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Changes to the Foreign Investment Review Board tax conditions

In February 2014, Treasurer Joe Hockey stated that the tax affairs of foreign investors would be taken into account when foreign investment proposals were considered by the Foreign Investment Review Board (FIRB). In February 2016, the Government announced that conditions aimed at ensuring ‘multinational companies investing in Australia pay tax here on what they earn’ would be applied by the FIRB to foreign investment proposals. Following consultations between Treasury, the Australian Taxation Office (ATO) and industry, in May 2016 the Government revised the tax conditions that will apply to certain foreign investment proposals. The revised conditions addressed concerns raised by... Read more...

Economic growth and change in post GFC world: What’s hot and what’s cold in the Australian economy

Since the Global Financial Crisis (GFC) in 2008, the Australian economy has experienced a period of slower, more uncertain growth than it did in the years leading up to the crisis. During the four years leading up to the GFC, Australia’s economy grew between three and four per cent a year, in inflation adjusted terms, with an annual average growth rate of 3.4 per cent. Since then, growth has been as low as 1.6 per cent in 2007—08, and only topped three per cent in 2011—12. The annual average growth rate for this later period was 2.4 per cent; a full percentage point lower than the earlier period. However, not all parts of the economy have performed equally over the las... Read more...

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