Media Releases

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 July 2018); […]

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 […]