Media Releases

Treasurer, the Hon. Scott Morrison today announced that he has appointed Ms Karen Chester, currently a full-time Commissioner of the Productivity Commission, as Deputy Chair. The Treasurer also announced that Mr Jonathan Coppel has been reappointed as a full-time Commissioner of the Commission for a five-year period. The Commission is an independent authority established under […]

Treasurer, the Hon. Scott Morrison today announced four new appointments and two reappointments to the Australian Competition Tribunal. The Hon. Justice John Middleton will serve as the new part-time President for a period of five years, following the retirement of the Hon. Justice John Mansfield in July. The Hon. Justices Andrew Greenwood, David Yates and […]

I am pleased to announce the appointment of Dr Philip Lowe as the Governor of the Reserve Bank of Australia (RBA) for a seven-year term from 18 September 2016. Dr Lowe brings a wealth of knowledge and experience to the role of Governor, having served as the RBA Deputy Governor since early 2012, heading up […]

The Turnbull Government’s national economic plan for jobs and growth in a stronger, new and more diversified economy will create a new path to youth employment, helping young people through Australia’s economic transition. The Government will invest $840.3 million over four years in a Youth Employment Package to assist up to 120,000 vulnerable young people […]

The 2016-17 Budget announces a number of initiatives to further support the growth of Australia’s FinTech - or financial technology – industry. The Turnbull Government is supporting innovation and better services through new products in services and financial technology or FinTech. In February we announced our FinTech Advisory Group, in March we released our FinTech […]

The Turnbull Government will establish a new Tax Avoidance Taskforce to crack-down on multinational tax avoidance and secure revenue for the Australian community. The Government will provide the ATO with $679m for the Taskforce over four years to strengthen efforts to ensure that multinational companies, private companies and high wealth individuals pay the right amount […]

The Turnbull Government is backing work and investment with lower taxes which will encourage workforce participation and business investment to improve growth and create the jobs of the future. As Australia successfully transitions from the mining investment boom to a stronger, more diversified economy, it is vital that our tax system drives economic growth and […]

The Turnbull Government is today announcing a package of superannuation tax reforms to improve the sustainability, flexibility and integrity of the superannuation system. As Australia’s population ages it is becoming increasingly important to ensure that the superannuation system is based on a clearly stated objective, is providing the right incentives to save, and is flexible […]

The 2016 Budget is the Turnbull Government’s economic plan to ensure Australia continues to successfully transition from the mining investment boom to a stronger, more diversified new economy. This economic plan is the foundation on which we can build a brighter, more secure future, in a stronger, new economy with more jobs. Australians know it […]

The Turnbull Government has released the terms of reference for the Productivity Commission’s inquiry into introducing competition and informed user choice into human services. The Australian Government is committed to working in partnership with State and Territory Governments and non-government service providers to ensure that all Australians can access timely, affordable and high quality human […]

As part of my long and careful deliberations regarding the acquisition by foreign investors of S. Kidman and Co. Limited, consistent with the formal process required, I have today informed the investor that my preliminary view of the proposal that has been put to me is contrary to the national interest.

The Turnbull Government has released the terms of reference for the Productivity Commission’s inquiry into the telecommunications Universal Service Obligation (USO), which will examine the role and relevance of these arrangements in an evolving market. The USO has long existed as a regulated consumer safeguard providing access to standard telephone services and payphones on reasonable […]

Treasurer, the Hon Scott Morrison and the Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer today released the terms of reference for a Productivity Commission study into the enforcement and administration arrangements underpinning the Australian Consumer Law. The study will focus on the effectiveness of the ‘single-law, multiple regulator’ model – a […]

The Turnbull and Baird Governments have entered into a four year transitional arrangement to ensure New South Wales (NSW) Police officers can make voluntary superannuation contributions towards their retirement, Federal Treasurer, the Hon. Scott Morrison and NSW Treasurer, the Hon. Gladys Berejiklian announced today. Administrative changes to payment structures and the payment of death and […]

The Turnbull Government will be not be making changes to negative gearing or capital gains tax policy in the May 3 budget.

