Media Releases

Productivity commission report into compensation and rehabilitation of veterans released

4 July 2019

The Coalition Government today tabled in Parliament the final Productivity Commission report into Compensation and Rehabilitation for Veterans - A Better Way to Support Veterans. The report was commissioned by the Government in March 2018 to undertake a thorough review of veteran support services. The Treasurer Josh Frydenberg thanked the Commission for delivering an important […]

Appointment to the Australian Competition and Consumer Commission

3 July 2019

The Coalition Government is pleased to announce Mr Stephen Ridgeway has been appointed as a Commissioner of the Australian Competition and Consumer Commission (ACCC) for a five-year period from June 2019. Mr Ridgeway brings over 30 years' experience in competition and consumer law to the role. Previously, he was a partner with King & Wood […]

Delivering on Budget Measures

1 July 2019

Key Government measures coming into effect on 1 July 2019 will help Australian families with the cost of living by forging ahead with low and middle income tax relief, safeguarding superannuation savings, and ensuring multinationals pay their fair share of tax. These measures are part of the Government’s plan for a stronger economy and securing […]

Vale Michael Andrew AO

24 June 2019

I was deeply saddened to hear of the passing of Michael Andrew AO yesterday. Michael was a highly respected member of the business and tax community and made a significant contribution to improving Australia’s tax system. Michael had a long, distinguished career in business both domestically and on the global stage. He was Chairman and […]

Visit to Japan for G20 and to Germany, United Kingdom and United States

6 June 2019

Today I will travel to Fukuoka, Japan, to attend the second G20 Finance Ministers' and Central Bank Governors' Meeting under Japan's 2019 G20 Presidency. The G20 brings together the world's major advanced and emerging economies and is the premier forum for international economic cooperation. The meeting will take place against the backdrop of moderating global […]

National Accounts, March Quarter 2019

5 June 2019

Today's National Accounts show that the Australian economy grew by 0.4 per cent in the March quarter to be 1.8 per cent higher through the year. This is within the range of market expectations. The economy continues to grow in the face of international and domestic headwinds, however, growth is softer than it was at […]

Melbourne’s Jewish Holocaust Centre to expand & reach more Victorians

10 April 2019

The Morrison Government is providing $10 million to Melbourne’s Jewish Holocaust Centre (JHC), helping expand the size of the museum as it increases its educational activities to reach even more Victorians and people from around Australia and the world. Established by Melbourne Holocaust survivors in 1984, the JHC is Australia’s first Holocaust museum. The museum […]

Giant leap for Giant Steps Melbourne school for children with autism

10 April 2019

The Morrison Government is investing $9.7 million to expand the Giant Steps Melbourne school and reduce the waiting list for its specialist education for children with Autism Spectrum Disorder in Victoria. Giant Steps Melbourne provides a Prep to Year 12 school program for children with complex to moderate autism, with highly trained teachers and therapists […]

Appointment to the European Bank for Reconstruction & Development

10 April 2019

The Government is pleased to announce that Mr Philip Lindsay has been nominated for appointment as Australia’s Alternate Director to the European Bank for Reconstruction and Development (EBRD). He will serve in the role to 31 July 2021. The EBRD is an international financial institution founded in 1991, which uses investment as a tool to […]

$9.2 million for childhood epilepsy medicines on the PBS

10 April 2019

The Morrison Government is investing $9.2 million to make a life changing medicine for childhood epilepsy available through the Pharmaceutical Benefits Scheme (PBS), which will help them to control their seizures. From 1 May 2019, the PBS listing of Vimpat® (lacosamide) will be extended to include treatment of intractable partial epileptic seizures for children aged […]

Appointment of full-time Inspector-General of Taxation

8 April 2019

The Government is pleased to announce that Ms Karen Payne has been appointed as the full-time Inspector-General of Taxation. Ms Payne has been appointed for a five-year period from 6 May 2019. The office of the Inspector-General of Taxation (IGT) is an independent statutory agency that identifies systemic issues in the administration of tax law. It reviews […]

