Media Releases

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 […]