Media Releases

$2 billion fund to transform small business access to funding

14 November 2018

The Liberal National Government will significantly enhance access to funds for small business across the country through the introduction of a $2 billion Australian Business Securitisation Fund and encourage the establishment of an Australian Business Growth Fund to provide longer term equity funding. Small businesses find it difficult to obtain finance other than on a […]

New laws deliver a fairer and more sustainable GST system

14 November 2018

Every state and territory will be better off under new laws passed by Parliament today that will deliver a fairer and more sustainable distribution of the Goods and Services Tax (GST). Under our reforms to the GST, an additional $9 billion in extra untied funding will be delivered to the states and territories over 10 […]

New program to boost our future female entrepreneurs

13 November 2018

The Coalition Government is supporting girls and young women to become entrepreneurs through $3.6 million in funding for a new Future Female Entrepreneurs program across Australia. The program will engage around 55,000 girls and young women nationwide, particularly those in rural and regional communities, through a digital platform and in-person workshops. The Minister for Women […]

Government proposes to double the value limit available under employee share schemes

13 November 2018

The Liberal National Government is improving the ability for small businesses to offer employee share schemes to help employers attract, retain and motivate employees and grow their businesses. The Government is simplifying the current regulatory framework, reducing the time and cost burden for businesses - an initiative that is particularly important for start-ups in early […]

Appointments to the Future Fund Board of Guardians

12 November 2018

The Coalition Government has reappointed the Hon Peter Costello AC as Chairman of the Future Fund Board of Guardians, as well as reappointed John Poynton AO and appointed John Fraser as members. They join Ms Carolyn Kay, Dr Jane Wilson, Ms Erin Flaherty and Mr Michael Wachtel on the Board of Guardians. Mr Costello was […]

Proposed acquisition of APA

7 November 2018

Today I have advised the consortium led by CK Asset Holdings Limited (CK Group) of my preliminary view that its proposed acquisition of APA Group would be contrary to the national interest. I have formed this view on the grounds that it would result in an undue concentration of foreign ownership by a single company […]

Visit by Indonesia’s Minister of Finance

5 November 2018

Today I welcome Indonesia’s Minister of Finance Sri Mulyani Indrawati to Australia as Guest of Government. Her visit reflects the importance of our economic partnership and our broader bilateral relationship. Indonesia is the largest economy in Southeast Asia, a top 20 global economy and, by some estimates, could be in the top five economies in […]

New funding and reappointment of APRA Chair to further strengthen financial system supervision

5 November 2018

The Coalition Government will boost the Australian Prudential Regulation Authority’s (APRA) capabilities with $58.7 million of new funding and ensure continuity of leadership through the reappointment of Mr Wayne Byres as Chair. The new funding will allow APRA to reinforce the resilience and soundness of our financial system at a time of significant reform. Provided […]

Government responds to Callaghan PRRT review

2 November 2018

The Coalition Government is today releasing its final response to the review of the Petroleum Resource Rent Tax (PRRT) undertaken by economist Mike Callaghan AM PSM. Australia's oil and gas industry is a valuable economic contributor, recording nearly $40 billion in export earnings in 2017-18, with continued growth forecast. Over the past decade, the industry […]

Labor can’t walk the talk on multinational tax

31 October 2018

Bill Shorten talks a big game when it comes to multinational tax avoidance, but Labor has never backed this up with action. His latest policy shows Labor is confused and can't be trusted. Today's ill-conceived grab-bag of announcements is Labor's third attempt at a multinational tax policy. Labor first promised $4.6 billion in revenue from […]

One-stop-shop for financial complaints opens for business

31 October 2018

Australian consumers and small businesses will be spared the expense and inconvenience associated with taking financial complaints to court, with the Coalition Government's Australian Financial Complaints Authority (AFCA) opening for business as of Thursday 1 November 2018. This new one-stop shop represents a new era for financial dispute resolution, delivering free, fast and binding services […]

Amending Australia’s Offshore Banking Unit Regime

26 October 2018

The Coalition Government will reform Australia’s Offshore Banking Unit regime to strengthen the integrity of our tax system. The Offshore Banking Unit Regime, established in 1992, provides a more attractive tax rate for offshore banking activity conducted by Australian registered banks. On October 16 the OECD’s Forum on Harmful Tax Practices (FHTP) raised concerns during […]

