Media Releases

Foreign Investment Review Board appointment

20 December 2013

Today I announce the appointment of Mr Patrick Secker as a part-time member of the Foreign Investment Review Board for a five-year period. The Foreign Investment Review Board is a non-statutory body established in 1976 to advise the Treasurer.  The Board’s functions are advisory only.  Responsibility for foreign investment policy and for decision making on […]

Media Accreditation Open – G20 Finance Ministers And Central Bank Governors Meeting

20 December 2013

The first ministerial-level G20 meeting in Australia’s host year will be the Finance Ministers and Central Bank Governors meeting to be held in Sydney on 22-23 February 2014. Registration for media accreditation for this meeting has opened and media who are interested in covering this meeting are required to register at www.g20.org. Media personnel and […]

Productivity Commission appointments

20 December 2013

Today I announce the appointment of Ms Karen Chester as a full-time Commissioner of the Productivity Commission (Commission) for a five year period; and the reappointment of Mr Philip Weickhardt as a part-time Commissioner of the Commission for a further 12 month period. The Commission is the Australian Government’s principal advisory body on microeconomic policy and regulation. […]

Foreign investment decision

20 December 2013

Today I have conditionally approved a foreign investment application from State Grid Corporation of China (State Grid) to acquire 19.9 per cent of SP AusNet and 60 per cent of SPI (Australia) Assets Pty Limited and SPI (Australia) Trust (trading as Jemena). State Grid is the world’s largest electric utility and ranked seventh in the Fortune Global 500. SP […]

Financial System Inquiry

20 December 2013

Today I am announcing the final terms of reference for the Government’s Financial System Inquiry and the appointment of four members to serve on the Inquiry panel which is being chaired by Mr David Murray AO. The following distinguished representatives of the finance, business and academic community have accepted my invitation to be part of […]

2014-15 Pre-Budget Submissions

18 December 2013

The Government is inviting submissions from individuals, businesses and community groups on their priorities for the 2014-15 Budget. The 2014-15 Budget will be a key step in the budget repair task faced by the Government. It will help define how the Commonwealth can live within its means, pay down Labor’s debt and aim to build sustainable […]

Mid-year Economic and Fiscal Outlook 2013-14

17 December 2013

Today, we release the first transparent and comprehensive account of the historic debt and deficits inherited from Labor. The Mid-Year Economic and Fiscal Outlook forecasts a $47 billion deficit in 2013-14, and $123 billion worth of cumulative deficits over the forward estimates. The budget position since the Pre-Election Economic and Fiscal Outlook, released on August […]

First meeting of the Joint Commonwealth and Tasmanian Economic Council

12 December 2013

The first meeting of the Joint Commonwealth and Tasmanian Economic Council was held today. The Council will bring together members from the Commonwealth and Tasmanian Governments, and Tasmanian business, to consider the competitive reforms required to boost Tasmania’s long‑term growth. The first meeting was held between the Prime Minister, the Treasurer, the Tasmanian Premier and the […]

Foreign investment decision

11 December 2013

Today I announce my decision to remove certain foreign investment conditions placed on Yanzhou Coal Mining Company, a Chinese state owned enterprise, restricting its ownership of Yancoal Australia Limited.   These conditions required Yanzhou to reduce its ownership in Yancoal from 100 per cent to less than 70 per cent and its economic interest in Yancoal’s […]

Timing of MYEFO release

10 December 2013

The Mid-Year Economic and Fiscal Outlook (MYEFO) will be released next Tuesday, 17 December 2013 at the National Press Club. The document will show the true state of the books that the Coalition Government has inherited. The Government has been working on this document since we were sworn into office. The first quarterly reading of […]

Debt limit abolished

9 December 2013

The Federal Parliament has taken the important step of abolishing the nation's debt limit, which will provide certainty to markets about the Government’s capacity to finance the budget, and increasing transparency around Commonwealth borrowing. This was a ceiling created by the Labor Party, who on four occasions then broke their own self-imposed limit because of […]

Statement on tax legislation

8 December 2013

The Coalition will move this week to stop $900 cheques from being sent out to people four years after the Global Financial Crisis. I promised before the election that the Coalition would stop this example of Labor’s waste. As it stands, four years after the GFC, these cheques could be directed to people who are […]

Statement on Commonwealth debt limit

4 December 2013

The Government has today agreed to the Australian Greens’ proposal to repeal the statutory debt limit and enhance transparency around government debt reporting. We have resolved this issue, after good faith and reasonable negotiations, and now can provide certainty to the markets about the Government’s capacity to finance the budget. We have done this with […]

National Accounts – September quarter 2013

4 December 2013

The National Accounts released today show the performance of the economy up to the end of the September quarter. This is the economy the Coalition has inherited. It shows an economy that is growing below trend, with a soft labour market, cautious consumers and plateauing business investment.  The economy grew by 0.6 per cent in the quarter […]

