Media Releases

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