SEATO Bill receives Royal Assent

7 April 2019

Members of the Australian civilian surgical and medical teams who provided medical aid, training and treatment to local Vietnamese people during the Vietnam War will gain access to their Department of Veterans’ Affairs Gold Card from 1 July 2019. Minister for Veterans’ Affairs Darren Chester said the Treatment Benefits (Special Access) Bill received Royal Assent on Friday.  […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission

6 April 2019

The Coalition Government is providing expanded access to redress for consumers and small businesses harmed by financial misconduct, as we continue to take action on all 76 recommendations in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Restoring trust in Australia’s financial system is part of […]

AAA credit rating reaffirmed by S&P

5 April 2019

Australia’s AAA credit rating has been reaffirmed by Standard & Poor’s (S&P) in a strong expression of confidence in the 2019-20 Budget and the Coalition Government’s economic management. In its report, S&P notes that Australia’s “economic growth prospects remain sound” and that our “public finances traditionally have been a credit strength for the rating”. S&P […]

Productivity Commission appointments

5 April 2019

The Coalition Government is pleased to announce the appointments of Dr Catherine de Fontenay, Ms Lisa Gropp and Dr Malcolm Roberts and the reappointment of Mr Paul Lindwall as Commissioners of the Productivity Commission for five year terms. Dr de Fontenay is an Associate Professor of Economics at the University of Melbourne, with research interests […]

Appointment to the Australian Competition Tribunal

5 April 2019

The Coalition Government is pleased to announce the appointment of Professor Caron Beaton-Wells as a lay member of the Australian Competition Tribunal for a period of five years. Professor Beaton-Wells brings extensive experience to the role as Director of the Competition Law and Economics Network and the Global Competition and Consumer Law Program at the […]

Coalition putting super members first

5 April 2019

The Morrison Government has passed through the Parliament a comprehensive package of legislation that will further improve outcomes for superannuation members and enhance the powers of the prudential regulator. The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2019 also implements two recommendations of the Royal Commission into Misconduct […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission

4 April 2019

Going further by expanding ASIC powers The Coalition Government has passed legislation through the Parliament to introduce design and distribution obligations for all financial and credit products within the Australian Securities and Investments Commission’s (ASIC) regulatory responsibility. The legislation will also allow ASIC to now intervene where there is actual, or the risk of, significant […]

Guaranteeing essential services

2 April 2019

The Morrison Government is guaranteeing essential services through the 2019-20 Budget with record funding for schools and hospitals while also keeping Australians safe and our borders secure. Investing in Australia's education system The 2019-20 Budget will deliver record levels of funding for schools to ensure teachers have the support they need to prepare students for […]

Lower taxes for hard-working Australians and small business

2 April 2019

The Morrison Government is building a better tax system that rewards hard-working Australians and empowers small and medium-sized businesses to invest, grow and create more jobs. As part of our plan for a stronger economy, we will provide tax relief to Australian taxpayers with immediate relief for low- and middle-income earners. The Government will provide […]

Our plan for a stronger economy

2 April 2019

The 2019-20 Budget is the Morrison Government's next instalment of our plan to build a stronger economy and secure a better future for all Australians. This Budget, which proposes lower taxes at the same time as increased funding for essential services like schools, hospitals and roads, is the foundation for a stronger economy and more […]

Budget returns to surplus

2 April 2019

The budget is back in the black with the Morrison Government delivering the first budget surplus in more than a decade. This year will see a surplus of $7.1 billion. A $55.5 billion turnaround from the deficit we inherited six years ago. In 2020-21, a surplus of $11.0 billion. In 2021-22, a surplus of $17.8 […]

Super boost: more flexibility for retirement

1 April 2019

The Morrison Government is taking action to help Australians boost their retirement savings by giving them greater flexibility as they near their retirement years. From July 1 2020, Australians aged 65 and 66 will be able to make voluntary superannuation contributions, both concessional and non-concessional, without meeting the Work Test. Currently, they can only make […]

