An increase of the small business tax threshold to $10 million and a reduction of the company tax rate to 27.5 per cent from July 1 is the first step in a plan to hit a rate of 25 per cent in a decade, Treasurer Scott Morrison said in his first budget.
Treasurer Scott Morrison has told the Chinese company wanting to buy Australia's largest private landholder that its planned purchase is contrary to the national interest.
Australia's corporate regulator will have a new commissioner with a special focus on prosecutions in the financial sector as part of a boost to its capabilities and funding.
Ratings agency Moody's has kept the federal government's credit outlook stable at AAA, despite raising concerns thar governments of both stripes had been unable to reduce spending or achieve fiscal consolidation.
Treasurer Mike Nahan has called on the federal government to test a variation of its state income tax plan in Western Australia, after saying WA was again ripped off in the latest Commonwealth Grants Commission distribution.
Federal Labor has pledged to hold a royal commission into misconduct in the banking and financial services sectors if the government ignores its call for an inquiry.
South Australian Senator Nick Xenophon has renewed his call for an inquiry into the cause of the dramatic recent fall in the iron ore price while in Perth today, as shares in the state's biggest miners continued to fall.
Growth forecasts have been cut and deficits are higher across the next four years in the federal government's budget update released in Perth today, with Treasurer Scott Morrison touting a reduction in spending growth as revenue continues to plummet.
State governments have agreed taxes they control such as payroll and stamp duty could be targets as part of the federal government's tax reform agenda next year, which many tip will involve an increase in the GST.
The federal government seems to be preparing the public for reform with its semi-regular announcements from ministers that ‘everything is on the table', particularly since Malcolm Turnbull took the prime ministership from Tony Abbott.
Treasury has cut Australia's potential economic growth forecast, while predicting a return to a budget surplus will take longer than previously forecast.
Treasurer Scott Morrison is willing to consider any new applications to buy Australia's largest private landowner after knocking back the foreign acquisition of S Kidman and Co Ltd on national interest grounds.
Unemployment has hit its highest level in Western Australia in more than a decade, at 6.4 per cent, despite the state's employment reaching its highest level on record, in trend terms.
Australia needs to reduce its corporate tax burden to remain competitive, according to a series of submissions to the federal government's tax reform white paper.
