Media Releases

New appointments to the Treasury portfolio

21 December 2014

I welcome the Prime Minister’s announcement today that will see two new appointments to the Treasury portfolio. I look forward to working closely with the Assistant Treasurer Josh Frydenberg MP and the Parliamentary Secretary to the Treasurer Kelly O’Dwyer MP to build a stronger, more prosperous economy for all Australians. They will be important members […]

2015-16 pre-Budget submissions

18 December 2014

I am inviting submissions from individuals, businesses and community groups on their views regarding priorities for the 2015-16 Budget. The 2015-16 Budget will continue the Government’s commitment to repair the budget, to ensure the Commonwealth lives within its means, pays down its debt and maintains a credible path to surplus.

Fairfax Media wrong again on corporate tax

17 December 2014

Fairfax Media this morning ran a story on tax by Heath Aston. The story is wrong. The Government has not let corporate tax avoiders off the hook. The specific measure to abolish the 25-90 deduction in the story relates to changes Labor proposed to the tax act in 2013, but did not bother to legislate […]

Release of 2014-15 Mid-Year Economic and Fiscal Outlook

15 December 2014

Over the last twelve months the Australian economy has continued to strengthen despite significant offshore headwinds. Economic growth has increased over the last twelve months from 1.9% to 2.7%. Export volumes have increased significantly. Job creation across the economy is running at around 15,000 new jobs a month. This is three times larger than the […]

Timing of MYEFO release

12 December 2014

The Mid-Year Economic and Fiscal Outlook (MYEFO) will be released next Monday, 15 December 2014. The Treasurer, Joe Hockey, and Minister for Finance, Mathias Cormann, will hold a media conference at 12:30pm in the Blue Room at Parliament House in Canberra. There will not be a lock-up. Hardcopies of the documents will be distributed at the press […]

Appointment of the Australian Statistician

12 December 2014

We are pleased to announce the appointment of Mr David Kalisch as the full-time Australian Statistician of the Australian Bureau of Statistics (ABS) for a period of five years. The ABS is Australia's national statistical agency providing key statistics on a wide range of economic, environmental and social issues, to assist and encourage informed decision […]

Productivity Commission review into goods and skilled workers exchange in Australia and with NZ

11 December 2014

Today the Treasurer, Joe Hockey, and the Minister for Industry, Ian Macfarlane, announced a Productivity Commission review that will aim to make the movement of goods and skilled workers easier within Australia and between Australia and New Zealand. Known as ‘mutual recognition arrangements’ (MRA), the review will help identify regulatory barriers to the movement of […]

Appointment of the Secretary to the Treasury

8 December 2014

I welcome the appointment of Mr John Fraser to the position of Secretary to the Treasury. Mr Fraser brings deep experience in both the public sector and, most recently, in the private sector. He is well placed to guide the Treasury into a new era. As part of undertaking the new role, Mr Fraser will […]

Productivity Commission appointments

8 December 2014

I am pleased to announce the following appointments to the Productivity Commission (the Commission): Ms Melinda Cilento as a part-time Commissioner for a five-year period; and Mr Paul Lindwall as a full-time Commissioner for a five-year period. The Commission is an independent authority established under the Productivity Commission Act 1998 and is the Australian Government’s principal advisory […]

Release of the Financial System Inquiry Report

7 December 2014

The Financial System Inquiry report I release today delivers on our election commitment and lays out a blueprint for the financial system over the next decade. The security and stability of Australia’s financial system is a fundamental building block to a strong, prosperous economy. When there is confidence and stability in the financial system, we […]

Productivity Commission Inquiry into Barriers to Business Entries and Exits

19 November 2014

The Treasurer, Joe Hockey, and the Minister for Small Business, Bruce Billson, are pleased to announce a Productivity Commission inquiry into barriers to business entries and exits. Mr Hockey released the Terms of Reference for the review today. Mr Hockey said this review would identify ways to improve Australia’s productivity performance by encouraging entrepreneurship, innovation […]