Labor's deception on tax, penalty rates and a royal commission has been exposed. In an extraordinary interview on 3AW's Neil Mitchell program yesterday, Bill Shorten revealed how Labor has been manipulating and exploiting these issues. Firstly, he revealed that Labor had no plan or policy when they announced the need for a royal commission into […]

Bill Shorten’s bizarre admission on Neil Mitchell’s radio program that the topics he wants his royal commission to consider were only scribbled out in the back of a car on the way to the studio today has exposed his proposal as nothing more than a cruel stunt designed to play politics with people’s genuine pain. […]

Yesterday the shadow Treasurer Chris Bowen was boasting that banks would ignore the Government and pass on the costs of the user pays funding model for ASIC to consumers. He said: “Scott Morrison said today that he would get very, very cross with the banks if they passed it on. He’d give them a good […]

The Turnbull Government today announced a $127.2 million reform package to better protect Australian consumers by strengthening the Australian Securities and Investments Commission (ASIC). The broad reform measures will equip ASIC with stronger powers and funding to enhance surveillance capabilities better enabling our corporate watchdog to combat misconduct in Australia’s financial services industry and bolster […]

Labor has been exposed again on their ill-considered proposal to attack the value of Australians’ homes and increase rents. Well known negative gearing opponent and economist Saul Eslake has today warned Labor’s proposal will create an ‘unsustainable property bubble’. Saul Eslake is regularly cited by Labor as a key supporter of their proposal: “Saul Eslake […]

Tony Jones highlights the sham of Labor’s costings and cynical election driven policy strategy –

The Government has received specific advice on the extensive and ongoing powers of ASIC that directly refute the erroneous claims made by Labor and the Shadow Treasurer. These are set out below. The facts Opposition claim [Chris Bowen media release] The facts The Opposition is disputing that ASIC has more powers than a Royal Commission. […]

Royal Commission ASIC When can coercive investigatory powers be utilised? As part of a Royal Commission to the extent the information sought is directly relevant to the investigation as outlined in the Terms of Reference As part of an investigation. ASIC must have a reason to suspect a contravention has occurred. However, ASIC can be […]

The Commonwealth will invest an additional $490 million into Western Australian infrastructure in 2016-17, to ensure that Western Australia’s share of the GST is effectively maintained at its 2014-15 levels.  We are committed to ensure this investment helps Western Australia to successfully transition from resource investment driven growth to a stronger more diversified and innovative […]

The Turnbull Government has committed to an additional $1.5 billion to get on with essential infrastructure to support Victoria’s regions and ensure Melbourne retains its mantle as one of the most liveable cities in the world. The centrepiece of our new commitment is a billion-dollar upgrade of the congested Monash Freeway serving the communities of […]

Media organisations are invited to the 2016-17 Budget lock-up from 12pm, Tuesday 3 May 2016 Parliament House, Canberra. Media organisations should email budget_lockup@treasury.gov.au by 5pm, Friday 15 April 2016 with the names and positions of employees seeking access. Space in the lock-up is limited, so please restrict applications to essential employees. Treasury will confirm approved […]

Treasurer Scott Morrison today announced a reform package that opens the door to competition in the clearing of cash equities, acting on the recommendations of the Council of Financial Regulators' (CFR) Review of Competition in Clearing Australian Cash Equities. The Turnbull Government is absolutely committed to open and competitive markets which are fundamental to a […]

The Turnbull Government has nominated Rod Sims for reappointment as Chairman of the Australian Competition and Consumer Commission (ACCC). Today I have written to the States and Territories nominating Mr Sims, and seeking their support for his reappointment, as required under section 7 of theCompetition and Consumer Act 2010 and the 1995 Conduct Code Agreement with the […]

The Turnbull Government today released its statement on Australia’s FinTech future recognising that financial technology, or FinTech, is transforming our financial system and our economy. FinTech stimulates technological innovation and the Turnbull Government’s FinTech statement sets out our vision for developing a strong and vibrant FinTech industry in Australia to help boost jobs and growth […]

The Turnbull Government has further bolstered Australia’s foreign investment rules after securing State and Territory support to amend the Foreign Acquisitions and Takeovers Regulation, so that for the first time the Foreign Investment Review Board (FIRB) shall assess the sale of critical state-owned infrastructure assets to private foreign investors. “The Turnbull Government is committed to […]