One-off energy payment to help 3.9 million Australians with their next energy bill

31 March 2019

More than 3.9 million Australians will receive a one-off Energy Assistance Payment to help with their next energy bill and cost of living expenses. The payment of $75 for singles and $125 for eligible couples will be exempt from income tax and will be paid automatically before the end of the current financial year, subject […]

New program to support people living with epilepsy

30 March 2019

The Morrison Government will invest $20 million through the 2019-20 Budget in a new, innovative program to support people living with epilepsy. It is estimated that approximately 250,000 Australians have been diagnosed with epilepsy. Unfortunately, epilepsy is not well understood in the community. Epilepsy is not a single condition, rather a range of different conditions […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission

29 March 2019

Going further: Consultation on superannuation binding death benefit nominations & kinship structures The Coalition Government has released a discussion paper focusing on the difficulties that Aboriginal and Torres Strait Islander people face when making superannuation binding death benefit nominations. This is another example of the Government going further in response to the Final Report of […]

New tax treaty signed with Israel

28 March 2019

Today, Australia and Israel have signed a new tax treaty which will open further opportunities for bilateral trade and investment. This follows the Federal Executive Council’s approval for Australia to sign the new tax treaty received earlier today. Australia and Israel share a close friendship and longstanding trade and investment ties. In 2017-18 total merchandise […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission

28 March 2019

Recommendation 4.13: Universal terms review The merits of legislating universal key definitions, terms and exclusions for default insurance cover within MySuper products will be explored through a consultation paper, with the view to improve consumers’ understanding of insurance in superannuation. The consultation paper, released by the Coalition Government today, will also explore any impact such […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission

28 March 2019

Recommendation 2.4: Grandfathered commissions The Coalition Government has released regulations today, outlining the requirement for financial product manufacturers to pass through to their clients the benefits of any previously grandfathered conflicted remuneration remaining in contracts after 1 January 2021. The regulations will also impose obligations on financial product manufacturers to keep records on the amounts […]

Foreign Investment Review Board Appointment

27 March 2019

The Coalition Government is pleased to announce the appointment of Ms Margaret McDonald as a part-time member of the Foreign Investment Review Board (FIRB). The FIRB is a non-statutory advisory body established in 1976 to provide advice on the Government’s foreign investment policy and its administration. Ms McDonald brings to the role a wealth of experience […]

Unlocking fundraising for Men’s and Women’s sheds

24 March 2019

The Government will unlock new fundraising potential for Men’s and Women’s Sheds across the country. Every day, hundreds of Men’s and Women’s Sheds provide support to countless Australians in every State and Territory. Now, it’s our turn to provide more support to them. Our Government will introduce a new law that will make donations to […]

$35 million to extend the Federal Court’s jurisdiction to corporate crime

23 March 2019

For the first time, the jurisdiction of the Federal Court of Australia will expand to include corporate crime, with the Coalition Government providing more than $35 million in the 2019-20 Budget to support this expansion. The expansion and funding will ensure that those who engage in financial sector criminal misconduct are prosecuted and face the […]

Record funding and resources for ASIC and APRA to help restore trust in Australia’s financial sector

23 March 2019

The Coalition Government is providing more than $550 million in the 2019-20 Budget to help restore trust in Australia’s financial sector as part of our plan for a stronger economy and a secure and better Australia. The Australian Securities and Investments Commission (ASIC) will be provided with more than $400 million in additional funding, representing […]

CFR & ATO report on SMSF borrowing arrangements

22 March 2019

A report by the Council of Financial Regulators (CFR) and the Australian Taxation Office (ATO) has found that assets held by self-managed superannuation funds (SMSFs) under 'limited recourse borrowing arrangements' (LRBAs) are unlikely to pose systemic risk to the financial system at this time. A LRBA involves a SMSF taking out a loan from a […]

