Media Releases

2014-15 Final Budget Outcome

21 September 2015

The Final Budget Outcome for 2014-15 shows that the Government is continuing to reduce the deficit and is lowering the spending growth trajectory of the previous government. The Final Budget Outcome for the 2014‑15 financial year recorded an underlying cash deficit of $37.9 billion, which represents 2.4 per cent of gross domestic product. The outcome is […]

Statement

20 September 2015

After having served for nearly twenty years as the Member for North Sydney and seventeen years on the frontbench, I advised the Prime Minister that I did not wish to continue as a minister in the Government and that it is my intention to resign from the House of Representatives. It has been a great […]

Australia announces intention to commence tax treaty negotiations with Israel

17 September 2015

As part of the Government’s ongoing efforts to strengthen and deepen our relationship with Israel, we are announcing our intention to commence negotiations on a new Double Taxation Agreement between our two countries. Australia has a warm and close relationship with Israel, supported strongly by Australia’s active Jewish community, but we do not currently have […]

Passage of the Asian Infrastructure Investment Bank Bill 2015

16 September 2015

Today I welcome the passage of legislation that enables Australia to become a founding member of the Asian Infrastructure Investment Bank (AIIB). Australia will now have a pivotal leadership role at the AIIB, working with other founding members including China, India, Korea, the United Kingdom, Germany and France.

Additional divestment of illegally owned properties

16 September 2015

Today I am pleased to announce that I have ordered the sale of five additional residential properties unlawfully held by foreign nationals. The properties are located in Ardross (in Perth), Elizabeth Bay (in Sydney), Underdale (in Adelaide), Stretton (in Brisbane) and Labrador (on the Gold Coast). The purchase prices of the properties range in value […]

Introduction of Combating Multinational Tax Avoidance Bill

16 September 2015

The Government today took further strong action to ensure multinational companies pay their fair share of tax through the introduction of our multinational tax avoidance package. This is part of the Government’s broader commitment to tax integrity, and further legislation in this area will be introduced imminently. Our tax integrity package includes ensuring the GST […]

Reappointment of the Business Members to the Joint Commonwealth and Tasmanian Economic Council

2 September 2015

I am delighted to announce the reappointment of the four Business Members to the Joint Commonwealth and Tasmanian Economic Council for a further period of 18 months. Co-chair Dale Elphinstone, and members Professor Janelle Allison, Chris Oldfield, and Wayne Bould have contributed strongly to the Council’s reform agenda, and I look forward to continuing to […]

Statement: Continued growth in the Australian economy – ABS National Accounts – June quarter 2015

2 September 2015

Today’s National Accounts show that the Australian economy is growing well despite the biggest fall in our terms of trade in more than fifty years. At a time when other commodity based economies like Canada and Brazil are in recession, the Australian economy is continuing to grow at a rate that meets and sometimes beats […]

New grants program for North Sydney

24 August 2015

The electorate of North Sydney is set to benefit from the Commonwealth Government’s Stronger Communities Program which will deliver up to $300,000 over two years to fund small capital projects that benefit the local community. This is an exciting opportunity for local communities to identify potential projects which will contribute to the electorate’s long term […]

Statement: Council on Federal Financial Relations Tax Reform Workshop

21 August 2015

Today the strength of Australia’s federal system of government was on show at a Council on Federal Financial Relations Tax Reform Workshop in Canberra. Treasurers agreed to work together to improve the way Australia’s tax system supports a functional and efficient Federation. Together we discussed the evolving economic and fiscal outlook, at the Commonwealth and […]

State and territory treasurers discuss tax reform with the Commonwealth

20 August 2015

Tomorrow's meeting in Canberra with the state and territory treasurers is a unique opportunity to achieve consensus across government for the progress of much needed national tax reform. The Australian people will be looking to us to reach agreement on the reform options that will promote economic growth and create jobs to ensure Australia's continued […]

Productivity Commission inquiry into Australia’s intellectual property arrangements