Appointment of Associate Commissioner to the Productivity Commission

3 December 2013

Today I announce the appointment of Mr Paul Lindwall as a full-time Associate Commissioner to assist with the Productivity Commission inquiry into infrastructure costs and financing in Australia. The financing of infrastructure is one of the key economic challenges facing Australia and other countries around the world. Mr Lindwall has a strong background in public […]

Foreign investment application: Archer Daniels Midland Company’s proposed acquisition of GrainCorp Limited

29 November 2013

After long and careful deliberations, I have today made an order under the Foreign Acquisitions and Takeovers Act 1975 (the Act) prohibiting the proposed acquisition by Archer Daniels Midland Company (ADM) of 100 per cent of the shareholding in GrainCorp Limited (GrainCorp). Since coming into Government, I have made decisions on a number of foreign investment proposals.  […]

Statement regarding meeting with State Treasurers

27 November 2013

Today, I held my first meeting with the State and Territory Treasurers, where we discussed a new infrastructure partnership and the GST threshold for online purchases. On infrastructure, we agreed to commence work on new incentives for building Australia’s economic infrastructure, how that should be funded and how we increase the private sector’s involvement. We […]

2013 IMF Article IV Consultations with Australia

21 November 2013

The International Monetary Fund (IMF) has today re-affirmed Australia’s strong economic prospects. The IMF Article IV Consultation 2013 projects that the economy will return to trend growth of 3 per cent by 2016. However, the IMF note that there are a number of challenges facing the Australian economy. Excess capacity in the non-mining sector could […]

Financial System Inquiry

20 November 2013

The Government is pleased to announce the appointment of Mr David Murray AO to head an inquiry into Australia’s financial system. The inquiry will make recommendations to foster an efficient, competitive and flexible financial system, consistent with financial stability, prudence, integrity and fairness. This should result in less costs, lower fees and greater efficiency in […]

Reckless action on the debt limit

20 November 2013

The Labor Party and the Greens are behaving recklessly and dangerously by refusing to support a $500 billion debt limit, which Treasury Secretary Dr Martin Parkinson today described as “prudent”. The opposition parties have refused briefings from the Government and the Treasury and are preparing to do what no other Australian parliament has ever done […]

OECD Economic Outlook – November 2013

19 November 2013

The OECD’s latest Economic Outlook forecasts Australia will record a solid economic performance over the next two years. The OECD forecasts Australian economic growth of 2.5 per cent in 2013 and 2.6 per cent in 2014, accelerating to 3.1 per cent, around its potential rate, in 2015. This will be above the OECD average of 2.7 per cent. The […]

Labor’s hidden job cuts and unfunded redundancies

19 November 2013

More evidence of Labor’s budget deception has emerged, with advice showing the former Government concealed almost 14,500 public service job cuts initiated before the last election. Labor’s forward estimates, as revealed in the independent Pre-Election Fiscal Outlook, included funding reductions, but never exposed the extent of Australian Public Service (APS) job cuts that would be […]

Government announces Productivity Commission inquiry to focus on more flexible, affordable and accessible child care

17 November 2013

The Australian Government today announced the establishment of a Productivity Commission Inquiry into Child Care and Early Childhood Learning. The Government is delivering on its priority commitment to task the Productivity Commission with an inquiry into how the child care system can be made more flexible, affordable and accessible. The Inquiry will identify how the […]

Foreign Investment Decision

12 November 2013

I have today approved a foreign investment application from Saputo Inc. to bid for Warrnambool Cheese & Butter Factory Company Holdings Limited (WCB). No conditions have been placed on this approval. The future ownership of WCB is ultimately a matter for the shareholders but this decision provides certainty in relation to Saputo’s bid. Australia is […]

Restoring integrity in the Australian tax system

6 November 2013

The Coalition is determined to provide stable and predictable Government. Soon after the Government was elected we were advised that 96 tax and superannuation announcements, with one dating back as far as March 2001, had not been legislated. Four of these have been dealt with as part of the carbon and mining tax repeal packages. […]

ABS retail sales results for September

4 November 2013

Today's retail sales figures from the Australian Bureau of Statistics show that confidence is returning to the Australian economy in the lead up to and immediately after the Coalition's election victory. Consumers have now started taking their wallets out of their pockets. Monthly retail trade values were up 0.8 per cent in the month of […]

Commission commences examination of automotive industry support

30 October 2013

The Government has long been committed to ensuring Australia has a competitive manufacturing sector, including a sustainable and profitable automotive manufacturing sector. The Government has therefore tasked the Productivity Commission to examine the best way that the Australian Government and Australian economy can ensure the ongoing viability of the automotive industry. This inquiry has now […]

Statement of the Conduct of Monetary Policy

24 October 2013

Today I am releasing, with the Governor of the Reserve Bank of Australia, a joint Statement on the Conduct of Monetary Policy (the Statement). The Statement records our agreed understanding of Australia's monetary and central banking policy framework. The Statement recognises that monetary policy is one of Australia’s core macroeconomic policy tools and its effective […]