Government response to digital economy consultation

20 March 2019

The Coalition Government is committed to strengthening our tax rules, ensuring Australia's tax integrity laws are among the strongest in the world and delivering a tax system that is internationally competitive. The growth of the digitalised economy in recent years has prompted international debate about whether the existing international corporate tax framework remains fit for […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission

18 March 2019

Recommendation 1.15: Enforceable code provisions The Coalition Government has today released a consultation paper on making provisions of financial services industry codes of conduct more enforceable and providing both the regulator and consumers with more powers to hold financial services firms to account for misconduct. This is another step forward as part of the Government’s […]

$2.1 million to improve education outcomes for remote and regional Indigenous students

16 March 2019

The Coalition Government will invest $2.1 million in the Melbourne Indigenous Transition School (MITS) to construct a new Alumni Boarding House to support the wonderful work MITS does with remote and regional Indigenous boarding students. This new investment will build on the success of the current MITS program and its students. Twenty-two Year 7 students […]

Government submission to Annual Wage Review

15 March 2019

The Coalition Government has today provided a submission to the independent Expert Panel of the Fair Work Commission as part of the Commission’s Annual Wage Review, providing the Commission with factual information for the Panel to consider in determining a fair increase to minimum wages – consistent with the practice of previous governments. The fundamentals […]

GST revenue sharing relativities

15 March 2019

Following consultation with the States and Territories, I have accepted the recommendation of the Commonwealth Grants Commission (CGC) on the GST revenue sharing relativities for 2019-20. The CGC’s recommendations reflect its assessment of each state’s fiscal capacity over the three years from 2015-16 to 2017-18.  Going forward, every State and Territory will be better off […]

Review of mortgage broking trail commissions

12 March 2019

Following consultation with the mortgage broking industry and smaller lenders, the Coalition Government has decided to not prohibit trail commissions on new loans, but rather review their operation in three years' time. The review will be conducted by the Council of Financial Regulators and the Australian Competition and Consumer Commission (ACCC) – a review which […]

National Accounts – December quarter 2018

6 March 2019

Today's National Accounts show that the Australian economy grew by 2.7 per cent in calendar year 2018, consistent with trend growth. For the December quarter 2018, real GDP grew by 0.2 per cent, within the range of market expectations. Australia continues to grow faster than all of the G7 nations except the United States. With the […]

Cutting red tape for Tasmania’s small businesses

4 March 2019

The Coalition Government is backing Tasmanian small businesses with a $6.4 million investment in red tape reduction, to make it easier for new businesses to start and for existing businesses to grow. Treasurer Josh Frydenberg said the funding was part of the Coalition Government’s $300 million Small Business Regulatory Reform Agenda. “Our plan recognises that […]

Register of Foreign Ownership of Water Report

1 March 2019

The Government has today released the first report of the Register of Foreign Ownership of Water Entitlements, delivering on our commitment to increase transparency around holdings of Australia’s water assets. The first report shows the proportion of total water entitlements that have a level of foreign ownership is 10.4 per cent. This is based on a comparison […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission – Four weeks of Government action

1 March 2019

The Coalition Government is getting on with the job of restoring trust in Australia’s financial system, taking action on all 76 recommendations contained in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and, in a number of important areas, going further. Since receiving the Final Report […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission – Recommendation 4.8: Removal of claims handling exemption

1 March 2019

The Coalition Government has released a consultation paper on removing the exemption of insurance claims handling from the definition of ‘financial service’ under the Corporations Act. It is yet another step forward as part of the Government’s continued action on all 76 recommendations contained in the Final Report of the Royal Commission into Misconduct in […]

Takeovers Panel Appointments

28 February 2019

The Government has today announced the appointments of the President and members of the Takeovers Panel. The Takeovers Panel provides a mechanism for peer review of takeovers activity, with the aim of being more efficient, less formal and more expeditious than the courts. For the first time, the majority of the Takeovers Panel membership will […]