18 August 2015

Today the Treasurer, Joe Hockey, and the Minister for Small Business, Bruce Billson, announced that the Productivity Commission will commence its inquiry into Australia’s intellectual property arrangements. The inquiry will examine whether Australia has the right balance between promoting competition and protecting intellectual property, while considering our international trade obligations. Our intellectual property arrangements can […]

Australia-China Strategic Economic Dialogue promotes investment in regional infrastructure

13 August 2015

The Treasurer and Minister for Trade and Investment today hosted the second annual Australia‑China Strategic Economic Dialogue with Chairman Xu Shaoshi of China’s National Development and Reform Commission (NDRC). The Australia-China bilateral relationship is vital to growing Australia’s economy and creating jobs for Australians, and is worth more than A$150 billion annually in two-way trade. […]

Medical Research Future Fund Bill passes

12 August 2015

The successful passage today of the Government’s legislation to establish its landmark Medical Research Future Fund will significantly strengthen Australia’s standing as one of the global leaders in the field of medical research. The Fund, the largest of its kind in the world, will support research that enables game-changing medical innovations and improves the health […]

Statement: Further divestment of illegally owned property

8 August 2015

Australia welcomes foreign investment and Australia needs foreign investment but, at all times, foreign investors must comply with our laws. Today I announce that I have ordered the sale of six residential properties unlawfully held by foreign nationals. The foreign nationals currently live in four different countries. The five different orders relate to six established […]

Appointment of part-time members to the Takeovers Panel

30 July 2015

I am pleased to announce the appointment of five new members to the Takeovers Panel. The purpose of the Panel is to provide a mechanism for peer review of takeovers activity, with the aim of being more efficient, less formal and more expeditious than the courts. The functions and powers of the Panel are conferred by […]

Dedicated tax support service for drought affected communities

21 July 2015

The Australian Government is committed to helping drought affected communities and we are pleased to announce a new service to help people manage their tax affairs when times are tough. The Australian Taxation Office (ATO) will work with the Department of Agriculture to identify drought-affected taxpayers and will provide personalised assistance and customised support plans […]

Appointment of a part-time member of the Foreign Investment Review Board

20 July 2015

I am pleased to announce the appointment of Ms Alice Williams as a part-time member of the Foreign Investment Review Board (FIRB) for a five year period. Ms Williams has over 25 years of senior management and Board level experience in corporate and Government sectors and investment banking, specialising in strategy and policy development, corporate […]

Strengthening scrutiny and transparency around foreign investment in agriculture – land register starts 1 July

29 June 2015

The Coalition Government is delivering on its commitment to increase scrutiny and transparency around foreign investment in Australian agriculture. From 1 July 2015 all foreign investors who hold interests in agricultural land must register those interests with the Australian Taxation Office (ATO) regardless of the value of that land. The ATO will collect information such […]

Strong progress on Budget repair

25 June 2015

As the first half of the Parliamentary year draws to a close, the Government is getting things done. We have made good progress to repair the Budget and are implementing our plan for stronger growth and more jobs for all Australians. Over the past fortnight we were able to pass key measures in our Small […]

Australia to join the Asian Infrastructure Investment Bank

24 June 2015

The Government today announces that Australia will become a founding member of the Asian Infrastructure Investment Bank (AIIB). The decision comes after extensive discussions between the Government, China and other key partners around the world. There is an estimated infrastructure financing gap of around US$8 trillion in the Asian region over the current decade. The […]

New Ambassador for Mature Age Employment

24 June 2015

Federal Treasurer Joe Hockey and Assistant Minister for Employment Luke Hartsuyker today announced the creation of the Ambassador for Mature Age Employment and the appointment of Susan Ryan AO to the position. The Australian Government is committed to helping older workers to enter and remain connected to the workforce. As a nation with an ageing […]

Introduction of further small business legislation

24 June 2015

The Government will today introduce legislation for three more measures to support small business as part of the 2015 Budget’s $5.5 billion Jobs and Small Business package. The Coalition Government understands the varying needs of Australian small businesses, we know one size does not fit all and our Budget measures reflect this. To ensure all […]

Government reaches agreement on fuel excise

23 June 2015

The Government has today successfully reached agreement to re-introduce the indexation of fuel excise to inflation. This is a significant structural reform. The fuel excise will increase twice a year, in February and August, in line with movements of the Consumer Price Index. The policy is currently implemented by a 12 month tariff proposal. The […]

