Jim Chalmers 2022

Jim Chalmers:

I know you want to ask me about some other matters, but I wanted to begin by saying this about our appointment at ASIC. The government is really proud to be recommending the appointment of Sarah Court as the new Chair of ASIC.

Subjects: interest rates, inflation

Matt Shirvington:

Great to have you with us. Look, almost every economist is saying the same thing – government spending is to blame here. Do you disagree with all of them?

Jim Chalmers:

The Albanese Government will recommend to the Governor‑General that Sarah Court be appointed as the next Chair of the Australian Securities and Investments Commission (ASIC).

Ms Court has been an excellent Deputy and she’ll be an outstanding Chair.

She is an experienced litigator and leader, and will make a positive impact on one of our major regulators.

Today the Federal Court of Australia has ordered Indian Ocean International Shipping and Service Company Ltd (Indian Ocean) and Ms Jing Tian to pay $14 million in penalties for breaching Australia’s foreign investment laws.

This outcome sends a clear signal to foreign investors in Australia that they must follow the law or face the consequences.

We have tasked the Board of Taxation to undertake an independent review of the Albanese Government’s thin capitalisation reforms.

Our thin capitalisation reforms target the excessive use of debt deductions to avoid paying tax in Australia, and are in line with the OECD’s best practice guidance.

A very big thanks to Mark for the introduction and the opportunity to say a few words tonight.

To Jane for making the trip to Sydney for the celebrations and for making the time to meet with me this afternoon.

To all the familiar faces gathered here at the Opera House, on Gadigal land.

And everyone from Citi in particular: happy birthday.

Jim Chalmers: