Media Releases

2016-17 Mid-Year Economic and Fiscal Outlook

19 December 2016

Today’s Mid-Year Economic and Fiscal Outlook (MYEFO) confirms that the Budget is projected to return to balance in 2020-21. The underlying cash deficit is now expected to narrow from $36.5 billion or 2.1 per cent of GDP in 2016-17 (down on the $37.1 billion reported in the Budget and PEFO) down to $10.0 billion (0.5 […]

Government appointments

16 December 2016

The Turnbull Government has today announced appointments to the Superannuation Complaints Tribunal, the Auditing and Assurance Standards Board (AUASB), the Financial Reporting Council (FRC), the Productivity Commission and the Payments System Board. The Superannuation Complaints Tribunal welcomes 13 new part-time appointments and the reappointment of two part-time members.  After today’s appointments the Tribunal comprises of […]

Reserve Bank Board appointment

16 December 2016

I am pleased to announce the appointment of Ms Carol Schwartz AM to the Reserve Bank Board as a part-time member for a five-year period from 14 February 2017. Ms Schwartz has business experience across a range of industries which will enable her to make a strong contribution to the Reserve Bank Board.

Launch of an innovative regulatory sandbox for Fintech

15 December 2016

The Turnbull Government today welcomes the announcement by the Australian Securities and Investments Commission (ASIC) that its FinTech regulatory sandbox is open for business. The regulatory sandbox will enable eligible FinTech businesses to test innovative financial services without facing the costs of regulatory licensing and will reduce the time to get their services to market. […]

Aquaman blockbuster to be filmed in Australia

15 December 2016

The Turnbull Government has announced $22 million to secure Australia as the filming location for the blockbuster feature film Aquaman, the next DC superhero movie by Warner Bros Pictures. The funding secures a major investment in Australia that will create more than 1000 jobs and inject over $150 million into the economy. It will also […]

Productivity commission study on the transition of regional economies following the resources boom

14 December 2016

The Australian economy’s transition away from the resources-led boom towards broader-based growth is presenting different challenges and opportunities for Australia’s regions. In order to better understand this, the Government has provided the Productivity Commission with terms of reference to commence a study on the impact of the transition on regional economies. While Australia continues to […]

Approval of S. Kidman & Co. Limited sale to increase Australian ownership

9 December 2016

Today I have approved a proposal for the sale of S. Kidman & Co. Limited (Kidman) that will increase the level of Australian ownership of the Kidman group of properties. Under the proposal the largest station in the Kidman group, Anna Creek and its outstation The Peake, will be acquired by the Williams Family, a […]

$117 million in new homelessness funding

9 December 2016

The Turnbull Coalition will deliver $117.2 million to support frontline services addressing homelessness. Around 85,000 people, particularly women and children affected by domestic violence and vulnerable young people, will be supported through 757 frontline services through the Transitional National Partnership Agreement on Homelessness (NPAH). The agreement, which has been extended through until June 2018, will […]

Multinationals paying tax on Australian profits

9 December 2016

The Turnbull Government's Multinational Anti-Avoidance Law (MAAL) powers have so far forced 24 multinational companies to either restructure their arrangements or signal their intention to do so in order to ensure they pay tax on what they earn in Australia. Several of these taxpayers were already under audit when the MAAL commenced and are now […]

National Accounts – September Quarter 2016

7 December 2016

Today’s September Quarter National Accounts make clear the very real risks to our economy and once again shows that economic growth in Australia or anywhere in the world cannot be taken for granted. While the economy still grew by an encouraging 1.8 per cent through the year, it is not sustainable that real GDP contracted […]

Statement – Council on Federal Financial Relations meeting

2 December 2016

The Council on Federal Financial Relations (CFFR) met today in Canberra to discuss how Australia’s governments can continue to work together on issues of national economic significance to drive future growth and improve the living standards of all Australians. Treasurers provided an update on the economic and fiscal outlook at the Commonwealth and State levels […]

Government’s better Working Holiday Maker tax arrangements secure critical senate support

1 December 2016

The Turnbull Government has reached agreement to secure the support of the Australian Greens for the Government’s better Working Holiday Maker tax arrangements, setting the tax rate for 417 and 462 visa holders to 15 per cent, consistent with the rate applicable to visa holders under the Seasonal Workers Program. The new legislative arrangements agreed […]

Delivering strengthened competition law – Section 46 legislation introduced

1 December 2016

The Turnbull Government has today introduced legislation to strengthen Australia’s competition law, reforms that will benefit consumers, businesses and the economy by boosting innovation, opening new markets and increasing choice for communities. The Harper Review recommended strengthening section 46 of the Competition and Consumer Act 2010 after finding that current misuse of market power law […]

Turnbull Government Review of Petroleum Resource Rent Tax

30 November 2016

The Turnbull Government is continuing to deliver on its commitment to ensure greater integrity of Australia’s tax system. To help better protect Australia’s revenue base and ensure that companies are paying the right amount of tax on their activities in Australia the Government will conduct a review into the operation of the Petroleum Resource Rent […]

Turnbull government delivering on diverted profits tax

29 November 2016

The Turnbull Government is delivering on its commitment to tax integrity and today released draft legislation for implementation of the Diverted Profits Tax, which will give increased powers to the Australian Taxation Office (ATO) to address multinational tax avoidance. Announced in the 2016-17 Budget, the Diverted Profits Tax will broaden the ATO’s scope to identify […]

Government to allow on-sale of off-the-plan dwellings failing to reach settlement