The Turnbull Government will legislate to fix competition policy in Australia through implementation of the Harper Review’s recommendation to amend Section 46 of the Competition and Consumer Act - the misuse of market power provision. The Harper Review into competition policy - an election commitment of the Coalition Government - found Australia’s current misuse of […]

The Turnbull Government will tomorrow introduce a suite of measures into the Parliament which will help drive investment, economic growth and jobs in our transitioning economy by encouraging innovation, risk taking and an entrepreneurial culture in Australia. The Tax Laws Amendment (Tax Incentives for Innovation) Bill 2016 introduced tomorrow includes: The Tax Incentive for Early […]

It's clear Labor's negative gearing and capital gains tax increase proposals are rushed, reckless and risk doing massive damage to our economy at a critical time in our transition from the mining boom. It is also clear that Labor have failed to answer basic questions about their changes, let alone the inherent flaws which are […]

Treasurer, the Hon. Scott Morrison and Minister for Education and Training, Senator the Hon. Simon Birmingham today released the terms of reference for the Productivity Commission's inquiry into the national evidence base for school and early childhood education. The Australian Government is committed to working collaboratively with the states and territories to build a world-class […]

Labor is desperately attempting to deceive Australians that their proposal to hit mum and dad investors and discourage business investment has been 'modelled to death'. The truth is that in their rush to make an announcement Labor has not commissioned, let alone released, any modelling showing the impact their proposal will have on either house […]

At the recent World Economic Forum it was noted that ninety per cent of the data we use today has been created in the past two years1. The ability of new technology to capture and process data, in real time, is changing how business is done, how products and services are conceived in the new […]

Each day further exposes Labor’s negative gearing proposal as a rushed and reckless tax grab that will hurt business investment and mum and dad property investors. Australians have seen the policy-on-the run confusion by Shadow Treasurer Chris Bowen trying to explain if only property investment would be affected by their policy or if all assets […]

Labor’s failure to think through their reckless proposal to abolish negative gearing has been shown up by outright contradicting themselves on just how far this reckless policy will go. This once again demonstrates why Labor can’t be trusted to run our transitioning economy. If it isn’t bad enough that Labor want to remove negative gearing […]

Today’s December Quarter National Accounts show once again that Australia continues to successfully manage our transition from the largest resources investment boom in our history to broader-based growth and in turn secure our economic future. In the face of global uncertainty and strong headwinds our economy continues to transition and grow. Real GDP grew by […]

The Parliament today passed the Turnbull Government’s latest set of strong measures to combat tax evasion. The Tax Laws Amendment (Implementation of the Common Reporting Standard) Bill 2015 is a key part of the international fight against tax avoidance; and its passage through the Parliament demonstrates once again that the Turnbull Government is committed to […]

The Turnbull Government is delivering support to further back Australia's financial services technology – FinTech – in the burgeoning Asian market, Treasurer the Hon. Scott Morrison announced in Shanghai today. "FinTech will have an important role to play in Australia's innovation future, that's why the Turnbull Government is backing it in with real support in […]

The Australian Government intends to establish a landing pad in Shanghai, China's largest and most cosmopolitan city, to help our innovators access talent and opportunities globally. The Turnbull Government's National Innovation and Science Agenda creates five landing pads in global innovation hotspots to help Australian entrepreneurs take their ideas to market and build high-growth and […]

In recent times we have seen the devastating impacts of the former Labor Government's knee jerk assault on the live cattle trade and the Victorian government ripping up the East West link contract that also cost taxpayers more than $1 billon. It's called sovereign risk - something I never thought I would see associated with […]

Today I will be participating in a series of meetings in Hong Kong on financial services technology (FinTech) before travelling to attend the G20 Finance Ministers and Central Bank Governors Meeting on the weekend in Shanghai. In this time of considerable volatility in the global economy I look forward to meeting with my international counterparts […]

Deputy Prime Minister and Minister for Agriculture and Water Resources the Hon. Barnaby Joyce and Treasurer the Hon. Scott Morrison today announced the appointment of Mr Mick Keogh OAM as the Agriculture Commissioner to the Australian Competition and Consumer Commission (ACCC) for five years. "In Mick Keogh our farmers now have an individual representing their […]

