses. It also needs to be easier for new financial businesses […]

Ensuring the Government lives within its means

9 May 2017

The Turnbull Government is making the right choices to take further action on building a fair and responsible path to a balanced budget, ensuring Australia can secure better days ahead. Having exhausted every opportunity to secure savings from the 2014-15 Budget to the 2015-16 Budget, the Government has decided to rule a line and reset […]

Stronger growth to create more and better paying jobs

9 May 2017

The Turnbull Government’s 2017 Budget is the next stage in our economic plan, making the right choices to secure more and better paying jobs. Further backing Australian small business and workers The Government’s plan will better support and encourage over 3.2 million Australian small businesses and their employees. The instant asset write off will be […]

Reducing pressure on housing affordability

9 May 2017

The Turnbull Government is ensuring home ownership is more achievable for ordinary Australians, and that they have access to secure and affordable housing. Housing affordability is a major issue affecting many Australians and there is no silver bullet. To support Australian households, the Government has a comprehensive plan that will improve outcomes across the housing […]

The right choices securing better days ahead

9 May 2017

The Turnbull Government is making the right choices to ensure our nation’s remarkable economic growth story continues, so we can secure better days ahead for all Australians. Our economic growth has been hard won and we have consistently outperformed the largest advanced economies in the world. However our success cannot be taken for granted. This […]

Inquiry into the state of competition in the financial system

8 May 2017

The Government is committed to ensuring that Australia’s financial system is competitive and innovative. That is why I have tasked the Productivity Commission to hold an inquiry into competition in Australia’s financial system. Competition is central to the Government’s plans to support innovation and economic growth, and deliver better outcomes for consumers and small businesses. […]

Treasurer statement on Elliott’s BHP proposal

4 May 2017

The Australian Government is aware of proposals currently being circulated in investment markets relating to BHP Billiton. If these proposals proceeded, BHP Billiton Limited would cease to be listed on the Australian Securities Exchange (ASX) and its assets would be transferred to a new company that, although headquartered in Australia, would be incorporated in England […]

Stapled Structures

2 May 2017

The Turnbull Government is continuing to deliver on its commitment to protect the integrity of Australia’s corporate tax system while providing increased certainty for businesses and investors. We are determined to ensure that taxpayers are paying the right amount of tax on their activities in Australia. Over recent years, a growing number of taxpayers have […]

Productivity Commission to review economic impact of horizontal fiscal equalisation

30 April 2017

Today I can confirm that I have decided to task the Productivity Commission to undertake an 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. Fiscal equalisation has been a feature of Commonwealth-State financial relations since […]

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 […]