New financial cooperation with China

17 November 2014

Australia and China have agreed to establish official renminbi (RMB) clearing arrangements in Australia. Central bank governors from both countries have signed a Memorandum of Understanding to formalise the agreement. The Chinese authorities will shortly announce the designated clearing bank. Establishing an official clearing bank will support Australian importers and exporters by providing a more […]

Treasurer to attend APEC Finance Ministers’ meeting

19 October 2014

Today I leave for China, where I will attend the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting in Beijing. On my way to Beijing, I will travel to Tokyo to meet Deputy Prime Minister, Mr. Taro Aso, and Governor of the Bank of Japan, Mr. Haruhiko Kuroda. The APEC Finance Ministers' Meeting will build on […]

G20 Finance Ministers and Central Bank Governors meeting Washington, DC

10 October 2014

We have just completed the final working session of G20 Finance Ministers and Central Bank Governors under Australia’s Presidency. We have spoken a lot about economic challenges. While some key economies are recovering, others face renewed weakness.  But we have emerged with optimism. We are determined to achieve outcomes that will strengthen the recovery as we […]

G20 Finance Ministers and Central Bank Governors Meeting Washington

3 October 2014

This weekend I leave for the US, where I will host the fourth and last meeting of the G20 Finance Ministers and Central Bank Governors under Australia’s Presidency. Our G20 host year has been a productive one and there is still much work to do. At our meeting in Cairns, we showed that we are […]

2013-14 Final Budget Outcome

25 September 2014

The Final Budget Outcome (FBO) for the 2013-14 financial year is a budget report card on the previous Government’s irresponsible fiscal and economic management. Despite Labor initially forecasting a surplus of $5.4 billion for the 2013-14 financial year, and keeping this forecast surplus for eight successive budget updates, today’s FBO confirms a $48.5 billion deficit. […]

G20 Finance Ministers and Central Bank Governors Meeting

21 September 2014

G20 Finance Ministers and Central Bank Governors in Cairns today have delivered strategies that will achieve 1.8 per cent of additional growth across the global economy. Ministers further agreed that we can and will do more. This result means we are 90 per cent of the way to meeting the 2 per cent growth ambition […]

Global leaders to tackle profit shifting and tax evasion

20 September 2014

G20 Finance Ministers have agreed to tackle base erosion and profit shifting (BEPS) to make sure companies pay their fair share of tax. We have also agreed to increase transparency and crack down on tax evasion. In 2013, we unanimously agreed to a 15 point BEPS Action Plan. This will help secure our revenue bases […]

Governments focus on growth and infrastructure

19 September 2014

Today, I met with State and Territory Treasurers in Cairns ahead of the G20 meetings to discuss how we can drive greater growth and prosperity across the country. My colleagues and I were joined by the Managing Director of the International Monetary Fund, Christine Lagarde. This was a unique opportunity for all Treasurers to hear […]

Pre-construction begins on Stage 2 of WestConnex

15 September 2014

The Australian and NSW Governments today announced a major step towards relief for motorists using Sydney's notorious M5 East, with the start of pre-construction work on Stage 2 of WestConnex, and invitations issued for companies to design and construct the new tunnels. Treasurer Joe Hockey, NSW Premier and Minister for Western Sydney Mike Baird and Roads Minister Duncan Gay […]

Encouraging employment figures but more work to do

11 September 2014

Labour Force figures released by the Australian Bureau of Statistics today are encouraging but demonstrate a continued underlying softness in the labour market. This month’s figures show a 0.3 percentage point drop in the unemployment rate to 6.1 percent while the participation rate increased by 0.4 percentage points to 65.2 per cent. This is the […]

We’re listening: Joyce and Hockey hit the road

11 September 2014

Treasurer, Joe Hockey, and Minister for Agriculture, Barnaby Joyce, travelled to northern New South Wales and Queensland today to hear direct from farmers and rural communities about their experiences. The visit included stops at Walgett, NSW and Charleville, QLD, to hear from farmers about the impacts of drought on them, their families and their businesses. […]