26 November 2016

The Turnbull Government will implement changes under the foreign investment framework to allow foreign buyers to purchase an off-the-plan dwelling when another foreign buyer has failed to reach settlement. This change addresses industry concerns, and means property developers won’t be left in the lurch when a foreign buyer pulls out on an off-the-plan purchase. This […]

Turnbull Government acting to open new capital markets

24 November 2016

The Turnbull Government is acting to open up new and innovative sources of capital funding for Australian small businesses and start-ups, introducing legislation today to facilitate crowd-sourced equity funding in Australia. The Corporations Amendment (Crowd-sourced Funding) Bill 2016 delivers on the Turnbull Government’s commitment to back small and start-up businesses help transition the Australian economy […]

Turnbull government delivers on fairer, more sustainable superannuation

23 November 2016

The Turnbull Government today secured parliamentary passage of the most comprehensive suite of superannuation reforms in a decade, delivering on our commitment to improve the fairness, sustainability, flexibility and integrity of the superannuation system. The superannuation reform package better targets tax concessions to make our superannuation system fair and sustainable, as the population ages and […]

Appointment of Commissioner – Productivity Commission

18 November 2016

Treasurer the Hon. Scott Morrison, today announced that he has appointed Mr Richard Spencer as a part-time Commissioner of the Productivity Commission for a five-year period. The Productivity Commission is an independent authority established under the Productivity Commission Act 1998 and is the Australian Government’s principal advisory body on microeconomic policy and regulation. The Commission’s […]

Labor will force Australians to pay for foreign worker tax cut

8 November 2016

The Labor opposition today confirmed they will force Australians to pay more tax so they can give foreign workers a tax cut. Labor’s changes to Working Holiday Maker tax arrangements will almost halve the amount of tax these foreign workers would pay on their Australian earnings and force Australian taxpayers to make up for the […]

Exposure Draft: GST on low value imported goods

4 November 2016

The Turnbull Government has today released exposure draft legislation and explanatory material for the GST on low value imported goods measure announced in the 2016-17 Budget. The draft legislation is the next step in the Government’s commitment to level the playing field for Australian businesses selling goods that cost $1,000 or less that compete against […]

Release of Productivity Commission draft report into Data Availability and Use

3 November 2016

The Turnbull Government today welcomed the release of the Productivity Commission’s draft report into Data Availability and Use which examined ways to unlock data to empower citizens and boost transparency across our economy. Innovation is at the heart of a strong economy and the Government is committed to ensuring that Australia is positioned to benefit […]

Launch of the Australia and New Zealand Infrastructure Pipeline

28 October 2016

The Australian and New Zealand Governments will today launch the Australia & New Zealand Infrastructure Pipeline (ANZIP), reinforcing a shared commitment to Trans-Tasman collaboration, open markets, innovation and investment. “This initiative reflects the importance of trade and open markets in delivering continued economic growth, more jobs, security and prosperity for our people,” said Australian Treasurer, […]

Opinion piece: Backing SA business to drive jobs, growth and wages

26 October 2016

The Turnbull Government is backing South Australian businesses to grow and prosper because we know that stronger businesses will employ more South Australians, pay them higher wages and create the economic growth that will secure the state’s future. The Enterprise Tax Plan we took to the election will back SA businesses and their employees by […]

Superannuation Reform: Third tranche of exposure draft

14 October 2016

The Turnbull Government has today released further Exposure Draft legislation and explanatory material for the superannuation reforms first announced in the 2016-17 Budget. The reforms will make the superannuation system fairer, more flexible and more sustainable. The majority of Australians – 96 per cent of individuals with superannuation – will either be better off or […]

Strong demand for 30-year bond demonstrates confidence in Australia’s economy

12 October 2016

The market’s response to the Australian Government’s 30-year bond reaffirms investor confidence in the long term prospects of the Australian economy. Strong interest has seen $7.6 billion raised from investors, after the historic issue attracted bids totalling almost double that amount. The Australian Office of Financial Management has confirmed a yield of 3.27 per cent. […]

Tax relief for 500,000 Australians delivered

12 October 2016

The Turnbull Government's legislation to provide personal income tax relief has passed the Parliament, confirming 500,000 average full-time wage earners will have more money in their pockets. This tax relief presented at the Budget increases the middle income tax bracket from $80,000 to $87,000. This will prevent taxpayers moving onto the higher 37 per cent […]

Turnbull Government continues policy of open competition in clearing and settlement of shares

12 October 2016

Treasurer the Hon. Scott Morrison today welcomed the Council of Financial Regulators’ (CFR) release of policy statements on the regulation of Australian cash equities clearing and settlement services, a further step in the Turnbull Government’s opening of competition in clearing of Australian cash equities. These reforms to the market in the provision of clearing and […]

International Monetary and Financial Committee – Statement on behalf of the Asia and the Pacific Constituency

9 October 2016

Global Outlook: The outlook for the world economy is subdued as global growth remains stubbornly low against the backdrop of low interest rates, low inflation and low wage growth. We welcome the fact that acute short term risks have receded somewhat, but agree that downside risks still predominate. In this context, policymakers must use all […]

International Monetary Fund and World Bank Annual Meetings – Washington D.C.