Prime Minister Malcolm Turnbull and Treasurer Scott Morrison today announced the establishment of an expert advisory group to help make Australia the leading market for financial technology – or FinTech – in the Asia Pacific region. Financial services is the largest sector of our economy, employing around 450,000 people and contributing over $140 billion to […]

Consistent with the recommendation from the Foreign Investment Review Board (FIRB), I have decided to approve the foreign investment application of Moon Lake Investments to acquire the land and assets of the Tasmanian Land Company (TLC), including the Van Diemen’s Land Company (VDL), from the New Plymouth District Council (NPDC), subject to the tax conditions […]

The Parliament today passed the Turnbull Government’s tough new laws that will protect consumers from excessive card surcharging. The Competition and Consumer Amendment (Payment Surcharges) Bill 2015 passed the Senate this morning. The ban on excessive card surcharging will take effect this year. Card and other electronic payments are critical for the efficient operation of […]

Deputy Prime Minister and Minister for Agriculture and Water Resources, Barnaby Joyce, and Treasurer, Scott Morrison, have today released a consultation paper as part of the government's work to establish a register of foreign ownership of water access entitlements. Minister Joyce said the register would give greater oversight of the ownership of Australian water assets, […]

Deputy Prime Minister and Minister for Agriculture and Water Resources, Barnaby Joyce, and Treasurer, Scott Morrison, have reminded foreign owners of Australian agricultural land that they have till 29 February to register their holdings with the Australian Taxation Office’s Agricultural Land Register. Minister Joyce said new rules introduced by the Coalition Government came into effect […]

The Turnbull Government will apply new requirements on foreign investment applications to ensure multinational companies investing in Australia pay tax here on what they earn, Treasurer the Hon. Scott Morrison announced today. “The Government is committed to ensuring companies operating in Australia pay tax on their Australian earnings. Where companies fail to do so I […]

The Turnbull Government is today releasing the Terms of Reference for the first two stages of a Productivity Commission review into the efficiency and competitiveness of the entire superannuation system. This review is an important step in implementing the Government’s response to the Financial System Inquiry and helping Australians have a better standard of living in […]

Like their famous mining tax, Labor’s proposed change to negative gearing promises big, but raises very little revenue. It could also have some very nasty consequences for everyday mum and dad investors just trying to get ahead. If Labor want to strengthen the budget they need to support savings rather than just keep pushing for […]

Bill Shorten should drop his long con of Australians – his ‘most important structural budget reform’ announced today adds just $0.56 billion to the Budget over the next four years, Treasurer, the Hon. Scott Morrison said. "Once again Bill Shorten’s numbers just don’t add up. With Australia currently in deficit to the tune of $37 […]

The Australian Government welcomes and supports the nomination of Madame Christine Lagarde for a second five-year term as Managing Director of the International Monetary Fund (IMF). Mme Lagarde is an excellent leader who has capably steered the IMF during a challenging period of global economic recovery.

The Turnbull Government has been examining how our tax system can be improved to back Australians to work, save and invest by boosting jobs and growth as our economy continues to transition from the mining investment boom. The Government is squarely focused on tax reform measures that will deliver on the objectives of growth, fairness […]

Treasurer the Hon. Scott Morrison today welcomed the decision by S. Kidman & Co Limited to reopen the company’s sale process for Australian parties. “I made a determination in November last year that the proposed acquisition of S. Kidman and Co. Limited by foreign investors would be contrary to the national interest and therefore did […]

The Turnbull Government today introduced legislation to the Parliament which will modernise our tax laws, protect the integrity of our tax system and ensure a level playing field for Australian businesses. "Our tax system was not designed for the 21st century economy. The Turnbull Government is committed to modernising our tax laws to ensure they […]

The Turnbull Government has delivered on a commitment and taken further action to combat multinational tax avoidance with the signing of a new multilateral agreement to share tax information. This agreement will give the Australian Taxation Office (ATO) further scope to ensure companies pay their fair share of tax. On Wednesday Australia was one of […]

The Turnbull Government's strong foreign investment rules have enabled the Treasurer to ensure that a further eight Australian residential properties held in breach of the foreign investment framework are divested by foreign nationals. "The Government is committed to enforcing our rules so that foreign nationals illegally holding Australian property are identified by authorities and their […]