Media Releases

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 […]