Media Releases

Labor delays greater competition and consumer protections in financial services

21 September 2018

Labor is delaying the establishment of a mandatory comprehensive credit reporting system that would increase competition and enhance consumer outcomes in the financial services sector, despite the major banks already voluntarily getting on board. The measure will give lenders access to a deeper, richer set of data enabling them to better assess a borrower’s true […]

Making sure foreign investors and multinationals pay their fair share of tax

21 September 2018

The Coalition Government is taking strong action to protect the integrity of Australia’s tax system, with the introduction of two bills that will further ensure that those who do business in Australia, pay tax in Australia. The introduction of Treasury Laws Amendment (Making Sure Foreign Investors Pay their Fair Share of Tax in Australia and […]

Government introduces law to improve outcomes for financial consumers

20 September 2018

Today the Government introduced into the Parliament important legislation designed to ensure that financial products are targeted and sold to the right consumers. “Design and Distribution Obligations and the Product Intervention Power are about ensuring a customer‑centric approach to product design, marketing and distribution. We have undertaken an extensive consultation process, and carefully listened to […]

Gift card reforms to benefit consumers

20 September 2018

The Legislative and Governance Forum on Consumer Affairs have voted to implement nationally consistent reforms to gift card expiry. Consumers are frustrated with gift cards expiring before they can use them. These reforms will put in place a national framework to ensure that consumers have at least three years to use their gift cards. The […]

Improving the managed investment trust regime and repeal of intellectual property exception

20 September 2018

Today the Morrison Government introduced legislation into Parliament to improve Australia’s taxation regime for the managed funds industry. The legislation provides for a package of technical amendments that will clarify the tax law in relation to attribution managed investment trusts. “These amendments are important reforms as they will provide industry with increased investment certainty,” Assistant […]

New bill to tackle the black economy

20 September 2018

The Government has taken decisive action in the fight against the black economy. Today, I introduced Bills into Parliament targeting black economy activities – the non-compliance of entities with their reporting and withholding obligations, non-reporting or understating of income by contractors, and illicit tobacco. The Government is committed to a fair tax system that supports […]

Cracking down on the black economy

18 September 2018

The Coalition Government has today delivered on the first of its commitments to tackle the black economy and further protect the integrity of our tax system, with the passage of tough new laws that ban software allowing businesses to understate their sales and income. Electronic sales suppression tools allow businesses to falsify electronic record keeping […]

Passage of government’s action to enhance ASIC’s capabilities

18 September 2018

The Morrison Government is committed to delivering strong and effective regulators to govern our financial system. This is the best way to ensuring that Australia’s financial system both protects and meets the needs of Australian consumers and investors. The Treasury Laws Amendment (Enhancing ASIC’s Capabilities) Bill 2018 successfully passed through the Parliament last night. These […]