Nomination of Australian Executive Director to the IMF

10 September 2014

The Australian Government will nominate Mr Barry Sterland PSM for appointment as the Executive Director at the International Monetary Fund commencing in late 2014. Mr Sterland will represent a constituency of countries at the IMF, comprising of Australia, Kiribati, Korea, Marshall Islands, Micronesia, Mongolia, New Zealand, Palau, Papua New Guinea, Samoa, Seychelles, Solomon Islands, Uzbekistan, […]

Repeal of the Minerals Resource Rent Tax

9 September 2014

The Government has delivered on its election commitment to repeal the failed Minerals Resource Rent Tax (mining tax), with the Bill receiving Royal Assent on Friday, September 5 2014. The Government can today announce that it will be recommending to the Governor-General, His Excellency General the Honourable Sir Peter Cosgrove AK MC (Retd), that he […]

Reappointment of a full-time Commissioner to the Productivity Commission

5 September 2014

I am pleased to announce the reappointment of Ms Patricia Scott as a full-time Commissioner of the Productivity Commission (Commission) for a further three-year period. The Commission is the Australian Government’s principal advisory body on microeconomic policy and regulation.  The Commission’s work covers all sectors of the economy.  It extends to the public and private […]

National Accounts – June Quarter 2014

3 September 2014

The National Accounts released today show that the Australian economy continued to grow in the June quarter, expanding by 0.5 per cent and 3.1 per cent over the year. In light of the previous quarter, when the economy grew by 1.1 per cent, it was a strong outcome. It shows that the first half of […]

Failed mining tax finally gone

2 September 2014

The Government has delivered on our commitment at both the 2010 and 2013 elections to scrap the failed Minerals Resource Rent Tax (mining tax). Along with scrapping this failed tax we are abolishing or re-phasing all of the unfunded promises that Labor irresponsibly and recklessly attached to it. The tax package was so poorly designed, […]

Fuel expenditure and vehicle ownership

13 August 2014

Average weekly household expenditure on petrol by income In terms of spending over the income distribution, average weekly expenditure on petrol in absolute terms increases with household income, from $16.36 at the lowest income quintile to $53.87 at the highest income quintile. Average weekly household expenditure on petrol by quintile GROSS HOUSEHOLD INCOME QUINTILE Lowest […]

Regulators respond to Statements of Expectations

8 August 2014

The Abbott Government is committed to fostering a close working relationship with our regulators. To facilitate this we have issued Statements of Expectations to clarify that while it is imperative that regulators act independently and objectively, the Government expects that regulators take into account its broad policy framework, including its deregulation agenda. The structure and […]

July Labour Force data

7 August 2014

The ABS Labour Force numbers released today show employment was broadly unchanged in July (down 300). However, it is now 109,300 higher than at the start of the year. This means, on average, around 15,600 jobs have been created in each month of 2014. This compares to 5,100 per month for the last calendar year […]

Making welfare sustainable

4 August 2014

The Government’s Budget recognises the welfare system is unsustainable in its current form. Welfare changes announced in the Budget focus on supporting those most in need, while creating economic growth and jobs so people don’t need to live their lives on welfare. Labor left a welfare system that was unsustainable, particularly when the population is […]

Mining Tax Failure

30 July 2014

The Government has received $600,000 (net of refunds) for the June 2014 quarter from the failed Minerals Resource Rent Tax (Mining Tax), which continues to be collected following the Senate’s decision not to repeal the Mining Tax package. Revenue from the June quarter instalment of the Mining Tax represents just one half of one per […]

Infrastructure and superannuation forum

25 July 2014

Today the New South Wales Premier, the Hon Mike Baird MP, the State Treasurer, the Hon Andrew Constance MP, and I met with a group of representatives from the superannuation industry, industry groups, investment managers and government. We discussed practical ways to encourage Australia's superannuation industry to invest further in infrastructure projects in Australia, particularly […]

