Media Releases

Productivity Commission inquiry into regulation of the Australian marine fisheries and aquaculture sectors

23 December 2015

Today the Turnbull Government has released the terms of reference for the Productivity Commission’s inquiry into regulation of the Australian marine fisheries and aquaculture sectors. The Productivity Commission will now commence its inquiry. While our regulatory systems have important objectives, they need to be regularly reviewed to ensure they are still fit for purpose. Regulations […]

National Competition Council appointments

23 December 2015

Treasurer the Hon. Scott Morrison today announced the following appointments to the National Competition Council (the Council): Ms Julie-Anne Schafer as the part-time Council President for a three-year period from 18 December 2015 up to and including 17 December 2018; and Mr Martin Wallace as a part-time Councillor for a three-year period from 18 December 2015 up to and […]

Productivity Commission appointments

23 December 2015

Treasurer the Hon. Scott Morrison today announced three new appointments to the Productivity Commission. Ms Julie Abramson and Mrs Angela MacRae will serve as part-time Commissioners and Professor Stephen King as a full-time Commissioner of the Productivity Commission (the Commission), each for a five-year period. The Commission is an independent authority established under the Productivity […]

Australia welcomes US agreement to reform of the International Monetary Fund

19 December 2015

The Australian Government welcomes passage of the 2016 Consolidated Appropriations Act by the United States Congress overnight which will enable the realisation of long awaited reforms to the International Monetary Fund (IMF). The reforms, which were agreed to by the IMF’s membership in 2010, will improve the legitimacy and credibility of the IMF’s role in […]

Release of 2015-16 Mid-Year Economic Fiscal Outlook

15 December 2015

As the recent national accounts data demonstrated, our transition from the investment boom in the mining sector to a more diversified, innovative and people driven economy is underway. This transition is creating a new and emerging momentum in our economy. Our economy is heading in the right direction – with growing confidence, strong jobs growth […]

Release of section 46 discussion paper

11 December 2015

Treasurer the Hon. Scott Morrison, today released a discussion paper on section 46 of the Competition and Consumer Act 2010 - the misuse of market power provision. As noted in the Government's response to the Harper Review handed down last month, we are embarking on a further and final round of consultation on section 46. […]

Council on Federal Financial Relations

10 December 2015

The Council on Federal Financial Relations ("CFFR") met today to discuss how Australia's governments can work together to build a strong national platform for economic growth and jobs to incentivise and enable future growth and prosperity. At the CFFR meeting on 16 October 2015, it was agreed that the Council would continue to explore options […]

Appointment of part-time members to the Reserve Bank Board

8 December 2015

I am pleased to announce the appointment of Mr Allan Moss AO as a part-time member to the Reserve Bank Board for a five-year period. Mr Moss possesses a strong financial markets background and was previously the Managing Director and CEO of Macquarie Group Limited. Mr Moss is a Principal of Allan Moss Pty Ltd […]

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

8 December 2015

Australian Treasurer Scott Morrison and New Zealand Commerce and Consumer Affairs Minister Paul Goldsmith today announced the expansion of cross-appointments between the New Zealand Commerce Commission (NZCC) and the Australian Competition and Consumer Commission (ACCC). Commissioner Sarah Court of the ACCC has been appointed as an associate member of the NZCC until 30 April 2018, […]

Tax and business incentives to boost economic growth & jobs

7 December 2015

A suite of new tax and business incentive measures under the Turnbull Government’s National Innovation and Science Agenda (NISA) will help to drive economic growth and jobs for Australia, Treasurer the Hon. Scott Morrison announced today. “The Turnbull Government is committed to building an innovative and more agile economy through strong growth policies that will […]

Security and business expertise added to
Foreign Investment Review Board

4 December 2015

The Turnbull Government today announced the appointment of Mr David Irvine and Mr David Peever as part-time members to the Foreign Investment Review Board (FIRB) for a five year period. Mr Irvine and Mr Peever have demonstrated sound judgement and strong leadership in their distinguished careers to date and each have a deep knowledge and […]

Senate passes Government’s multinational anti tax avoidance measures

3 December 2015

The Turnbull Government has tonight secured the passage of the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill, a critical piece of legislation, which will ensure major international companies operating in Australia but booking profits offshore have to pay tax here. This Government is committed to ensuring companies that earn income in Australia and benefit […]

Legislation introduced to end excessive card surcharging

3 December 2015

The Turnbull Government today introduced tough new laws in the Parliament to deliver on our commitment to protect consumers through banning excessive card surcharging. The Competition and Consumer Amendment (Payment Surcharges) Bill 2015 will ban excessive payment surcharges and is an important step in implementing the Government’s response to the Financial System Inquiry. The Turnbull […]

Legislation to tackle offshore tax evasion

3 December 2015

The Turnbull Government today introduced legislation to the Parliament that will further tackle offshore tax evasion. The legislation implements the OECD's Common Reporting Standard for the automatic exchange of financial account information. The Standard will assist the tax office to crackdown on taxpayers hiding funds and investments offshore in order to avoid paying their fair […]

September quarter National Accounts show positive transition underway

2 December 2015

Today's National Accounts show that economic growth strengthened in the September quarter and that we are making a positive transition from the largest resources investment boom in our history to broader-based growth. Real GDP grew 0.9 per cent in the September quarter and 2.5 per cent over the past year. This is a strong increase […]

