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Government Announces Banking Royal Commission Following Request From Big Four

Nov 30, 2017

The federal government has announced a royal commission into the banks and the financial sector, reversing its previous opposition to such a move.

The announcement came at a press conference at 9.00am this morning, following a Cabinet meeting. The decision was preceded by a request from the major banks for a royal commission. In a letter to the government, the chairmen and chief executives of CBA, NAB, ANZ and Westpac said:

“In light of the latest wave of speculation about a parliamentary commission of inquiry into the banking and finance sector, we believe it is now imperative for the Australian Government to act decisively to deliver certainty to Australian’s financial services sector, our customers and the community.”

Recent days have seen increasing calls for a royal commission, especially from elements in the National Party. The House of Representatives resumes sitting next week. With two members down and facing by-elections, the government risked embarrassment in the chamber.

  • Listen to Turnbull and Morrison (33m)
  • Watch Turnbull’s press conference (33m)

The Letter from the Banks


Filed Under: Audio, Liberal Party, Turnbull, Video Tagged With: , , ,

Treasurer Scott Morrison Delivers 2017 Federal Budget

May 09, 2017

The Treasurer, Scott Morrison, has delivered the Turnbull government’s second Budget, forecasting a return to surplus in four years, abandoning stalled budget cuts, guaranteeing Medicare and the PBS, incresing the Medicare levy and imposing a new levy on the commercial banks.

The Budget also includes provisions for first home buyers to salary sacrifice into their superannuation. It includes a crackdown on welfare recipients.

The Budget marks a break with the Abbott years. It abandons the “zombie” cuts stalled in the Senate whilst increasing spending in traditional Labor areas. Morrison said it was a “reset”.

  • Listen to Scott Morrison deliver the Budget (32m)
  • Watch Morrison (32m)

Budget Documents – PDF downloads


Filed Under: Audio, Budget, Defence, Education, Health, Infrastructure, Liberal Party, NDIS, Social Welfare, Taxation, Turnbull, Video Tagged With: , , , , , ,

Treasurer Releases MYEFO – Mid-Year Economic And Fiscal Outlook Projects Lower Growth But Surplus In 2020-21

Dec 19, 2016

The Treasurer, Scott Morrison, has released the Mid-Year Economic and Fiscal Outlook, a budget update that projects lower growth but with a return to surplus still forecast in 2020-21.

Morrison

MEYEFO projects that economic growth in 2016-17 will fall from 2.5% to 2%. In 2017-18, it will be 2.75%, down from 3%. The 2018-19 and 2019-20 projections of 3% growth remain.

The government says the underlying cash deficit is expected to narrow from $36.5 billion (2.1% of GDP) in 2016-17 to $10.0 billion (0.5% of GDP) in 2019-20.

Treasurer Scott Morrison told a press conference with Finance Minister Senator Mathias Cormann this afternoon that in six weeks of parliamentary sittings since the election the government has legislated two-thirds of its budget repair measures.

MYEFO has confirmed that Tony Abbott’s Green Army will be abolished. The government will also save $970 milllion from cuts to family payments.

Tax receipts are down $31 billion from the May Budget forecasts.

Unemployment is predicted to remain at 5.5% through to 2017-18, falling to 5.25% thereafter.

  • Listen to Treasurer Morrison and Finance Minister Cormann at their press conference (44m)
  • Watch the press conference (45m)

Media release from Treasurer Scott Morrison and Finance Minister Senator Mathias Cormann.

Today’s Mid-Year Economic and Fiscal Outlook (MYEFO) confirms that the Budget is projected to return to balance in 2020-21.

The underlying cash deficit is now expected to narrow from $36.5 billion or 2.1 per cent of GDP in 2016-17 (down on the $37.1 billion reported in the Budget and PEFO) down to $10.0 billion (0.5 per cent of GDP) in 2019-20. [Read more…]

Filed Under: Audio, Budget, Turnbull, Video Tagged With: , ,

Government And ALP Agree On Budget Repair Deal

Sep 13, 2016

The Turnbull government and the ALP have negotiated a deal over budget repair.

Turnbull

The agreement on spending cuts will add to the budget’s bottom line and ensure that the government’s Omnibus Bill will pass through the Parliament.

Earlier in the day, the ALP announced the agreement. The deal included an agreement that the ALP would make the first announcement. [Read more…]

Filed Under: A.L.P., Audio, Budget, Liberal Party, Turnbull, Video Tagged With: , ,
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