Establishing a price safety net to deliver a better deal

23 February 2019

The Morrison Government is continuing to drive down power prices with a price safety net locking in better deals for tens of thousands of small businesses and up to 750,000 residential customers in New South Wales, South Australia and South East Queensland. The Australian Energy Regulator (AER) has today released its Default Market Offer (DMO) […]

Coalition leads on Banking Royal Commission

22 February 2019

The Coalition’s comprehensive response was delivered on 4 February, four days after having received the Final Report. In contrast, it has taken Labor 18 days to announce a compensation scheme through the Australian Financial Complaints Authority (AFCA) – copying the model outlined in the Government’s response some 18 days earlier. It should be remembered that […]

Taking Action on Banking, Superannuation & Financial Services Royal Commission

22 February 2019

The Coalition Government has released exposure draft legislation to ban grandfathering of conflicted remuneration paid to financial advisers. Conflicted remuneration is where the payment of a benefit to a financial adviser may incentivise them to recommend to a consumer a financial product that may not be in their best interests. Grandfathered conflicted remuneration can entrench […]

IMF recognises Australia’s “robust economic performance”

22 February 2019

The International Monetary Fund (IMF) has recognised Australia's "above-trend growth" in its annual assessment of the Australian economy and welcomed the steps taken "to further strengthen the financial system" in their Financial System Stability Assessment of Australia. The IMF finds that Australia's economic momentum has resulted in improvements in labour market conditions and with the […]

Government action on Banking Royal Commission Recommendations 1.7, 2.4, 4.2, 4.8 & 4.11

20 February 2019

Sixteen days after receiving the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the Labor Party has provided part-responses to five – or around six per cent – of Commissioner Hayne’s 76 recommendations. In their pursuit of yet another political stunt, Labor is again ignoring Commissioner Hayne’s […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission – Going further by requiring AFCA to extend its remit

20 February 2019

The Coalition Government has extended the Australian Financial Complaints Authority’s (AFCA) remit to consider financial complaints dating back to 1 January 2008, providing expanded access to redress for consumers and small businesses harmed by financial misconduct. The Royal Commission considered cases of financial misconduct dating back to 1 January 2008. As a result of today’s […]

Tax Practitioners Board Appointments

20 February 2019

The Liberal National Government is pleased to announce the appointment of Mr Ian Klug AM as the new Chair to the Tax Practitioners Board (TPB). The Government also welcomes the appointment of new member Ms Debra Anderson, and the reappointment of Dr Julianne Jaques, Mr Greg Lewis and Mr Jim Hawson, who will all serve […]

Protecting members from unnecessary insurance in superannuation

20 February 2019

The Coalition Government will introduce legislation into the Parliament today to protect Australians from paying premiums for insurance they don’t want, need or even know they have. The Treasury Laws Amendment (Putting Members' Interests First) Bill 2019 will require insurance in superannuation for under 25 year olds and members with low balance accounts to only […]

Housing tax warning

18 February 2019

Housing industry leaders have raised serious concerns about Labor’s housing taxes at a Housing Industry Roundtable at Parliament House today. Attendees included Property Council CEO Ken Morrison, Riskwise CEO Doron Peleg, Master Builders Association CEO Denita Wawn, the Real Estate Institute of Australia CEO Jock Kreitals and Wizard Home Loans founder Mark Bouris. The Treasurer […]

Government taking action on all 76 recommendations

18 February 2019

It has now been two weeks since the Hayne Royal Commission Final Report was made public, yet Bill Shorten and the Labor Party have still not responded, proving they are more interested in political stunts than practical solutions. The Coalition Government is getting on with the job of implementing the recommendations of the Royal Commission […]

New penalties for banking misconduct pass Senate after Labor back-flip

15 February 2019

Criminal and civil penalties for corporate and financial sector misconduct are set to significantly increase, following a Labor Party back-flip and passage of legislation through the Senate. The legislation will now go to the House. The legislation builds on recommendations from the Australian Securities and Investments Commission (ASIC) Enforcement Review Taskforce which included Treasury, ASIC, […]