4 October 2016

Today I leave for the United States to attend the International Monetary Fund (IMF) and World Bank Annual Meetings in Washington D.C. on 7-8 October 2016. The IMF and World Bank Annual Meetings provide an opportunity to meet with my colleagues from around the world to discuss major challenges facing the global economy. I will […]

Clamping down on market manipulation of financial benchmarks

4 October 2016

The Turnbull Government is strengthening financial regulation to better protect Australians from the possible abuse and manipulation of financial benchmarks by banks. The strengthened rules regulating the Bank Bill Swap Rate (BBSW), a key financial benchmark that serves as the reference rate for the pricing of a range of financial products, were recommended by the […]

2015-16 Final Budget Outcome

30 September 2016

The Final Budget Outcome for 2015-16 shows that the Government is continuing to repair the Budget by lowering the spending growth trajectory of the previous Labor government. The Final Budget Outcome for the 2015-16 financial year recorded an underlying cash deficit of $39.6 billion, which represents 2.4 per cent of gross domestic product. The outcome […]

Superannuation reform: Second tranche of exposure draft

27 September 2016

 The Turnbull Government has today released further Exposure Draft legislation and explanatory material for the superannuation reforms first announced in the 2016-17 Budget. The reforms will make the superannuation system fairer, more flexible and more sustainable. The majority of Australians – 96 per cent of individuals with superannuation – will either be better off or […]

Better working holiday maker tax arrangements

27 September 2016

The Turnbull Government recognises that working holiday makers are an important part of Australia’s $43.4 billion tourism industry and a key source of labour, particularly in the agriculture, horticulture, tourism and hospitality sectors. We also recognise, as do stakeholders, that working holiday makers should pay fair tax on their earnings. At the 2016 election the […]

Australia welcomes the nomination of Dr Jim Yong Kim as World Bank President for a second term

19 September 2016

Minister for Foreign Affairs, the Hon. Julie Bishop MP and Treasurer, the Hon. Scott Morrison today welcomed the nomination of Dr Jim Yong Kim for a second term as President of the World Bank Group. During his current presidency, Dr Kim has worked to align World Bank operations behind its mission of ending extreme poverty […]

Seventh Statement on the conduct of monetary policy

19 September 2016

Today I welcome the commencement of Dr Philip Lowe’s term as Governor of the Reserve Bank of Australia. Together with Dr Lowe, I am releasing a joint Statement on the Conduct of Monetary Policy (the Statement). Following my announcement of Dr Lowe’s appointment, I have agreed with Dr Lowe that it is timely for the […]

Turnbull government orders further 16 forced sales of properties illegally held by foreign nationals

19 September 2016

Treasurer the Hon. Scott Morrison has ordered the divestment of a further 16 Australian residential properties that have been held by foreign nationals in breach of the foreign investment framework, taking the total purchase price of Australian residential real estate divested to over $92 million. “The divestments of these 16 properties, which have a combined […]

Government follows through on bank accountability

16 September 2016

The Turnbull Government has followed through on our commitment for the House of Representatives Standing Committee on Economics to call the banks to transparently account for their decision making and how they balance the needs of borrowers, savers, shareholders and the wider community. Yesterday I wrote to the Chair of the House of Representatives Standing […]

Turnbull Government initiates five yearly inquiry into Australia’s productivity performance

16 September 2016

The Turnbull Government has tasked the Productivity Commission to undertake five yearly inquiries into Australia’s productivity performance and provide recommendations on productivity-enhancing reform. Improving Australia’s economic performance and living standards depends on us working smarter and more efficiently. Put simply, productivity is about producing more goods and services with the same level of resources. Productivity […]

Government secures $11 billion towards budget repair this week

16 September 2016

The Government this week has secured almost $11 billion worth of improvements to the budget bottom line over the forward estimates to 2019-20, as a result of the deal which secured the passage of the Budget Savings (Omnibus) Bill ($6.3 billion), and tobacco excise increases ($4.6 billion). These measures grow to $58 billion by the […]

Australia leading international blockchain standards

15 September 2016

The Treasurer, the Hon. Scott Morrison MP, today warmly welcomed the decision by the International Organization for Standardization (ISO) to support Australia’s proposal to develop new international standards on blockchain. Blockchain, or distributed ledger technology, underpins Bitcoin and other cryptocurrencies. The technology is attracting attention across many sectors of the economy. There is growing global […]

Even fairer, more flexible and sustainable superannuation

15 September 2016

The Government has today announced improvements to the superannuation changes announced in the 2016-17 Budget that make Australia’s superannuation system even fairer, more flexible and more sustainable. Following extensive consultation, the Government will amend the package to improve the measures that seek to restrict superannuation being used as an estate planning vehicle, while providing greater […]

Government secures support for over $6 billion in Budget savings

13 September 2016

The Turnbull Government has reached agreement on the passage of more than $6 billion in savings measures through an amended Budget Savings (Omnibus) Bill. The Government appreciates the constructive engagement with the Opposition in relation to finalising an agreement on this legislation. The Opposition will now support and facilitate passage of an amended Bill through the […]

Superannuation reforms: first tranche of Exposure Drafts

7 September 2016

Today the Turnbull Government has released the first tranche of Exposure Draft legislation for superannuation reforms announced in the 2016-17 Budget. The reforms will make the superannuation system fairer, more flexible and more sustainable.  The majority of Australians – 96 per cent of individuals with superannuation – will either be better off or unaffected as […]

National Accounts – June Quarter 2016

7 September 2016

Today's June Quarter National Accounts confirm that 2015-16 was Australia’s 25th consecutive year of economic growth and show our economy growing at the fastest rate in four years, but we must continue to push for stronger growth. Our economy is growing faster than every G7 economy, well over twice as fast as the United States […]

Foreign ownership of Agricultural Land Register findings

7 September 2016

The Turnbull Government today released Australia’s first report from the Agricultural Land Register, delivering on our commitment to increase scrutiny and transparency in Australian agriculture. The Land Register shows foreign investors hold just 13.6 per cent of all Australian agricultural land. The United Kingdom is Australia’s principal source of investment in agriculture and the preferred […]