$2 billion funding for Victorian housing and homelessness services

25 October 2018

Housing and homelessness services in Victoria will be strengthened with a new deal that will deliver $2 billion in Commonwealth funding over five years. The Coalition Government and Victorian Governments have this week finalised their agreement on the National Housing and Homelessness Agreement (NHHA). The $2 billion in funding will provide social housing and homeless […]

AAA credit rating reaffirmed by Fitch

25 October 2018

Australia's AAA credit rating has been reaffirmed by Fitch Ratings – another strong expression of confidence in the Coalition Government's economic management, following last month's reaffirmation from Standard & Poor's. Australia remains one of only 10 countries with a AAA credit rating from all three major ratings agencies. Fitch's report states that "Australia's fiscal position […]

Government extends term of the ACCC Chair

25 October 2018

The Coalition Government has extended Mr Rod Sims' term as Chairman of the Australian Competition and Consumer Commission (ACCC) until 1 August 2022. Mr Sims has done an outstanding job as Chairman of the ACCC since he was first appointed in 2011, and since that time the ACCC has been a strong and proactive competition […]

Inaugural Drought Finance Taskforce meeting

25 October 2018

The Liberal-National Government, the National Farmers Federation and banks will meet in Canberra today, marking the first meeting of the Drought Finance Taskforce designed to further support drought-affected farmers and small businesses. The taskforce will consider and respond to drought-related finance issues impacting both farmers and small businesses in rural and regional communities. Each rural […]

Legislating stronger penalties for white collar crime

24 October 2018

The Coalition Government has introduced legislation into Parliament to significantly strengthen criminal and civil penalties for corporate and financial sector misconduct. The legislation will bring our penalties closer to those in other leading jurisdictions and further protect Australian consumers from white collar crime. Criminal penalties are set to double, from five years to 10 years, […]

A fair deal on energy

23 October 2018

Australian families and businesses will save hundreds of dollars a year off their power bills, thanks to action being taken today by the Morrison Government. The Australian Energy Regulator (AER) will start work on a “price safety net” today. This will stop big power companies ripping off loyal customers who don’t have time to shop […]

Strengthening penalties for white collar crime

21 October 2018

Criminal penalties for corporate and financial sector misconduct are set to double in some cases and civil penalties due to increase by more than tenfold for corporations and more than fivefold for individuals, as the Coalition Government plans to introduce legislation into the Parliament next week, further protecting Australian consumers. These significantly strengthened sanctions overhaul […]

ACCC & ASIC given stronger powers over unfair contract terms

19 October 2018

The Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) will have investigative powers to assess whether a term in a standard form contract may be unfair, thanks to measures passed in the Parliament by the Coalition Government yesterday. This means the regulators will have stronger powers to ensure consumers […]

Delivering tax relief for small & medium-sized businesses

18 October 2018

Millions of small and medium–sized businesses across Australia will pay less tax five years sooner, with new laws fast-tracking tax relief for the sector passing Parliament today. This is great news for the 3.3 million small and medium-sized businesses and the seven million Australians they employ. This means businesses will keep more of their own […]

A fairer and more sustainable GST system

18 October 2018

Every state and territory will be better off under legislation introduced into Parliament today that will deliver a fairer and more sustainable distribution of the Goods and Services Tax (GST). Our reforms will deliver an additional $9 billion in extra untied funding to the states and territories over 10 years and an additional $1 billion […]

Every State and Territory better off under GST plan

16 October 2018

The Coalition Government is committed to delivering a fairer and more sustainable distribution of the Goods and Services Tax (GST) that ensures every state and territory is better off. The current GST distribution system is not working, with Western Australia recently receiving just 30 cents in the dollar, while other states and territories with far […]

Tax relief five years earlier for small & medium-sized businesses

16 October 2018

The Coalition Government is getting on with the job of fast-tracking tax relief for 3.3 million small and medium-sized businesses with the introduction of legislation into Parliament today. The Treasury Laws Amendment (Lower Taxes for Small and Medium Businesses) Bill 2018 will fast-track tax relief for small and medium businesses five years earlier than planned […]

Fast tracking tax relief for small and medium businesses

11 October 2018

Millions of small and medium sized businesses will pay less tax, sooner – with the Coalition Government delivering its tax relief five years earlier than planned. This will mean more investment, more jobs and higher wages. We will introduce legislation during the next session of Parliament, fast-tracking our business tax relief for more than three […]