Government reaches agreement with Labor on taxation of biodiesel and fuel ethanol

17 June 2015

The Government has today come to an agreement with Labor to implement the 2014-15 Budget measures to gradually increase the excise payable on domestically produced biodiesel and fuel ethanol. The Government will table amendments next week in the Senate to phase in the excise payable for biodiesel producers in equal increments over 16 years, from […]

Tax White Paper consultation process to be extended

16 June 2015

The Abbott Government believes that the retirement savings earned and accumulated by Australians are owned by Australians, and should be respected by Governments.  The Government’s objectives for our retirement income system are to ensure stability and certainty, while optimising retirement incomes, ensuring fiscal sustainability and equity and encouraging self-provision for retirement. This is why the […]

Beginning tax treaty negotiations with Germany

16 June 2015

As part of the Government’s ongoing efforts to strengthen and deepen our relationship with Germany, we are formally starting negotiations on a new Double Taxation Agreement between our two countries. Our current Double Taxation Agreement, which was signed in 1972, needs updating to reflect the changing natures of both our economies since that time. Discussions […]

$20,000 immediate deduction for assets passes

15 June 2015

The hard working women and men of Australian small business were delivered surety to make the most of the Government’s Jobs and Small Business package today with key measures passing through the Parliament. All small businesses can immediately deduct every asset costing less than $20,000 that they have purchased since Budget night and can continue […]

Full tax exemption for ADF personnel in the Middle East

12 June 2015

The Australian Government can today announce that a full tax exemption will apply to military personnel serving on non-warlike Operations Manitou, Accordion, Okra (Zone B) and Augury in the Middle East region. The Abbott Government is committed to providing high levels of financial and non-financial support to our serving personnel and the provision of tax […]

Strengthened foreign investment rules already producing results

9 June 2015

Just one month after the Government announced plans to strengthen foreign investment rules for residential real estate, the Foreign Investment Review Board (FIRB) already has 195 cases under investigation. Of the 195 cases, 24 are foreign investors who have voluntarily come forward to identify that they may have breached the foreign investment rules. The value […]

Australia signs up to combat tax evasion

3 June 2015

Australia has today signed the Organisation for Economic Co-operation and Development’s (OECD) common reporting standard multilateral competent authority agreement to catch taxpayers using hidden offshore bank accounts to evade Australian tax. The Parliamentary Secretary, the Hon Steven Ciobo, signed the agreement at the OECD’s Ministerial Council Meeting in Paris.  The agreement, which enables the automatic […]

National Accounts – March Quarter 2015

3 June 2015

Today’s March quarter National Accounts confirm there is strong and broad based momentum in the Australian economy. Real economic growth rose by 0.9 per cent in the quarter, to be 2.3 per cent higher over the past year. This exceeds market expectations. This builds on growth of 0.3 per cent in the September quarter and […]

British CEO for Sydney-based Global Infrastructure Hub

29 May 2015

Mr Christopher Heathcote has been appointed as the inaugural CEO of the Global Infrastructure Hub in Sydney, to help unlock $2 trillion in investment and create millions of new jobs. As President of the G20, Australia put infrastructure investment at the centre of an agreement to lift global growth by two per cent by 2018. The […]

Appointment of part-time members to the Takeovers Panel

27 May 2015

I am pleased to announce the appointments of members of the Takeovers Panel. The purpose of the Panel is to provide a mechanism for peer review of takeovers activity, with the aim of being more efficient, less formal and more expeditious than the courts.  The functions and powers of the Panel are conferred by the […]

Depreciation for farmers brought forward

27 May 2015

Australian farmers can now claim a tax deduction on all capital expenditure on water facilities, fodder storage assets and fencing incurred since the 2015 Budget was handed down at 7:30pm on 12 May. Farmers can fully deduct the cost of water facilities and fencing in the year they are purchased and deduct the cost of fodder […]