Release of Exposure Draft for Consultation: Strengthening Australia’s Competition Law

5 September 2016

Today the Turnbull Government has released Exposure Draft legislation to strengthen Australia’s competition law and improve the long-term welfare of consumers, businesses and the economy. The draft legislation contains changes to the Competition and Consumer Act 2010 (the Act) as recommended by the Harper Review, and includes a significant reform to the misuse of market […]

FinTech Advisory Group pushes innovation in financial services sector

2 September 2016

The Treasurer met today with the FinTech Advisory Group to progress the development of innovation in the financial services sector and key measures in the National Innovation and Science Agenda supporting Australia’s FinTech industry. The FinTech Advisory Group, chaired by Stone & Chalk Chairman and Westpac Director Craig Dunn, includes representatives of start-ups, incubators and […]

Appointment of the Deputy Governor of the Reserve Bank

2 September 2016

I am pleased to announce the appointment of Dr Guy Debelle as the Deputy Governor of the Reserve Bank of Australia (RBA) for a five-year term from 18 September 2016. Dr Debelle is an economist of international standing, with a PhD in economics from the Massachusetts Institute of Technology (MIT) and extensive experience at the […]

Tax relief for average full-time wage earners to be delivered within weeks

2 September 2016

The Australian Taxation Office (ATO) has confirmed they will now issue the new PAYG withholding tax schedules next week, reflecting the lower personal tax rate in the Treasury Laws Amendment (Income Tax Relief) Bill 2016 introduced into the Parliament yesterday. Employers will be required to lower the amount of tax withheld for affected taxpayers to […]

Industrial disputes in construction holding our economy back

1 September 2016

Latest ABS data reveals working days lost in the construction industry jumped by 50 per cent in the June quarter and accounted for 66 per cent of working days lost, highlighting once again the need for the restoration of the Australian Building and Construction Commission (ABCC). A huge 16,200 working days were lost during the […]

Tax relief for average full-time wage earners introduced to Parliament

1 September 2016

The Turnbull Government has taken further steps to ensure hard-working average full-time wage earners can keep more of what they earn. Today I introduced legislation to increase the middle income tax bracket from $80,000 to $87,000, in line with the Turnbull Government’s 2016-17 Budget commitment. This will prevent around 500,000 taxpayers going onto the higher […]

Turnbull Government introduces Ten Year Enterprise Tax Plan

1 September 2016

Today the Turnbull Government introduced legislation designed to immediately support up to 3.2 million small businesses employing around 5.5 million Australians. This legislation will reduce the corporate tax rate to 27.5 per cent from 1 July 2016 for 870,000 incorporated businesses with a turnover less than $10 million. These companies employ more than 3.4 million […]

Omnibus Savings Bill introduced to Parliament

31 August 2016

Today the Turnbull Government introduced the Budget Savings (Omnibus) Bill 2016 into Parliament to give effect to $6 billion in Budget savings necessary to assist in the critical tasks of arresting our debt and restoring the Budget to balance, in order to protect our economy against significant economic shocks. Australia’s gross debt currently sits at $430 billion […]

Building approvals reaffirm need for strong construction cop on the beat

30 August 2016

Today's ABS building approvals data highlights the importance of the building and construction industry to our economy and why it is critical to restore the Australian Building and Construction Commission (ABCC). The construction sector has been buoyed recently by the strong demand for residential construction and while the 11.3 per cent jump in the number […]

Fairer deal for Australian families – Excessive card surcharging banned from 1 September

28 August 2016

The Turnbull Government's legislated ban on excessive card surcharging, which comes into force this week, will mean Australian families should be charged less for purchasing a range of goods and services - including air fares and footy tickets - on their credit and debit cards. The ban comes into effect from Thursday 1 September.

Labor seeks to deny Australians fairness and flexibility in superannuation

24 August 2016

Labor's announced changes to superannuation today will hollow out crucial support designed to assist more Australians to be independent in their retirement. The Coalition Government's reform of superannuation will make the super system fairer, more flexible and help more Australians in their efforts to be self-sufficient in retirement, consistent with the purpose of superannuation as […]

Statement on decision to prohibit the 99-year lease of 50.4 per cent of Ausgrid under current proposed structure

19 August 2016

I have today made an order under the Foreign Acquisitions and Takeovers Act 1975 (the Act) prohibiting the proposed acquisition by foreign investors for the lease of 50.4 per cent of Ausgrid, the New South Wales electricity distribution network. After due consideration of responses from bidders to my preliminary view of 11 August 2016, I […]

Moody’s affirms Australia’s AAA credit rating

17 August 2016

The Turnbull Government welcomes the decision by Moody's Investors Service to affirm Australia's triple-A credit rating with a stable ratings outlook. In these difficult economic times, maintaining our triple-A rating is a welcome boost and a timely reminder that we need to keep our focus on the policies that keep our economy strong. The factors […]

Foreign investment applications for the 99-year lease of Ausgrid

11 August 2016

Following careful consideration and consistent with the formal process required, I have today informed the bidders for the lease of 50.4 per cent of Ausgrid, the New South Wales electricity distribution network, that my preliminary view is that the foreign investment proposals put to me for this transaction are contrary to the national interest, in […]

PBO election costings report confirms Labor’s higher debt and deficit

5 August 2016

The Parliamentary Budget Office (PBO) today confirmed that Labor's addiction to spending would increase the deficit by more than $16 billion over the Budget and forward estimates. Labor's spend now and tax later approach, confirmed by the PBO, demonstrates that Labor has learnt nothing from their past budget failures, and would simply lock in higher […]

