Media Releases

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