Introduction of the Medical Research Future Fund Bill 2015

27 May 2015

The Abbott Government is focused on ensuring Australia’s best and brightest medical researchers remain at the forefront of developing treatments and cures that will improve the lives of Australians and millions of people around the world. Today, we introduce legislation to create the $20 billion Medical Research Future Fund – the biggest endowment fund of […]

Statement – GST on sanitary products

26 May 2015

I have asked Treasury to cost removing the GST from sanitary products. When I receive those costings, I will write to the states for them to consider the issue ahead of our next meeting in July

Statement – Iron ore inquiry

21 May 2015

Over recent days, there has been some speculation about whether a parliamentary inquiry into the iron ore sector was necessary. After discussing the issue with regulatory bodies and stakeholders across the resources sector, the Government will not be initiating an inquiry at this time.

Growing Jobs and Small Business Package to help small businesses invest more, grow more, and employ more

12 May 2015

The 2015 Budget is part of the Government's plan to build a strong, safe and prosperous future for all Australians. The Budget is about building jobs, growth and opportunity and providing a credible path to surplus. The new $5.5 billion Growing Jobs and Small Business package will help small businesses invest more, grow more, and […]

Voluntary Corporate Disclosure Code

12 May 2015

The 2015 Budget is part of the Commonwealth Government’s plan to build a strong, safe and prosperous future for all Australians. The Budget contains new measures and penalties to ensure that large multinational companies pay their fair share of tax. The government is continuing to work with tax authorities here and around the world to […]

Helping Australian farmers prepare for and manage drought

12 May 2015

The 2015 Budget is part of the Commonwealth Government’s plan to build a strong, safe and prosperous future for all Australians. The Government is delivering support to farmers, farm businesses and rural communities in drought-affected areas across Australia but is also facilitating investment in longer term preparedness measures. The Government will provide $70 million to […]

The 2015 Budget

12 May 2015

The 2015 Budget is the next step in our responsible long-term plan to build a stronger, safer and more prosperous future for all Australians. This Budget builds on the progress we have made over the past twelve months in strengthening economic growth, jobs growth and the sustainability of our Budget. During that period we had […]

Strengthening our taxation system

11 May 2015

Today I am announcing that the Government will be proceeding with two new major tax integrity measures in the Budget tomorrow night. Multinational Anti-Avoidance Law The first measure deals with the activities of 30 identified multinational companies. These companies are diverting profits earned in Australia away from Australia to no or low tax jurisdictions. After […]

New investment to modernise the ABS

7 May 2015

Federal Treasurer Joe Hockey and Parliamentary Secretary to the Treasurer Kelly O’Dwyer today announced a major investment in the Australian Bureau of Statistics (ABS) to ensure the ABS is better positioned to meet the information needs of today’s dynamic economy and changing society.  In recognition of today’s changing information environment and the needs of government, […]

GST relativities decision

6 May 2015

Following consultation with the States and Territories I have accepted the Commonwealth Grants Commission (CGC) recommendations on the GST revenue split across the States and Territories for 2015-16.  The Government understands the fiscal difficulties facing Western Australia, particularly given the historically low GST relativity of 30 cents in the dollar and the significant falls in iron ore […]

Supporting start-ups and entrepreneurship

6 May 2015

The hard working women and men of Australian small business are the engine room of our economy. Their innovative and entrepreneurial spirit will drive Australia’s economic future.  There are already good signs the Commonwealth Government is getting the settings right for over two million small businesses across Australia. In 2014 new company registrations were the […]

Low interest rates supporting families and jobs

5 May 2015

Today’s interest rate cut is good news for families and small businesses. Importantly, it will help further stimulate economic growth and create more jobs. Now is the time for Australian businesses and households to borrow and invest. The Reserve Bank of Australia (RBA) cut in the official cash rate by 25 basis points – from 2.25 […]

Serious Financial Crime Taskforce

5 May 2015

The Commonwealth Government is establishing a new taskforce to fight serious and organised financial crime. This type of crime poses a genuine threat to national security and to the integrity of Australia’s economy, financial markets, regulatory frameworks and tax revenue collection. The Government will provide $127.6 million over four years for investigations and prosecutions that […]