IMF, World Bank and G20 meetings in Indonesia

11 October 2018

From 11 to 13 October, I will travel to Bali, Indonesia, to attend the Annual Meetings of the World Bank and International Monetary Fund (IMF) as well as the G20 Finance Ministers and Central Bank Governors meeting. This is the first time the Annual Meetings have been held in Indonesia and the first time they […]

Drought Finance Taskforce to further support farmers and local small businesses

10 October 2018

The Liberal-National Government, the National Farmers Federation and banks are set to come together through a new Drought Finance Taskforce designed to leverage resources and share insights on ways in which the Government and banks could further support drought-affected farmers and rural and regional small businesses. The taskforce will include the Treasurer who will serve […]

Consultation on removing the GST on feminine hygiene products

8 October 2018

The Coalition Government is getting on with the job of removing the Goods and Services Tax (GST) on feminine hygiene products. Consultation is starting today on a proposed definition of feminine hygiene products, which will confirm which items will be exempt of the GST. So the exemption can take effect from 1 January 2019, we […]

New Productivity Commission Inquiry to shine a light on mental health

7 October 2018

The Morrison Government will establish a Productivity Commission Inquiry into the role of mental health in the Australian economy and the best ways to support and improve national mental wellbeing. Mental health challenges not only have a devastating personal impact, but significantly affect individuals’ employment and productivity. This has an effect on incomes, living standards, […]

Council on Federal Financial Relations meeting

3 October 2018

Today the Council on Federal Financial Relations (CFFR) met in Melbourne. Significantly, there was unanimous agreement to remove the GST on feminine hygiene products, after the Commonwealth placed this important issue on the agenda. Common-sense has prevailed and this reform is long overdue. The GST will be removed on feminine hygiene products from January 1 […]

Strengthening Australia’s corporate tax system in the age of the digital economy

2 October 2018

The Coalition Government is continuing to strengthen the integrity of Australia's corporate tax system as part of our plan for a stronger economy and to deliver the essential services that Australians rely on. That is why we have taken strong action to strengthen our tax rules and close loopholes, making Australia’s tax integrity laws among […]

$2 billion in foreign currency conversion fees to be put under the microscope

2 October 2018

Australians are charged $2 billion worth of foreign transaction fees every year, with fees applied to: Converting money into a foreign currency; Transferring money overseas; The use of debit and credit cards overseas; Using debit or credit cards online to make purchases in a foreign currency; and Transferring money to a foreign currency on a […]

Legislating a fairer way to distribute the GST

1 October 2018

The Liberal and Nationals Government will legislate a fairer and more sustainable GST deal for everyone. In July this year, we announced our intention to change the way GST revenue is shared. As the Productivity Commission outlined, the effects of the mining boom created extraordinary volatility in the GST distribution that tested community confidence in […]

Release of the Royal Commission’s interim report into Misconduct in the Banking, Superannuation & Financial Services Industry

28 September 2018

The Liberal-National Government has today welcomed the interim report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and tabled it in Parliament. The Government established the Royal Commission on 14 December 2017 with a broad remit to inquire into the practices of financial institutions. The Government provided funding of […]

Government consults on stronger penalties for corporate and financial sector misconduct

26 September 2018

The Coalition Government is committed to ensuring the Australian Securities and Investments Commission (ASIC) has the powers it needs to take strong action to protect consumers from corporate and financial sector misconduct. Draft legislation to strengthen penalties for corporate and financial sector misconduct has been released by the Government for public consultation. The proposed changes […]

Supporting Australian farmers: instant depreciation for fodder storage assets

25 September 2018

Australian farmers can now access tax relief sooner, as a part of the Government’s $1.8 billion plan to help drought-affected farmers. Under legislation which passed through the Senate last week, primary producers can now immediately deduct the cost of fodder storage assets, such as silos and hay sheds, used to store grain and other animal […]

Smallest deficit in ten years

25 September 2018

The Liberal-National Government’s economic plan and responsible budget management has seen the Final Budget Outcome for the 2017-18 financial year record an underlying cash deficit $19.3 billion better than estimated at the time of the 2017-18 Budget. At $10.1 billion, just 0.6 per cent of gross domestic product (GDP), the underlying cash deficit is the […]