Banks to face Parliament

4 August 2016

Australia’s major banks will be called to appear at least annually before the House of Representatives Standing Committee on Economics to enable the Committee to report jointly to the Treasurer and the Parliament on Australia’s banking and financial system. The Government recognises that at all times and particularly in challenging economic times globally, it is […]

Fitch reaffirms Australia’s AAA credit rating outlook

23 July 2016

Fitch Ratings has today reaffirmed Australia’s triple-A sovereign credit rating with a stable outlook. This follows a formal review of Australia’s credit rating by Fitch Ratings in March that also affirmed our rating as triple-A with a stable outlook, underpinned by the Australian economy’s high income, strong institutions and effective governance. Australia’s triple-A rating status […]

July G20 Finance Ministers and Central Bank Governors Meeting – Chengdu

22 July 2016

Today I will be travelling to Chengdu, Sichuan Province, to attend the third and final G20 Finance Ministers and Central Bank Governors Meeting that China will host this year. I will be meeting with my counterparts to review progress we have made this year in responding to the challenges currently facing the global economy, ahead […]

Council of Financial Regulators report on the implications of Brexit

21 July 2016

The Treasurer today released the Council of Financial Regulators (CFR) report of 7 July to the Government on the economic implications of the United Kingdom’s (UK) vote on 23 June 2016 in favour of exiting the European Union (EU). The report reflects the consolidated view of the CFR agencies: the Reserve Bank of Australia; the […]

Productivity Commission Appointments

6 May 2016

Treasurer, the Hon. Scott Morrison today announced that he has appointed Ms Karen Chester, currently a full-time Commissioner of the Productivity Commission, as Deputy Chair. The Treasurer also announced that Mr Jonathan Coppel has been reappointed as a full-time Commissioner of the Commission for a five-year period. The Commission is an independent authority established under […]

Appointments to the Australian Competition Tribunal

6 May 2016

Treasurer, the Hon. Scott Morrison today announced four new appointments and two reappointments to the Australian Competition Tribunal. The Hon. Justice John Middleton will serve as the new part-time President for a period of five years, following the retirement of the Hon. Justice John Mansfield in July. The Hon. Justices Andrew Greenwood, David Yates and […]

Appointment of the Governor of the Reserve Bank and a member of the Reserve Bank Board

5 May 2016

I am pleased to announce the appointment of Dr Philip Lowe as the Governor of the Reserve Bank of Australia (RBA) for a seven-year term from 18 September 2016. Dr Lowe brings a wealth of knowledge and experience to the role of Governor, having served as the RBA Deputy Governor since early 2012, heading up […]

Creating a path to real jobs for young people

3 May 2016

The Turnbull Government’s national economic plan for jobs and growth in a stronger, new and more diversified economy will create a new path to youth employment, helping young people through Australia’s economic transition. The Government will invest $840.3 million over four years in a Youth Employment Package to assist up to 120,000 vulnerable young people […]

Embracing our FinTech future

3 May 2016

The 2016-17 Budget announces a number of initiatives to further support the growth of Australia’s FinTech - or financial technology – industry. The Turnbull Government is supporting innovation and better services through new products in services and financial technology or FinTech. In February we announced our FinTech Advisory Group, in March we released our FinTech […]

A new Tax Avoidance Taskforce

3 May 2016

The Turnbull Government will establish a new Tax Avoidance Taskforce to crack-down on multinational tax avoidance and secure revenue for the Australian community. The Government will provide the ATO with $679m for the Taskforce over four years to strengthen efforts to ensure that multinational companies, private companies and high wealth individuals pay the right amount […]

A tax plan for Australia’s future

3 May 2016

The Turnbull Government is backing work and investment with lower taxes which will encourage workforce participation and business investment to improve growth and create the jobs of the future. As Australia successfully transitions from the mining investment boom to a stronger, more diversified economy, it is vital that our tax system drives economic growth and […]

A more sustainable superannuation system

3 May 2016

The Turnbull Government is today announcing a package of superannuation tax reforms to improve the sustainability, flexibility and integrity of the superannuation system. As Australia’s population ages it is becoming increasingly important to ensure that the superannuation system is based on a clearly stated objective, is providing the right incentives to save, and is flexible […]

The 2016 Budget – a National Plan for Jobs and Growth

3 May 2016

The 2016 Budget is the Turnbull Government’s economic plan to ensure Australia continues to successfully transition from the mining investment boom to a stronger, more diversified new economy. This economic plan is the foundation on which we can build a brighter, more secure future, in a stronger, new economy with more jobs. Australians know it […]

Productivity Commission inquiry into introducing competition and informed user choice into human services

29 April 2016

The Turnbull Government has released the terms of reference for the Productivity Commission’s inquiry into introducing competition and informed user choice into human services. The Australian Government is committed to working in partnership with State and Territory Governments and non-government service providers to ensure that all Australians can access timely, affordable and high quality human […]

Preliminary decision of foreign investment application for purchase of S. Kidman & Co Limited

29 April 2016

As part of my long and careful deliberations regarding the acquisition by foreign investors of S. Kidman and Co. Limited, consistent with the formal process required, I have today informed the investor that my preliminary view of the proposal that has been put to me is contrary to the national interest.