Government strengthens the foreign investment framework

2 May 2015

The Commonwealth Government is taking action to strengthen the integrity of the foreign investment framework. Foreign investment is integral to Australia’s economy and we welcome all investment that is not contrary to our national interest. After extensive consultations on our Options Paper, we are announcing important reforms to foreign investment that will help to demonstrate […]

Australian contribution to the Asian Development Bank’s Asia Pacific Project Preparation Facility

1 May 2015

This week the Minister for Foreign Affairs, Julie Bishop, and I announced that Australia will provide $10 million to the Asian Development Bank’s Asia Pacific Project Preparation Facility (AP3F).  The Asian Development Bank estimates that over this decade, there will be an $8 trillion infrastructure financing gap in the Asian region. That is $8 trillion of […]

Australia is open for business

30 April 2015

Australia has enjoyed a surge in foreign investment under the Coalition Government. Once again, Australia is open for business. The Foreign Investment Review Board 2013-14 Annual Report shows a significant increase in both the number and value of approved foreign investments in Australia. Approval was given for $167.4 billion of proposed investment in 2013-14.  This […]

Australian contribution to the World Bank Group’s Global Infrastructure Facility

19 April 2015

This week the Minister for Foreign Affairs, Julie Bishop, and I announced that Australia will provide $25 million to the World Bank Group’s Global Infrastructure Facility (GIF).     The GIF will facilitate greater private sector investment in the infrastructure of emerging market and developing countries. It aims to do this through complex public-private partnerships focused on projects […]

UK and Australia agree to collaborate on multinational tax

19 April 2015

The Chancellor of the Exchequer, the Rt. Hon. George Osborne, MP, and the Treasurer of Australia, the Hon. Joe Hockey, MP, announced during the course of the G20 meeting the urgent establishment of a joint working group to further consider and develop initiatives in relation to diverted profits by multinational enterprises. The G20 meeting in […]

Support builds for the Global Infrastructure Hub

17 April 2015

This week, in Washington, we are continuing to implement the G20’s infrastructure agenda. This week I secured the commitment and financial contributions of China, Mexico, New Zealand, Republic of Korea, Saudi Arabia, Singapore and the United Kingdom to the Global Infrastructure Hub. Additional countries are expected to explicitly support the Hub through specific commitments over […]

Appointments to the Future Fund Board

14 April 2015

The Government is pleased to announce the appointment of Ms Carolyn Kay and Dr Jane Wilson as members of the Future Fund Board of Guardians. Both members will be appointed for a period of five years from 14 April 2015. Ms Kay and Dr Wilson both have extensive investment and board experience. Their respective backgrounds […]

2015-16 Budget media lock-up

13 April 2015

At 7:30pm on Tuesday 12 May 2015, the Treasurer will deliver the 2015-16 Budget in the House of Representatives. From 1:30pm on that day, embargoed Budget materials will be available to approved members of the media in a secure lock-up area in Parliament House, Canberra. Media organisations are now invited to apply to the Treasury […]

G20 Finance Ministers and Central Bank Governors Meeting, Washington D.C.

10 April 2015

This weekend I leave for the US to attend the G20 Finance Ministers and Central Bank Governors Meeting on 16‑17 April and the IMF World Bank Spring Meetings on 17‑18 April in Washington, D.C. The G20 and IMF World Bank meetings bring together Finance Ministers and Governors from around the world to discuss the major challenges […]

Integrity in our tax system

8 April 2015

The Government is committed to maintaining integrity in Australia's taxation system. The decision to disclose the information of taxpayers is entirely a matter for the Commissioner of Taxation as an independent statutory office holder. Confidentiality of taxpayer information has been a key feature of Australia's taxation system since the 1950s.