Repeal of the Minerals Resource Rent Tax

24 October 2013

The Government is today releasing draft legislation for the repeal of the Minerals Resource Rent Tax (MRRT). Consistent with the Government's clear election mandate, the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 will abolish the failed MRRT from 1 July 2014. The MRRT is a complex and unnecessary tax which struggled to […]

Consumer Price Index – September Quarter 2013

23 October 2013

The Consumer Price Index (CPI) rose 1.2 per cent in the September quarter 2013, following a rise of 0.4 per cent in the June quarter 2013.  Headline inflation was 2.2 per cent through the year, following 2.4 per cent growth through the year to the June quarter. Underlying inflation was 0.6 per cent in the […]

Strengthening the Reserve Bank of Australia

23 October 2013

The Australian Government is determined to ensure that all of our institutions are fully equipped for whatever challenges lie ahead. Today I announce that the Coalition Government will make a one-off $8.8 billion grant to strengthen the financial position of the Reserve Bank of Australia. This grant will enhance the Bank’s capacity to conduct its […]

Government to increase the debt limit

22 October 2013

The August 2013 Economic Statement and the 2013 Pre-election Economic and Fiscal Outlook (PEFO) outlined that Commonwealth Government Securities (CGS) on issue were expected to reach the existing debt limit of $300 billion around December 2013. These documents also outlined that CGS on issue would continue to increase over the forward estimates and reach $370 billion […]

Coalition commences National Commission of Audit

22 October 2013

The Coalition Government today announces the commencement of the National Commission of Audit. The Commission is an essential step in addressing Labor's record of waste and mismanagement. The Commission of Audit was a key election commitment of the Coalition. It will assess the role and scope of Government, as well as ensuring taxpayers' money is […]

Parliamentary Budget Office confirms Coalition’s prudent election costings

18 October 2013

The independent Parliamentary Budget Office (PBO) has confirmed in its post-election analysis that the Coalition’s policies would lead to a substantial improvement in the Budget bottom line. The PBO finds that the improvement would be better than estimated by the Coalition at the time of the election, to the tune of $1 billion over the […]

IMF October 2013 World Economic Outlook (WEO)

9 October 2013

The International Monetary Fund's World Economic Outlook (WEO) confirms the risks ahead for the Australian and global economy. The IMF states that global economic growth is still weak with growing concern of a prolonged period of sluggish global growth. The IMF notes that the risks to the global economy remain on the downside. As a […]

Treasurer to visit Washington D.C. and New York

8 October 2013

Today I will commence an official visit to Washington D.C. and New York to attend the G20 Finance Ministers' and Central Bank Governors' Meeting and the International Monetary Fund and World Bank Annual Meetings. The meeting of the G20 Finance Ministers and Central Bank Governors is of pivotal importance as Australia takes the presidency of […]

Foreign investment application: Archer Daniels Midland Company’s proposed acquisition of Graincorp Limited

4 October 2013

Today I have signed an interim order under the Foreign Acquisitions and Takeovers Act 1975 to extend the statutory time period for a decision on Archer Daniels Midland Company’s proposed acquisition of GrainCorp Limited.  The interim order provides certainty to all parties by ensuring that a decision will be made by 17 December 2013. The […]

Release of 2012-13 Final Budget Outcome

27 September 2013

Today’s Final Budget Outcome confirms the deteriorating state of the Budget under six years of Labor. The challenge for the next three years is to rebuild the public’s trust in the Government’s finances through prudent management of taxpayers’ money and careful and responsible governance. When Labor delivered the 2012-13 Budget they promised it would be […]

Australia-Indonesia steps towards a regional infrastructure financing market

20 September 2013

I have just completed a two day visit to Indonesia for the APEC Finance Ministers’ Meeting. In addition to the Finance Ministers’ Meeting I held productive bilateral talks with my counterparts from Indonesia, China, Singapore and Korea. The APEC Finance Ministers agreed to a joint proposal from Australian and Indonesian partners towards developing a regional […]

Bilateral Meeting of Indonesian Minister of Finance Basri and Australian Treasurer Hockey

19 September 2013

On this occasion of Indonesia’s hosting of the APEC Finance Ministers’ Meeting, we were able to take time to meet to discuss the key economic issues facing our two nations. The Australian and Indonesian economies are becoming increasingly connected to both each other and broader Asia-Pacific economies. As our ties grow, so too does it […]

Treasurer to attend APEC Ministers’ Meeting

18 September 2013

Tomorrow and Friday I will attend the APEC Finance Ministers’ Meeting in Nusa Dua, Indonesia. The meeting will be the first official international engagement since being sworn in as Treasurer and comes at a crucial time for the global economy. The Pre-Election Economic and Fiscal Outlook outlined the significant downside risks to the Australian economy […]