Labor’s loss is super members’ gain

15 February 2019

Three million Australians are a step closer to being reunited with around $6 billion worth of superannuation, thanks to legislation passed in the Senate by the Coalition Government. The legislation passed, despite the Labor Party’s attempts to put the interests of superannuation funds ahead of superannuation members. The Government successfully passed the legislation which will see […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission

15 February 2019

The Coalition Government has passed legislation through the Senate that acts on two of Commissioner Hayne’s recommendations and will enhance accountability of superannuation funds and strengthen protections for consumers. In his Final Report, Commissioner Hayne recommended (Recommendation 3.7) that breach of the trustee’s covenants or the director’s covenants or obligations should be enforceable by action […]

Fast-tracking support to SEATO doctors and nurses

14 February 2019

The Coalition Government is fast-tracking delivery of the Department of Veterans’ Affairs Gold Card for members of the Australian civilian surgical and medical teams who provided medical aid, training and treatment to local Vietnamese people during the Vietnam War. This follows a decision in the Mid-Year Economic and Fiscal Outlook that, after nearly 50 years, […]

Increasing and extending the instant asset write-off

14 February 2019

The Liberal National Government is backing small business with the introduction of legislation into Parliament yesterday that will boost and extend the instant asset write-off initiative. The legislation will increase the instant asset write-off threshold from $20,000 to $25,000 and extend the initiative for another year from its existing June 2019 end-date to 30 June 2020. This […]

Legislation introduced to establish $2 billion Securitisation Fund

13 February 2019

The Coalition Government has introduced legislation to establish the $2 billion Australian Business Securitisation Fund which will see small and medium-sized businesses get better access to more competitive finance. With better access to more competitive finance, small and medium-sized businesses will be able to grow, fulfil their potential and continue to underpin Australian economic growth […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission – Recommendations 3.6 & 3.7

12 February 2019

The Coalition Government has tabled an amendment which acts on two recommendations in Commissioner Hayne’s Final Report, enhancing accountability of superannuation funds and strengthening protections for consumers. In his Final Report, Commissioner Hayne recommended (Recommendation 3.7) that breach of the trustee’s covenants or the director’s covenant or obligations should be enforceable by action for civil […]

Budget 2019-20 media lock-up

11 February 2019

Media organisations are invited to submit an expression of interest (EOI) to attend the Budget 2019-20 lock-up from 12.00pm on Tuesday 2 April at Parliament House, Canberra. Budget documents will be available from 1.30pm. Media organisations should provide their EOI via https://treasury.gov.au/mediaEOI by 5.00pm on Friday 1 March, with the names and positions of employees seeking access. Space in […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission Recommendation 6.13: Regular Capability Reviews

11 February 2019

The expert panel that will lead a capability review of the Australian Prudential Regulation Authority (APRA) will comprise Chair Graeme Samuel AC, Diane Smith-Gander and Grant Spencer. In his Final Report, Commissioner Hayne recommended, “A capability review should be undertaken for APRA as soon as is reasonably practicable.” The Productivity Commission also recommended a capability […]

Victoria’s home of AFLW ready for redevelopment

10 February 2019

A $15 million funding injection from the Liberal Nationals Government has secured the redevelopment of Ikon Park in Carlton to create the home of AFLW in Victoria. With $40 million now pledged to the transformational project, works will begin to turn the historic football venue into a hub that will help foster and inspire the […]

Young adults with Down syndrome to benefit from pilot employment program

10 February 2019

An innovative new pilot program funded by the Liberal Nationals Government to educate and employ young adults with Down syndrome launched in Melbourne today. Treasurer Josh Frydenberg was pleased to announce with Assistant Minister for Social Services, Housing and Disability Services, Hon Sarah Henderson MP, $300,000 in funding for the Impact21 pilot program, which will […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission Recommendation 1.11: Farm Debt Mediation