Stronger foreign investment regime comes into force

1 December 2015

The Turnbull Government’s robust new foreign investment regime comes into force today, providing stronger enforcement and a better resourced system with clearer rules for foreign investors, Treasurer the Hon. Scott Morrison announced today. "The Government welcomes foreign investment that is not contrary to our national interest. Without foreign investment, production, employment and income would all […]

Appointments to the Australian Prudential Regulation Authority (APRA)

27 November 2015

Today I am pleased to announce the following appointments to the Australian Prudential Regulation Authority (APRA): Mrs Helen Rowell as the full-time Deputy Chair of APRA for a term up to and including 30 June 2018; and Mr Geoff Summerhayes as a full-time member of APRA for a term from 1 January 2016 up to […]

Foreign Investment Approval – 99 year lease of TransGrid

25 November 2015

The Federal Government welcomes the NSW Government announcement of 'NSW Electricity Networks' as the successful bidder for the 99 year lease of TransGrid, the New South Wales electricity transmission network. TransGrid is a critical piece of national infrastructure that underpins the New South Wales economy and is a key component of the National Electricity Market. […]

Turnbull Government to promote more choice, better services, stronger growth

24 November 2015

Treasurer, the Hon. Scott Morrison today released the Government’s response to the Competition Policy Review (Harper Review). “Increasing choice and delivering better services for consumers is central to the Turnbull Government’s plan for driving growth and jobs in our economy,” Mr Morrison said. “On coming to office the Coalition Government fulfilled our election commitment to […]

Productivity Commission to examine regulation of Australian agriculture

20 November 2015

Today the Turnbull Government has released the terms of reference for the Productivity Commission’s inquiry into regulation of the Australian agricultural sector, with the inquiry to commence immediately. Regulation has important objectives including protecting consumers from unsafe food, protecting the environment and supporting the export of goods. However poorly implemented and administered regulation and the […]

Statement on decision to prevent sale of S. Kidman & Co. Limited

19 November 2015

Consistent with the recommendation from the Foreign Investment Review Board (FIRB), I have decided that the acquisition by foreign investors of S. Kidman and Co. Limited would be contrary to the national interest and shall not be authorising the sale to proceed as currently proposed. Kidman is Australia's largest private land owner and holds approximately […]

Government orders forced sale of properties illegally held by foreign residents

18 November 2015

The Federal Government’s robust foreign investment rules and enhanced compliance program have enabled the Treasurer to order foreign nationals to sell a further seven Australian residential properties held in breach of the foreign investment framework. "These forced sales demonstrate that the Coalition Government's strengthened foreign investment framework is ensuring that foreign nationals who are illegally […]

Reappointment of a part-time member of the Payments System Board

13 November 2015

Today I reappointed Mr Brian Wilson as a part-time member of the Payments System Board for a further five year period until 14 November 2020. Mr Wilson has over 30 years of investment banking experience, specialising in corporate financial advice, with experience in both funds and investment management. He was a co-founder of Lazard in […]

New tax treaty signed with Germany

13 November 2015

Australia and Germany overnight signed a new 21st century tax treaty, which will reduce tax impediments to increased bilateral trade and investment and improve the integrity of the tax system. This more modern tax treaty will create new opportunities for Australian business and help ensure that multinational corporations pay their fair share of tax. It […]

Revised Family Tax Benefit measures to fund $3.5 billion child care investment

21 October 2015

The Turnbull Government will restructure Family Tax Benefit (FTB) payments to give better targeted assistance to families, encourage workforce participation and fund the Government’s $3.5 billion Jobs for Families package. The Government today introduced legislation in the Parliament that amends 2014 Budget FTB measures. This follows extensive negotiation within government and the Senate crossbench on […]

Government response to the Financial System Inquiry

20 October 2015

Today we are pleased to release the Turnbull Coalition Government’s response to the Financial System Inquiry (FSI). The final report of the FSI, led by David Murray AO and released on December 7 last year, satisfied an election promise. The financial system affects all Australians. It plays a vital role across the Australian economy, contributing […]

Council on Federal Financial Relations

16 October 2015

The Council on Federal Financial Relations ("CFFR") of Australia's Treasurers met today in Sydney, to discuss a range of national economic and fiscal issues. Treasurers received an update on the evolving economic and fiscal outlook at the Commonwealth and state levels.  Specific issues included: 1. National Tax System Discussion The Council recognised the work undertaken […]

Tax and transfer group to examine barriers to work

15 October 2015

The Coalition Government will establish an inter-departmental working group to analyse impediments within our tax and transfer systems that act as disincentives for Australians who want to work, save and invest. The way our personal income tax system and complicated welfare system interact should not result in the creation of welfare traps, eroding or even […]

OECD report supports Australian Government action on multinational tax avoidance

6 October 2015

The overnight release of the OECD’s Final Report on the Base Erosion and Profit Shifting (BEPS) Action Plan shows that Australia is firmly on the right track when it comes to ensuring multinationals pay their fair share of tax. This Government is committed to ensuring companies that earn income in Australia and benefit from the […]

IMF Supports Government’s focus on building a stronger economy

1 October 2015

The International Monetary Fund’s (IMF) annual assessment of Australia’s economy and key policy settings, has highlighted Australia’s strong economic record. As noted by the IMF, the Australian economy has grown twice as fast as our international peers over the past two decades and our per capita income is among the highest in the world. The […]

Appointment as Treasurer

21 September 2015

It is a great privilege and exciting responsibility to be taking on the role of Treasurer and I thank the Prime Minister for putting his confidence in me. As the Prime Minister has made clear it is the Government's goal to foster an adaptive, agile and growing economy - an economy that is trading, competitive […]