AAA credit rating reaffirmed by S&P

21 September 2018

Australia’s AAA credit rating has been reaffirmed by Standard & Poor’s (S&P) in a strong expression of confidence in the Government’s economic management. In its report, S&P noted our “fiscal prudence” and our “better budget performance”. Today’s report by S&P removed the negative outlook on our rating and confirmed Australia as one of only 10 […]

Labor delays greater competition and consumer protections in financial services

21 September 2018

Labor is delaying the establishment of a mandatory comprehensive credit reporting system that would increase competition and enhance consumer outcomes in the financial services sector, despite the major banks already voluntarily getting on board. The measure will give lenders access to a deeper, richer set of data enabling them to better assess a borrower’s true […]

Making sure foreign investors and multinationals pay their fair share of tax

21 September 2018

The Coalition Government is taking strong action to protect the integrity of Australia’s tax system, with the introduction of two bills that will further ensure that those who do business in Australia, pay tax in Australia. The introduction of Treasury Laws Amendment (Making Sure Foreign Investors Pay their Fair Share of Tax in Australia and […]

Resignation of Mr Peter Kell as a Deputy Chair of ASIC

18 September 2018

Mr Peter Kell has announced his resignation as Deputy Chair of the Australian Securities and Investments Commission (ASIC), following seven years of service. Since beginning his tenure in 2011, Mr Kell has been part of ASIC’s leadership team, first as a member and then from 2013 as Deputy Chair. His experience and understanding of corporate […]

Passage of government’s action to enhance ASIC’s capabilities

18 September 2018

The Morrison Government is committed to delivering strong and effective regulators to govern our financial system. This is the best way to ensuring that Australia’s financial system both protects and meets the needs of Australian consumers and investors. The Treasury Laws Amendment (Enhancing ASIC’s Capabilities) Bill 2018 successfully passed through the Parliament last night. These […]

Cracking down on the black economy

18 September 2018

The Coalition Government has today delivered on the first of its commitments to tackle the black economy and further protect the integrity of our tax system, with the passage of tough new laws that ban software allowing businesses to understate their sales and income. Electronic sales suppression tools allow businesses to falsify electronic record keeping […]

Appointment of a second Deputy Chair to strengthen the Australian Prudential Regulation Authority

18 September 2018

The Coalition Government is pleased to announce the appointment of Mr John Lonsdale as a full-time member and second Deputy Chair to the Australian Prudential Regulation Authority (APRA). The creation of a second Deputy Chair is designed to strengthen the capabilities of APRA, particularly following the introduction of the new Banking Executive Accountability Regime (BEAR), […]

Small business and start-ups gain access to crowdfunding

13 September 2018

Small businesses and start-ups will now have easier access to funding they need to grow, with the Coalition Government passing new laws that extend crowdfunding eligibility. The Coalition Government understands that different forms of finance are particularly important for innovative, early-stage businesses that may have difficulty accessing funding from traditional sources. Crowdfunding allows investors to […]

$20,000 instant asset write-off extension passes Parliament

12 September 2018

The Coalition Government’s strong record of supporting small business continues today, with the Senate passing legislation to extend the $20,000 instant asset write-off. The instant asset write-off is part of the Coalition Government’s plan for a stronger economy and more jobs. By growing small and medium business, we grow their ability to reinvest and employ […]

National Accounts – June Quarter 2018

5 September 2018

Today's National Accounts for the June quarter 2018 highlight the strength and resilience of the Australian economy which has just completed its 27th year of consecutive economic growth. According to the Australian Bureau of Statistics, real GDP grew by 0.9 per cent in the June quarter 2018, which was above median market expectations. This follows an upwardly […]

ASIC seeks record penalty for Westpac’s home loan breach

4 September 2018

The Australian Securities and Investments Commission (ASIC) has asked the Federal Court to impose a $35 million civil penalty on Westpac Banking Corporation for breaching its responsible lending obligations when providing home loans. If approved by the court, this will be the largest ever civil penalty under the National Consumer Credit Protection Act 2009 (National […]

Treasury portfolio arrangements

3 September 2018

As Treasurer, I will have responsibility for the development of the budget, economic and fiscal policy, taxation and superannuation policy, responding to the Banking Royal Commission, major foreign investment decisions and international engagement through the G20 and APEC meetings of Finance Ministers, International Monetary Fund and the World Bank. I will also have primary oversight […]

Appointment of full-time Members to the Australian Securities and Investments Commission

31 August 2018

This media release announces two appointments to the Australian Securities and Investments Commission