Productivity Commission Inquiry into the Universal Service Obligation

29 April 2016

The Turnbull Government has released the terms of reference for the Productivity Commission’s inquiry into the telecommunications Universal Service Obligation (USO), which will examine the role and relevance of these arrangements in an evolving market. The USO has long existed as a regulated consumer safeguard providing access to standard telephone services and payphones on reasonable […]

Productivity Commission to examine arrangements supporting Australian Consumer Law

29 April 2016

Treasurer, the Hon Scott Morrison and the Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer today released the terms of reference for a Productivity Commission study into the enforcement and administration arrangements underpinning the Australian Consumer Law. The study will focus on the effectiveness of the ‘single-law, multiple regulator’ model – a […]

Helping NSW police officers save for their retirement

27 April 2016

The Turnbull and Baird Governments have entered into a four year transitional arrangement to ensure New South Wales (NSW) Police officers can make voluntary superannuation contributions towards their retirement, Federal Treasurer, the Hon. Scott Morrison and NSW Treasurer, the Hon. Gladys Berejiklian announced today. Administrative changes to payment structures and the payment of death and […]

Rejecting Labor’s Housing Tax Plan

24 April 2016

The Turnbull Government will be not be making changes to negative gearing or capital gains tax policy in the May 3 budget.

Not just a ‘little list’ of Labor’s deceit

22 April 2016

Labor's deception on tax, penalty rates and a royal commission has been exposed. In an extraordinary interview on 3AW's Neil Mitchell program yesterday, Bill Shorten revealed how Labor has been manipulating and exploiting these issues. Firstly, he revealed that Labor had no plan or policy when they announced the need for a royal commission into […]

Shorten’s ‘little list’ exposes reckless populism

21 April 2016

Bill Shorten’s bizarre admission on Neil Mitchell’s radio program that the topics he wants his royal commission to consider were only scribbled out in the back of a car on the way to the studio today has exposed his proposal as nothing more than a cruel stunt designed to play politics with people’s genuine pain. […]

Bowen’s big boast on banks fails to survive a day

21 April 2016

Yesterday the shadow Treasurer Chris Bowen was boasting that banks would ignore the Government and pass on the costs of the user pays funding model for ASIC to consumers. He said: “Scott Morrison said today that he would get very, very cross with the banks if they passed it on. He’d give them a good […]

Turnbull Government bolsters ASIC to protect Australian consumers

20 April 2016

The Turnbull Government today announced a $127.2 million reform package to better protect Australian consumers by strengthening the Australian Securities and Investments Commission (ASIC). The broad reform measures will equip ASIC with stronger powers and funding to enhance surveillance capabilities better enabling our corporate watchdog to combat misconduct in Australia’s financial services industry and bolster […]

Negative gearing opponent rubbishes Labor proposal

18 April 2016

Labor has been exposed again on their ill-considered proposal to attack the value of Australians’ homes and increase rents. Well known negative gearing opponent and economist Saul Eslake has today warned Labor’s proposal will create an ‘unsustainable property bubble’. Saul Eslake is regularly cited by Labor as a key supporter of their proposal: “Saul Eslake […]

Labor’s sham costings and policy stunts exposed

15 April 2016

Tony Jones highlights the sham of Labor’s costings and cynical election driven policy strategy –

The facts – ASIC and Royal Commission

13 April 2016

The Government has received specific advice on the extensive and ongoing powers of ASIC that directly refute the erroneous claims made by Labor and the Shadow Treasurer. These are set out below. The facts Opposition claim [Chris Bowen media release] The facts The Opposition is disputing that ASIC has more powers than a Royal Commission. […]

Fact Sheet – ASIC and Royal Commission

12 April 2016

Royal Commission ASIC When can coercive investigatory powers be utilised? As part of a Royal Commission to the extent the information sought is directly relevant to the investigation as outlined in the Terms of Reference As part of an investigation. ASIC must have a reason to suspect a contravention has occurred. However, ASIC can be […]

Additional Commonwealth Support for Infrastructure Projects in Western Australia

10 April 2016

The Commonwealth will invest an additional $490 million into Western Australian infrastructure in 2016-17, to ensure that Western Australia’s share of the GST is effectively maintained at its 2014-15 levels.  We are committed to ensure this investment helps Western Australia to successfully transition from resource investment driven growth to a stronger more diversified and innovative […]

Monash upgrade the centrepiece of Turnbull Government’s Victorian infrastructure package

8 April 2016

The Turnbull Government has committed to an additional $1.5 billion to get on with essential infrastructure to support Victoria’s regions and ensure Melbourne retains its mantle as one of the most liveable cities in the world. The centrepiece of our new commitment is a billion-dollar upgrade of the congested Monash Freeway serving the communities of […]

2016-17 Budget media lock-up

4 April 2016

Media organisations are invited to the 2016-17 Budget lock-up from 12pm, Tuesday 3 May 2016 Parliament House, Canberra. Media organisations should email budget_lockup@treasury.gov.au by 5pm, Friday 15 April 2016 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 […]

Turnbull Government to open competition in share clearance

30 March 2016

Treasurer Scott Morrison today announced a reform package that opens the door to competition in the clearing of cash equities, acting on the recommendations of the Council of Financial Regulators' (CFR) Review of Competition in Clearing Australian Cash Equities. The Turnbull Government is absolutely committed to open and competitive markets which are fundamental to a […]

Government nominates Rod Sims for reappointment as ACCC Chairman

23 March 2016

The Turnbull Government has nominated Rod Sims for reappointment as Chairman of the Australian Competition and Consumer Commission (ACCC). Today I have written to the States and Territories nominating Mr Sims, and seeking their support for his reappointment, as required under section 7 of theCompetition and Consumer Act 2010 and the 1995 Conduct Code Agreement with the […]