9 February 2019

The Commonwealth, states and territories have agreed, for the first time, to move towards a national farm debt mediation scheme at yesterday’s meeting of agricultural ministers in Adelaide, with work on the scheme to begin immediately. In his Final Report, Commissioner Hayne recommended, “A national scheme of farm debt mediation should be enacted.” He observed, […]

Chair of the Australian Energy Regulator

8 February 2019

Today the Australian Government announces Ms Paula Conboy has advised she will not be pursuing a second term as the Chair of the Australian Energy Regulator (AER). The Government recognises Ms Conboy’s leadership in the role over the past five years.  During her time as Chair, Ms Conboy has maintained a clear focus on outcomes […]

Inaugural Treasurers’ Forum on Population

8 February 2019

Today was the first meeting of the Treasurers’ Forum on Population as part of the Council on Federal Financial Relations, which saw all levels of government come together to discuss how we can better plan for Australia’s changing population. Population is an important issue that requires governments to cooperate and coordinate if we are to […]

Taking action on the Banking, Superannuation & Financial Services Royal Commission: Going further with a financial counselling review

7 February 2019

The Coalition Government has agreed to take action on all 76 recommendations contained in the Royal Commission’s Final Report and, in a number of important areas, is going further, including conducting an immediate review of financial counselling services. In his Final Report, Commissioner Hayne observed, “The desirability of predictable and stable funding for the legal assistance sector […]

Labor puts politics ahead of policy in responding to banking Royal Commission

6 February 2019

The Government received Commissioner Hayne’s Final Report on Friday, we responded to it in full on Monday and now we are getting on with the job of restoring trust in Australia’s financial system. We have agreed to take action on all 76 recommendations in the Final Report of the Royal Commission into Misconduct in the […]

Restoring trust in Australia’s financial system

4 February 2019

Today, the Government releases its response to the landmark Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The Government has agreed to take action on all 76 recommendations contained in the Royal Commission’s Final Report and, in a number of important areas, is going further. Commissioner Hayne’s recommendations and the Government’s […]

Arrangements for the release of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry

29 January 2019

The Australian Government will receive the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry on Friday 1 February 2019. The final report will be publicly released at 4.10pm on Monday 4 February 2019, following the close of trading on the ASX. Following its release, the Treasurer will […]

New banks to provide Australians with more choice

22 January 2019

The Coalition Government's reforms to increase competition in the banking sector are working, with Volt Bank becoming the first bank to transition from a restricted licence to a full licence today. The restricted licensing framework was introduced by the Australian Prudential Regulation Authority (APRA) in May 2018 to make it easier for new banks to […]

The Coalition Government’s record of support for small business

22 January 2019

Bill Shorten and the Labor Party simply cannot be trusted when it comes to supporting small and family businesses.  When Labor was last in government, 519,000 jobs were lost in the small business sector. Now, they want to introduce a new tax on trusts that will hit at least 300,000 small businesses. The Coalition Government’s […]

OECD report highlights low taxes are key to competitiveness

15 January 2019

The Organisation for Economic Co-operation and Development (OECD) Corporate Tax Statistics report released today makes it clear Australia’s marginal effective corporate tax rate is on the upper end when compared to other OECD countries and that lower taxes are important for competitiveness. This report follows the OECD’s Economic Survey in Australia, released in December, where […]

Final productivity commission report into superannuation

10 January 2019

The Liberal National Government has today released the final report by the Productivity Commission into the efficiency and competitiveness of Australia's superannuation system. This report was commissioned by our Government just over three years ago. With significant changes in Australia and our workforce since the compulsory superannuation system was introduced in 1992, this review is […]

First home buyers on the increase

4 January 2019

First home buyer loan approvals have increased strongly over the last two years with 115,000 approved in the last financial year alone – the largest number since 2009-10. This has seen first home buyers share of new residential lending rise from 13.7 per cent in October 2016 to 18.1 per cent in October 2018 to […]