The WA Government will introduce a new point of consumption wagering tax of 15 per cent of net wagering revenue of online betting companies offering their product in Western Australia. The point of consumption (POC) wagering tax is set to be introduced from January 1, 2019. The new arrangements will replace the
Read MoreThe State Government has targeted expense growth in the 2017-18 Budget as being the key to returning the Budget to surplus and beginning the long-term task of debt reduction. In order to set the Budget back on the path of repair, general government expense growth since the Pre-election Financial Projections Statements
Read MoreThe 2017-18 State Budget includes two changes to gold royalty arrangements in Western Australia to help with the difficult task of repairing the State's finances. From January 1, 2018 a tiered royalty rate will be introduced, with the royalty rate determined by the Australian dollar price of gold. The current 2.5
Read MoreThe better days ahead for the Australian economy are now beginning to emerge. In recent weeks and months we have seen evidence of more jobs, more investment, more wages and more exports. The National Accounts for the June quarter reveal solid and more balanced growth for our economy, confirming the emerging national
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Reserve Bank of Australia has kept the cash rate unchanged at 1.50 per cent. Conditions in the global economy are continuing to improve. Labour markets have tightened further and above-trend growth is expected in a number of advanced economies, although uncertainties remain. Growth in the Chinese economy is being supported by
Read MoreEleven Australian businesses will share in $6.6 million in Government grants to help launch their innovative products, processes and services into domestic and international markets. I am delighted to announce the funding offered under the Accelerating Commercialisation element of the Government’s Entrepreneurs’ Programme. Recipients will use the funding to conduct commercialisation activities,
Read MoreASIC has published its Corporate Plan for 2017–18 to 2020–21. The Corporate Plan outlines ASIC's vision which is to allow markets to fund the economy and, in turn, economic growth. In doing so, ASIC contributes to the financial wellbeing of all Australians. ASIC does this by: promoting investor and consumer trust and confidence; ensuring
Read MoreThe Australian Financial Security Authority (AFSA) and the Australian Securities & Investments Commission (ASIC) have welcomed the start of the second and final tranche of reforms introduced by the Insolvency Law Reform Act 2016 (ILRA). The reforms aim to increase efficiency, reduce administration costs and promote market competition in personal and corporate insolvency
Read MoreThe Australian Small Business and Family Enterprise Ombudsman has welcomed government moves to reduce regulatory barriers to entry for new entrants to the banking system. Treasury is consulting on proposed changes to the Banking Act, which would allow use of the word “bank” by authorised deposit-taking institutions. Ombudsman Kate Carnell said this
Read MoreFrom today, every business across Australia will be banned from charging customers excessive surcharges for using certain types of EFTPOS, Mastercard, Visa and American Express cards to make payments. The excessive surcharging ban has applied to large businesses since September last year and now extends to all businesses that are either
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