Economy and Finance
The federal Government, acting on its commitment to strengthen accountability in the banking system, has released exposure draft legislation for its proposed Banking Executive Accountability Regime (BEAR).
The Government has welcomed the release by the ASIC Enforcement Review Taskforce of a position paper titled ‘ASIC’s power to ban senior officials in the financial sector’.
The Government’s ban on excessive credit card surcharging for all businesses took effect from 1 September.
The federal Government has released draft legislation to overhaul the powers of the Australian Prudential Regulation Authority (APRA) during times of financial crisis.
The Federal Government has welcomed New Zealand’s decision to join Australia in tackling multinational tax avoidance.
Treasurer Scott Morrison has released an Issues Paper, prepared by the Open Banking Review seeking feedback on the best approach for implementing an Open Banking framework for Australian customers.
The Black Economy Taskforce has published a paper listing dozens of policy ideas derived from its months of public consultation, and seeking further public input.
The Federal Government has commissioned an independent review to recommend the best approach to implement an Open Banking regime in Australia, with the report due by the end of 2017.
The Federal Government has published draft legislative changes designed to allow wider use of the term ‘bank’.
The Minister for Revenue and Financial Services, Kelly O’Dwyer, has announced that the Government will introduce legislation to give “everyday” Australians more power over their superannuation providers.
The Government has formed a transition team to lead to the establishment of the Australian Financial Complaints Authority (AFCA), announced in May.
The Treasury has begun a consultation process for replacement of the Taxation Administration Regulations 1976 are due to expire on 1 October because of ‘sunset’ provisions.
Financial Services Minister Kelly O’Dwyer has released a consultation paper outlining the key features of the Banking Executive Accountability Regime announced in the 2017-18 Budget and the proposed approach for its implementation.
The Government will seek to legislate to close a loophole that it says could be used by unscrupulous employers to short‑change employees who choose to make salary sacrifice contributions into their superannuation accounts.
Finance Minister Mathias Cormann has released a discussion paper outlining a number of proposals aimed at strengthening governance arrangements for deductible gift recipient (DGR) organisations.
Legislation making detailed administrative changes to a number of superannuation reforms announced in the 2016 Budget, including the limit of $1.6 million on the balance transferred to the tax-free pension phase of all superannuation accounts, has passed Parliament.
Treasurer Scott Morrison has said Budget measures affecting the banks makes them more accountable and will keep their behaviour in check.
The federal Government has reduced the Future Fund’s long-term target return by 50 basis points, reflecting “changed global investment market conditions”.
A senior Australian Tax Office official is entangled in a major fraud investigation involving his son in which $165 million was allegedly stolen from the Commonwealth.
The federal Government is facing a potential $2 billion hole in its budget forecasts, according to the big four banks, who have released their estimates of how much the new bank levy would cost them.
The federal Government has released a new framework for the resolution of financial disputes and invited public comment.
The federal Treasury is seeking stakeholder submissions on a Consultation Paper prepared as part of a Post Implementation Review (PIR) of five measures enacted as part of the Future of Financial Advice reforms.
Federal Education Minister Simon Birmingham says the Government will seek to drive better outcomes for both students and taxpayers as part of its latest suite of higher education reforms.
Treasurer Scott Morrison has directed the Productivity Commission to examine the impact on the economy of the system that underpins the distribution of GST revenue to the States and Territories.
The federal Government has released draft regulations on the operation of the industry funding model for the Australian Securities and Investments Commission (ASIC).
As foreshadowed by Treasurer Scott Morrison the week before the Budget this year’s Budget highlights the net operating balance alongside the underlying cash balance to reflect those Government payments which contribute to recurrent expenditure.
The Budget extends the 2015-16 Budget measure expanding accelerated depreciation for small businesses by 12 months to 30 June 2018 for businesses with aggregated annual turnover less than $10 million.
The Budget will raise $8.2 billion over the four year Forward Estimates by increasing the existing Medicare levy across all incomes.
The Government will encourage older Australians to free up housing stock by enabling downsizers over the age of 65 to make a non-concessional contribution of up to $300,000 into their superannuation fund from the proceeds of the sale of their principal home.
The Government announced the capital gains tax discount for investments in affordable housing will increase to 60 per cent.