Supporting Australia’s FinTech future

21 March 2016

The Turnbull Government today released its statement on Australia’s FinTech future recognising that financial technology, or FinTech, is transforming our financial system and our economy. FinTech stimulates technological innovation and the Turnbull Government’s FinTech statement sets out our vision for developing a strong and vibrant FinTech industry in Australia to help boost jobs and growth […]

Critical asset sales to fall within foreign review net

18 March 2016

The Turnbull Government has further bolstered Australia’s foreign investment rules after securing State and Territory support to amend the Foreign Acquisitions and Takeovers Regulation, so that for the first time the Foreign Investment Review Board (FIRB) shall assess the sale of critical state-owned infrastructure assets to private foreign investors. “The Turnbull Government is committed to […]

Fixing competition policy to drive economic growth and jobs

16 March 2016

The Turnbull Government will legislate to fix competition policy in Australia through implementation of the Harper Review’s recommendation to amend Section 46 of the Competition and Consumer Act - the misuse of market power provision. The Harper Review into competition policy - an election commitment of the Coalition Government - found Australia’s current misuse of […]

Turnbull Government introduces tax incentives to boost growth and jobs

15 March 2016

The Turnbull Government will tomorrow introduce a suite of measures into the Parliament which will help drive investment, economic growth and jobs in our transitioning economy by encouraging innovation, risk taking and an entrepreneurial culture in Australia. The Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016 introduced tomorrow includes: The Tax Incentive for Early […]

Negative gearing: The questions Labor must answer

14 March 2016

It's clear Labor's negative gearing and capital gains tax increase proposals are rushed, reckless and risk doing massive damage to our economy at a critical time in our transition from the mining boom. It is also clear that Labor have failed to answer basic questions about their changes, let alone the inherent flaws which are […]

Productivity Commission inquiry into the national school and early childhood education evidence base

11 March 2016

Treasurer, the Hon. Scott Morrison and Minister for Education and Training, Senator the Hon. Simon Birmingham today released the terms of reference for the Productivity Commission's inquiry into the national evidence base for school and early childhood education. The Australian Government is committed to working collaboratively with the states and territories to build a world-class […]

Labor’s negative gearing spin-cycle

10 March 2016

Labor is desperately attempting to deceive Australians that their proposal to hit mum and dad investors and discourage business investment has been 'modelled to death'. The truth is that in their rush to make an announcement Labor has not commissioned, let alone released, any modelling showing the impact their proposal will have on either house […]

‘How Fintech is enabling the successful transition of our economy’, Opinion Piece, Australian Financial Review

10 March 2016

At the recent World Economic Forum it was noted that ninety per cent of the data we use today has been created in the past two years1. The ability of new technology to capture and process data, in real time, is changing how business is done, how products and services are conceived in the new […]

Flaws mount in Labor’s rushed and reckless negative gearing proposal

9 March 2016

Each day further exposes Labor’s negative gearing proposal as a rushed and reckless tax grab that will hurt business investment and mum and dad property investors. Australians have seen the policy-on-the run confusion by Shadow Treasurer Chris Bowen trying to explain if only property investment would be affected by their policy or if all assets […]

Labor contradict themselves on their own negative gearing proposal

4 March 2016

Labor’s failure to think through their reckless proposal to abolish negative gearing has been shown up by outright contradicting themselves on just how far this reckless policy will go. This once again demonstrates why Labor can’t be trusted to run our transitioning economy. If it isn’t bad enough that Labor want to remove negative gearing […]

December quarter National Accounts show positive transition continues

2 March 2016

Today’s December Quarter National Accounts show once again that Australia continues to successfully manage our transition from the largest resources investment boom in our history to broader-based growth and in turn secure our economic future. In the face of global uncertainty and strong headwinds our economy continues to transition and grow. Real GDP grew by […]

Tougher measures to tackle tax evasion pass Parliament

29 February 2016

The Parliament today passed the Turnbull Government’s latest set of strong measures to combat tax evasion. The Tax Laws Amendment (Implementation of the Common Reporting Standard) Bill 2015 is a key part of the international fight against tax avoidance; and its passage through the Parliament demonstrates once again that the Turnbull Government is committed to […]

Turnbull Government backing Australian FinTech in Asia

26 February 2016

The Turnbull Government is delivering support to further back Australia's financial services technology – FinTech – in the burgeoning Asian market, Treasurer the Hon. Scott Morrison announced in Shanghai today. "FinTech will have an important role to play in Australia's innovation future, that's why the Turnbull Government is backing it in with real support in […]

Australian Government looks to Shanghai for next landing pad

26 February 2016

The Australian Government intends to establish a landing pad in Shanghai, China's largest and most cosmopolitan city, to help our innovators access talent and opportunities globally. The Turnbull Government's National Innovation and Science Agenda creates five landing pads in global innovation hotspots to help Australian entrepreneurs take their ideas to market and build high-growth and […]

Opinion piece, Australian Financial Review

26 February 2016

In recent times we have seen the devastating impacts of the former Labor Government's knee jerk assault on the live cattle trade and the Victorian government ripping up the East West link contract that also cost taxpayers more than $1 billon. It's called sovereign risk - something I never thought I would see associated with […]

G20 Finance Ministers and Central Bank Governors Meeting

25 February 2016

Today I will be participating in a series of meetings in Hong Kong on financial services technology (FinTech) before travelling to attend the G20 Finance Ministers and Central Bank Governors Meeting on the weekend in Shanghai. In this time of considerable volatility in the global economy I look forward to meeting with my international counterparts […]

Appointment of the Agriculture Commissioner to the Australian Competition and Consumer Commission