Repeal of the Minerals Resource Rent Tax

18 July 2014

The Government committed to repeal the Minerals Resource Rent Tax (mining tax) and its associated spending measures in an entirely transparent manner at both the 2010 and 2013 Federal Elections. When announced by Labor, the mining tax was supposed to raise $12 billion over its first two years of operation, instead it has raised closer […]

Labor 2013-14 Budget Savings (Measures No. 1) Bill 2014

16 July 2014

Today the Abbott Government is introducing Labor 2013-14 Budget Savings (Measures No. 1) Bill 2014, to implement the savings that Labor announced and booked but never legislated. Labor announced, in their final Budget, that these personal income tax changes would be deferred as they were meant to compensate for an increase in the carbon price, […]

Productivity Commission’s Final Report on Public Infrastructure released

14 July 2014

The Australian Government today tabled the Productivity Commission’s Final Inquiry Report into Public Infrastructure that was provided to Government on 27 May 2014. The Treasurer asked the Productivity Commission to undertake a comprehensive review of public infrastructure in November last year, with terms of reference that included identifying ways to reduce infrastructure costs and address […]

Showing where your tax dollars are spent

1 July 2014

The Abbott Government will improve tax transparency through sending a one-page personalised tax receipt to 10 million individual taxpayers. The Australian Taxation Office receipt will show, in dollar terms, how much of your tax bill is spent on each Budget area. The receipt will also show the level of gross government debt and how much […]

Ministers to visit China for Inaugural Strategic Economic Dialogue

20 June 2014

The Treasurer Joe Hockey and Minister for Trade and Investment Andrew Robb will travel to China over the weekend for the inaugural Australia-China Strategic Economic Dialogue. The Dialogue provides an opportunity for Australia and China to explore opportunities for closer economic ties and to discuss issues within the global economic environment. The Australia-China economic and […]

NT boasts lowest jobless rate as Darwin booms on gas

12 June 2014

The Northern Territory’s jobless rate fell to 3.3 per cent (trend) in May, the lowest in the country, as the economy benefited from significant Liquefied Natural Gas investment. The Territory’s unemployment rate, which fell from 3.5 per cent the month earlier, is a good example of the type of job creation we have seen across […]

National Accounts – March Quarter 2014

4 June 2014

The National Accounts data released today show that the Australian economy grew 1.1 per cent in the March quarter 2014 and 3.5 per cent over the year. Net exports were the largest contributor to growth in the March quarter, reflecting strong export growth in the mining sector as a result of unusually low levels of cyclone‑related disruptions.  Consistent with balance […]

Labor standing in the way of $40 billion of savings

20 May 2014

Labor is now standing in the way of nearly $40 billion of Budget savings out until 2017-18. This adds to Labor’s debt and deficit disaster after their six years in office. Labor’s debt is costing Australia more than $1 billion in interest alone every single month. Labor has already stood in the way of nearly […]

New Australian Government Office for NSW Central Coast

13 May 2014

The Commonwealth Government will open a new building on the New South Wales Central Coast, for 600 Commonwealth employees, with the Australian Taxation Office leading this initiative. The new purpose-built facility will boost the City of Gosford and create an important link with tertiary campuses in the area. The site will support around 600 employees, […]

Abolishing the First Home Saver Accounts Scheme

13 May 2014

As part of the release of the 2014-15 Budget, the Government is abolishing the First Home Saver Accounts scheme using a phased approach from Budget night. The scheme is being abolished as it has had limited effectiveness in improving housing affordability due to the low take-up of accounts since their introduction by the former government […]

Government rolls out biggest infrastructure program

13 May 2014

The Abbott Government will roll out the nation’s biggest infrastructure program to strengthen the economy, ease congestion, cut travel times and create thousands of new jobs. The Abbott Government will establish an Asset Recycling Fund to build productive infrastructure on 1 July 2014. The initial contributions to the Fund of $5.9 billion will come from […]