Foreign investment decision: acquisition of John Holland Group by China Communications Construction Company

8 April 2015

Today I have approved the foreign investment proposal by CCCC International Holding Limited to acquire John Holland Group Pty Limited. John Holland is one of Australia’s largest engineering and construction companies and employs over 5,600 people in eight countries. CCCC International is a wholly-owned subsidiary of China Communications Construction Company (CCCC), the fourth-largest construction company […]

Revenue system needs a refresh

7 April 2015

Our tax system was built before the 1950s, before black-and-white televisions first appeared in Australian lounge rooms. This was when Australians were driving around in the latest model FJ Holden. When you think about how Australia has changed since this time, you’d be right to wonder why we have almost exactly the same tax system. […]

Statement from the Treasurer

1 April 2015

The story today in the Age implying that $3 billion of federal funding will be diverted to level crossing removal is wrong. The Australian Government is committed to the East West Link being built. I expressed emphatically to the Victorian Treasurer that the $3 billion, including the $1.5 billion already provided, is only for the […]

Time to ‘re:think’ our tax system

30 March 2015

Today marks the start of a conversation about how we bring a tax system built before the 1950s into the new century. The tax discussion paper, released today, begins a dialogue on how we create a tax system that supports higher economic growth and living standards, improves our international competiveness and adjusts to a changing […]

Productivity Commission study into public safety mobile broadband

25 March 2015

The Government has released the Terms of Reference for the Productivity Commission’s cost-benefit analysis on the best way to deliver a mobile broadband capability for public safety agencies. The Productivity Commission will now commence its analysis into the most efficient and cost-effective way of developing this capability by 2020. The Terms of Reference task the […]

Productivity Commission Inquiry into the use of charges to determine the intake of migrants

20 March 2015

The Treasurer, Joe Hockey, and the Minister for Immigration and Border Protection, Peter Dutton, today announced that the Productivity Commission will commence an inquiry into the impact of charges relative to quotas and qualitative criteria to determine Australia’s migration programme settings. Treasurer Joe Hockey released the Terms of Reference for the review today. Mr Hockey […]

Foreign investment decision: acquisition of Toll Holdings by Japan Post

19 March 2015

Today I have approved the foreign investment proposal by Japan Post Co., Ltd. to acquire Toll Holdings Limited. Toll is Australia's largest supply chain company employing around 40,000 people, with operations in road, rail, sea, air and warehousing in 55 countries. Japan Post is a public corporation that provides postal services in Japan.  The Government […]

Passing of Stuart Wagstaff AM

11 March 2015

I am immensely saddened to hear of the passing of my friend Stuart Wagstaff. Stuart was an accomplished actor who received many accolades for his performances on screen and stage from Hollywood to Australia. He was a debonair and charming man with a keen wit and a respect for tradition. Stuart was very supportive of […]

$2 billion Asset Recycling deal to rebuild NSW

8 March 2015

New South Wales will receive $2 billion in incentive payments from the Commonwealth for investment in crucial infrastructure projects. The incentive payments will be made under the Asset Recycling Initiative and used to support the NSW Government's infrastructure plan to create jobs, reduce congestion and boost growth. The agreement is based on the NSW Government's […]

2015 Intergenerational Report

5 March 2015

Today, the Government has released the 2015 Intergenerational Report. The Report is the social compact between the generations – children, grandchildren, parents, grandparents and each other. It projects what the Australian population, economy, and budget could look like in 40 years and shows that Australia’s best years are ahead of us. It also provides us with […]

Foreign investment decision

4 March 2015

Today I have approved the proposal by JBS USA Holdings Inc (JBS), through its wholly-owned subsidiary, JBS Smallgoods HoldCo Australia Pty Ltd, to acquire Australian Consolidated Food Holdings Pty Ltd (Primo), subject to a number of important conditions in relation to services currently provided by Primo at its abattoir located in Scone, New South Wales.

Productivity Commission review into barriers to growth in Australian services exports

4 March 2015

Today the Treasurer, Joe Hockey, and the Minister for Trade and Investment, Andrew Robb, announced a Productivity Commission review that will aim to boost Australia's services exports. Services account for approximately 70 per cent of the Australian economy but only represent 20 per cent of Australia's total exports, indicating massive export growth potential. With over […]

National Accounts – December Quarter 2014

4 March 2015

The Australian economy grew by a solid 0.5 per cent in the December quarter to be 2.5 per cent higher over the past year. This is up from a revised 0.4 per cent in the September quarter. Growth was supported by a welcome lift in household spending, strong exports and further investment outside of the […]