24 February 2016

Deputy Prime Minister and Minister for Agriculture and Water Resources the Hon. Barnaby Joyce and Treasurer the Hon. Scott Morrison today announced the appointment of Mr Mick Keogh OAM as the Agriculture Commissioner to the Australian Competition and Consumer Commission (ACCC) for five years. "In Mick Keogh our farmers now have an individual representing their […]

Turnbull Government backing FinTech

24 February 2016

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison today announced the establishment of an expert advisory group to help make Australia the leading market for financial technology – or FinTech – in the Asia Pacific region. Financial services is the largest sector of our economy, employing around 450,000 people and contributing over $140 billion to […]

Approval of foreign investment application for purchase of the Tasmanian Land Company

23 February 2016

Consistent with the recommendation from the Foreign Investment Review Board (FIRB), I have decided to approve the foreign investment application of Moon Lake Investments to acquire the land and assets of the Tasmanian Land Company (TLC), including the Van Diemen’s Land Company (VDL), from the New Plymouth District Council (NPDC), subject to the tax conditions […]

Turnbull Government’s laws to end excessive card surcharging pass Parliament

22 February 2016

The Parliament today passed the Turnbull Government’s tough new laws that will protect consumers from excessive card surcharging. The Competition and Consumer Amendment (Payment Surcharges) Bill 2015 passed the Senate this morning. The ban on excessive card surcharging will take effect this year. Card and other electronic payments are critical for the efficient operation of […]

Register of foreign ownership of water access entitlements

22 February 2016

Deputy Prime Minister and Minister for Agriculture and Water Resources, Barnaby Joyce, and Treasurer, Scott Morrison, have today released a consultation paper as part of the government's work to establish a register of foreign ownership of water access entitlements. Minister Joyce said the register would give greater oversight of the ownership of Australian water assets, […]

Foreign-owned agricultural land holdings to be registered by 29 February

22 February 2016

Deputy Prime Minister and Minister for Agriculture and Water Resources, Barnaby Joyce, and Treasurer, Scott Morrison, have reminded foreign owners of Australian agricultural land that they have till 29 February to register their holdings with the Australian Taxation Office’s Agricultural Land Register. Minister Joyce said new rules introduced by the Coalition Government came into effect […]

Turnbull government makes paying tax in Australia a condition for foreign investment

22 February 2016

The Turnbull Government will apply new requirements on foreign investment applications to ensure multinational companies investing in Australia pay tax here on what they earn, Treasurer the Hon. Scott Morrison announced today. “The Government is committed to ensuring companies operating in Australia pay tax on their Australian earnings. Where companies fail to do so I […]

Productivity Commission review into the efficiency and competitiveness of the superannuation system

17 February 2016

The Turnbull Government is today releasing the Terms of Reference for the first two stages of a Productivity Commission review into the efficiency and competitiveness of the entire superannuation system. This review is an important step in implementing the Government’s response to the Financial System Inquiry and helping Australians have a better standard of living in […]

Opinion piece, The Sunday Telegraph

14 February 2016

Like their famous mining tax, Labor’s proposed change to negative gearing promises big, but raises very little revenue. It could also have some very nasty consequences for everyday mum and dad investors just trying to get ahead. If Labor want to strengthen the budget they need to support savings rather than just keep pushing for […]

Shorten’s long con – ‘most important structural budget reform’ raises just $0.56 billion

13 February 2016

Bill Shorten should drop his long con of Australians – his ‘most important structural budget reform’ announced today adds just $0.56 billion to the Budget over the next four years, Treasurer, the Hon. Scott Morrison said. "Once again Bill Shorten’s numbers just don’t add up. With Australia currently in deficit to the tune of $37 […]

Australia welcomes nomination for Christine Lagarde as IMF Managing Director for a second term

12 February 2016

The Australian Government welcomes and supports the nomination of Madame Christine Lagarde for a second five-year term as Managing Director of the International Monetary Fund (IMF). Mme Lagarde is an excellent leader who has capably steered the IMF during a challenging period of global economic recovery.

Release of tax modelling

12 February 2016

The Turnbull Government has been examining how our tax system can be improved to back Australians to work, save and invest by boosting jobs and growth as our economy continues to transition from the mining investment boom. The Government is squarely focused on tax reform measures that will deliver on the objectives of growth, fairness […]

Sale of S. Kidman & Co Limited

10 February 2016

Treasurer the Hon. Scott Morrison today welcomed the decision by S. Kidman & Co Limited to reopen the company’s sale process for Australian parties. “I made a determination in November last year that the proposed acquisition of S. Kidman and Co. Limited by foreign investors would be contrary to the national interest and therefore did […]

Turnbull Government to remove competitive tax advantage for overseas companies

10 February 2016

The Turnbull Government today introduced legislation to the Parliament which will modernise our tax laws, protect the integrity of our tax system and ensure a level playing field for Australian businesses. "Our tax system was not designed for the 21st century economy. The Turnbull Government is committed to modernising our tax laws to ensure they […]

Coalition bolsters ATO in fight against multinational tax avoidance

28 January 2016

The Turnbull Government has delivered on a commitment and taken further action to combat multinational tax avoidance with the signing of a new multilateral agreement to share tax information. This agreement will give the Australian Taxation Office (ATO) further scope to ensure companies pay their fair share of tax. On Wednesday Australia was one of […]

Government orders more forced sales of properties illegally held by foreign nationals

18 January 2016

The Turnbull Government's strong foreign investment rules have enabled the Treasurer to ensure that a further eight Australian residential properties held in breach of the foreign investment framework are divested by foreign nationals. "The Government is committed to enforcing our rules so that foreign nationals illegally holding Australian property are identified by authorities and their […]