A tax receipt for individuals

13 May 2014

The Abbott Government will improve transparency by introducing a receipt for taxpayers that tells them where and how their taxes were used. The Australian Taxation Office (ATO), from 1 July 2014, will issue receipts to about 10 million individual taxpayers. In most circumstances, it will accompany their notice of assessment. This concise one-page personalised and […]

Rephasing superannuation guarantee

13 May 2014

The Abbott Government will change the schedule for increasing the superannuation guarantee (SG) rate to 12 per cent to provide businesses with certainty. The Government will continue to increase the SG rate to 12 per cent from 9.25, but the changes will take place over a different timeframe. Instead of pausing at 9.25 per cent […]

The 2014-15 Budget

13 May 2014

This Budget is part of the Abbott Government's Economic Action Strategy that will build a strong, prosperous economy and a safe, secure Australia. It is a Budget that calls on every Australian to make a contribution now to build the workforce, economy and opportunities we need for the future. It creates a path back to […]

Response to Productivity Commissions’ report

9 May 2014

Australian and New Zealand Governments will improve the strong trans-Tasman economic relationship through their response to a report by their two Productivity Commissions. The joint report by the two commissions, released in December 2012, highlighted the high degree of integration between the two countries. It showed that many of the broad initiatives in the economic relationship […]

Simpler tax returns

4 May 2014

The Coalition will introduce new and simpler tax returns that will allow people to lodge their tax return through a smartphone, tablet or computer using their web browser. From 1 July, the Australian Taxation Office will provide an online and substantially pre-prepared tax return for people without complex tax affairs. The Government’s new MyTax will […]

Release of the National Commission of Audit report

1 May 2014

The National Commission of Audit report we release today shows that the spending trajectory we inherited from Labor is unsustainable and needs to be addressed. After the last election we inherited $123 billion in projected deficits with Government debt heading for $667 billion, unless we take corrective action. The National Commission of Audit report shows […]

Signing of Tax Agreement with the United States

28 April 2014

Australia and the United States have today signed an intergovernmental agreement (IGA) to reduce the burden on Australian financial institutions in complying with the United States’ Foreign Account Tax Compliance Act (FATCA). FATCA is an information-reporting regime that was enacted by the United States in March 2010. It will commence on 1 July 2014 and […]

Commission of Audit Media Lock-up

24 April 2014

The National Commission of Audit will be released on 1 May 2014 at 2pm. From 10 am, embargoed material 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 for access to the lock‑up. Enquiries and applications, […]

Deepening financial ties with China

11 April 2014

Australia and China have agreed to enhance offshore market development of the Renminbi (RMB), China’s currency. Australia is at the forefront of countries working with China to support international use of the RMB. Australian banks and their Chinese counterparts have worked hard to promote direct trading of the two currencies. Monthly trading volumes have increased […]

Statement on the death of Jim Flaherty

11 April 2014

On behalf of the G20 Finance Ministers and Central Bank Governors I would like to note with great sadness the passing of former Canadian Finance Minister Jim Flaherty. All Ministers and Central Bank Governors join with me in expressing our deepest sympathies to Jim’s wife, Christine Elliott, and children, John, Galen, and Quinn, and to […]

Statement on the conclusion of the G20 Finance Ministers and Central Bank Governors Meeting in Washington

11 April 2014

The G20 meeting in Washington DC has taken steps towards delivering on our 2 per cent Sydney growth ambition, which can deliver over $2 trillion in extra global GDP and millions of new jobs for our communities. The Cairns G20 meeting scheduled for September is a deadline for G20 Finance Ministers and Central Bank Governors […]

2014-15 Budget media lock-up

31 March 2014

At 7:30pm on Tuesday 13 May 2014, the Treasurer will deliver the 2014-15 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 […]

Treasurers agree to boost infrastructure

28 March 2014

Today, I agreed with State and Territory Treasurers to discuss a critical driver of the country’s future prosperity – the need to increase the stock of productivity-enhancing infrastructure to boost economic growth and create jobs. I proposed an asset recycling initiative, which could see the Commonwealth offer substantial financial incentives to States and Territories that […]

