Media releases

2010

Small Business Super Measure Clears the House Despite Tony Abbott's Opposition

The Minister for Superannuation, Chris Bowen MP, and Minister for Small Business, Craig Emerson MP, have welcomed the passage of the Rudd Government's Small Business Superannuation Clearing Hou

Government Responds to Australia as a Financial Services Centre Report

The Government has today responded to the Report of the Australian Financial Centre Forum Australia as a financial centre: Building on our strengths (the "Johnson" Report).

Reforms to Boost Business Credit and Encourage Saving

The Rudd Government will boost competition in business lending with important reforms to make it easier for businesses to borrow directly from retail investors and reduce their reliance on borrowin

Establishment of a Centre for International Finance and Regulation

The Rudd Government will establish a Centre for International Finance and Regulation to support regional financial stability and build on Australia's growing status as a leading regional financial

Australian Government Commences Consultation on an Investment Manager Regime

The Rudd Government will start consultation on an investment manager regime (IMR) that will reform and expand Australia's managed funds industry by removing impediments to international investment.

Phasing Down Interest Withholding Tax on Financial Institutions to Support Banking Competition

The Rudd Government will provide an extra boost to banking competition by allowing non-major banks to access cheaper funding so they can offer cheaper loans to Australian households and businesses.

Continuation of Standard Business Reporting

The Government will provide $89.9 million over four years to support the continuation and operation of the Standard Business Reporting (SBR) program to streamline business to government reporting.

Sustaining the Superannuation Complaints Tribunal's Capabilities

The Rudd Government will increase the funding for the Superannuation Complaints Tribunal (SCT) over the next four years to ensure that it continues to meet its statutory responsibilities to resolve

Regulations made Supporting the New Margin Loan Regulatory Regime

The Minister for Financial Services, Superannuation, and Corporate Law, Chris Bowen MP, today welcomed the prescribing regulations as part of the Commonwealth's new margin lending regime.

National Regulation of Trustee Companies Commences

The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, today announced the commencement of national regulation of licensed trustee companies.

Government Appoints New ASIC Deputy Chair and Commissioner

Minister for Financial Services, Superannuation and Corporate Law, The Hon Chris Bowen MP, today announced the appointment of a new Deputy Chairperson and a new Commissioner to the Australian Secur

Coalition Denying Working Australians Higher Retirement Incomes

Today's announcement by Tony Abbott that the Coalition will formally oppose the Resources Rent Tax and the package of reforms that accompanies it, including the increase in the Superannuation Gua

Government Acts to Ensure Access to Justice for Class Action Member

The Minister for Corporate Law, Chris Bowen MP, has today announced the Federal Government will draft regulations clarifying that funded class actions, as well as similar arrangements, are not mana

Stronger, Fairer, Simpler Superannuation Banking the Benefits of the Boom

The Rudd Government will deliver an historic boost to retirement savings to help prepare for an ageing population and ensure the Australian people get a fairer share of our mineral wealth.

Overhaul of Financial Advice

The Rudd Government is today announcing reforms to financial advice that will improve the trust and confidence of Australian retail investors in the financial planning sector.

Board of Taxation to Review Australia's Tax Laws to Ensure Islamic Finance Market Can Expand

The Assistant Treasurer, Senator Nick Sherry and the Minister for Financial Services, Corporate Law and Superannuation, Chris Bowen, today announced that the Board of Taxation would undertake a

Draft Legislation to Reverse Sons of Gwalia Released

The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has today released an exposure draft of legislation giving effect to the Government's decision to reverse th

Government Announces Appointment of New CAMAC Convenor

The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, has today announced the appointment of Ms Joanne Rees as the part-time Convenor of the Corporations and Market

Government Responds to the Productivity Commission Report on Executive Remuneration

The Government has today responded to the Productivity Commission's (PC's) final report

Government Announces Competition in Financial Markets

The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, today announced the Government's support for competition between markets for trading in listed shares in Au