Treasurer orders foreign investor to sell illegally purchased $39 million Sydney mansion

3 March 2015

Today I have made an order under the Foreign Acquisitions and Takeovers Act 1975 (the Act) for Golden Fast Foods Pty Ltd (Golden Fast Foods), to divest the established residential property at 63-67 Wolseley Road, Point Piper, in Sydney. The house - known as 'Villa del Mare' – was purchased for $39 million in November […]

Australia and Switzerland agree to tackle tax evasion

3 March 2015

Federal Treasurer Joe Hockey and Swiss Ambassador Marcel Stutz today agreed to increase cooperation to tackle tax evasion. Supporting greater tax transparency and information exchange is a key way to crack down on those who deliberately try to avoid paying their fair share of tax. Australia is already a leader in the automatic exchange of […]

IGR media lock-up invitation

27 February 2015

The 2015 Intergenerational Report: Australia in 2055 (the Report) will be released at 12.00pm (AEDT) on Thursday, 5 March 2015. From 10.00am the Report and other embargoed material will be available to approved members of the media in a secure lock‑up area in Parliament House, Canberra. At 12.15pm the Treasurer will officially launch the Report at […]

Government to strengthen Australia’s foreign investment framework

25 February 2015

The Commonwealth Government will take action to strengthen Australia’s foreign investment framework for residential real estate and agriculture. Australia’s foreign investment policy for residential real estate is designed to increase Australia’s housing stock. This policy remains appropriate, but a lack of compliance and enforcement of the rules over recent years is threatening the integrity of […]

Retail investors opportunity to exchange CGS for eAGBs

19 February 2015

Retail investors in Commonwealth Government Securities (CGS) will be able to exchange their holdings of CGS for the equivalent exchange-traded Australian Government Bond (eAGBs) line next month. Offer letters will soon go out to Treasury Bond and Treasury Indexed Bond holders who are listed on the Inscribed Stock Register as at the Offer date. eAGBs […]

First Asset Recycling Initiative agreement signed today

19 February 2015

Federal Treasurer Joe Hockey and ACT Chief Minister Andrew Barr MLA today signed the first agreement under the Abbott Government’s Asset Recycling Initiative. The ACT Government is selling nearly $400 million worth of assets and will be investing all of the proceeds into the Capital Metro light rail project.  The ACT Government privatised ACTTAB in […]

Government tightens rules on foreign purchases of agricultural land

11 February 2015

The Commonwealth Government is putting in place better scrutiny and reporting of foreign purchases of agricultural land — delivering on our commitment to the Australian people at the last election. The Government will continue to welcome foreign investment, but the community must have confidence that this investment is coming in on our terms and for […]

Senate supports Labor’s R&D savings measure despite Labor opposition

10 February 2015

The Government has been able to secure another important Budget saving in the Senate with the successful passage of the Tax Laws Amendment (Research and Development) Bill 2013. This measure was initiated and banked by Wayne Swan and the Gillard Labor government in their 2013‑14 Budget, but never legislated. Now in Opposition Labor opposed their […]

Interest rate cut good news for families and small business

3 February 2015

Today the Reserve Bank of Australia (RBA) cut the official cash rate by 25 basis points - from 2.5 per cent to a new record low of 2.25 per cent. This is good news for families and small business. It’s good news for the economy and it’s good news for jobs. This is the first […]

Lower inflation is good news for Australian families

28 January 2015

Today's release of the December quarter Consumer Price Index (CPI) shows inflation rising by a modest 0.2 per cent to be 1.7 per cent for the year. This is good news for Australian families to start 2015. Petrol prices have come down significantly, with the average price sitting at around 111 cents per litre - saving […]

Declaration of a terrorist incident: Government acts to ensure payment of insurance claims for Lindt Café incident

15 January 2015

Following the tragic events at the Martin Place Lindt Café in December 2014, I have today declared the siege a “terrorist incident” for the purposes of the Terrorism Insurance Act. Prior to making this decision, appropriate consultation was undertaken with the Attorney-General and a number of stakeholders, including the Insurance Council of Australia. The Government […]