Financial System Inquiry

24 March 2014

Appointment of International Advisory Panel Today I announce the appointment of four internationally eminent business people to an advisory panel to support the Financial System Inquiry. The International Advisory Panel will provide an expert perspective to the Financial System Inquiry on aspects of the Terms of Reference including technological change, Australia's global competitiveness and offshore […]

Fairfax Media wrong

21 March 2014

Fairfax Media reports claiming that I received money from Australian Water Holdings or repaid money to AWH are factually wrong. I have never received any money from AWH. I have never repaid money to AWH. The membership fees AWH paid to a Liberal Party business and community organisation known as the North Sydney Forum were […]

The School of St Jude

20 March 2014

I am pleased to announce that the School of St Jude, established in 2002 by Australian teacher Gemma Sisia, has been listed as a Deductible Gift Recipient for taxation purposes under the Income Tax Assessment Act 1997. As from yesterday, donations made to the School of St Jude by Australian taxpayers will be 100% tax […]

National Accounts – December Quarter 2013

5 March 2014

The National Accounts released today show that the Australian economy grew by 0.8 per cent in the December quarter and 2.8 per cent over the previous year. Household consumption spending strengthened, rising by 0.8 per cent in the quarter and 2.6 per cent over the past year.  This was accompanied by a fall in the household saving ratio to 9.7 per cent of disposable income. […]

Levelling the aviation playing field

3 March 2014

The Government will move to a single regulatory framework for all Australian international airlines. As soon as possible, legislation will be introduced to remove the foreign ownership restrictions and conditions that apply to Qantas’ business operations contained in Part 3 of the Qantas Sale Act 1992. Removing these conditions is the best way to ensure […]

Conclusion of G20 Finance Ministers and Central Bank Governors Meeting in Sydney

23 February 2014

Today marks the conclusion of the first G20 Finance Ministers and Central Bank Governors Meeting in Sydney, which is the first on Australia’s soil as part of our host year. In an unprecedented statement, the G20 Finance Ministers and Central Bank Governors committed to implement policies to grow our collective GDP by more than 2 […]

IMF backs key government policy initiatives

13 February 2014

In its latest report on the Australian economy, the International Monetary Fund (IMF) has forecast growth will improve to its long term trend by 2017 and has endorsed key Government initiatives. The IMF forecasts economic growth to be 2.6 per cent this year and 2.7 per cent in 2015, and projects growth to rise to […]

Appointments to the Future Fund Board

4 February 2014

The government is pleased to announce the appointments of the Hon Peter Costello AC as Chairman and Mr John Poynton AM as a member of the Future Fund Board of Guardians. Mr Costello and Mr Poynton have both been appointed to their respective positions for a period of five years from 4 February 2014. Mr […]

Consumer Price Index – December Quarter 2013

22 January 2014

Today’s release of the Consumer Price Index (CPI) for the December Quarter shows that inflation is slightly above the middle of the Reserve Bank of Australia’s target band. The CPI rose 0.8 per cent in the December quarter 2013, following a 1.2 per cent rise in the September quarter. Headline inflation was 2.7 per cent […]

IMF January 2014 World Economic Outlook Update

22 January 2014

In its January 2014 World Economic Outlook (WEO) Update the IMF presents a cautiously encouraging outlook for the global economy. The IMF projects global economic growth to increase from 3 per cent in 2013 to 3.7 per cent in 2014, slightly higher than the 3.6 per cent forecast in the October 2013 WEO. The IMF’s outlook for the United […]

Commission of Audit’s phase one reporting date

21 January 2014

The Federal Government has granted a request from the Commission of Audit to extend its reporting date for the phase one report by up to two weeks. The Government originally asked the group to deliver its recommendations in a short time frame by January 31st 2014. The Commission has advised the Government that while it […]