On 31 July 2025, Australia's Productivity Commission (PC) released the first of five scheduled interim reports in response to a request by the Australian Treasurer in December 2024 for the PC to undertake five inquiries to identify the highest priority reforms under the government’s five-pillar productivity growth agenda.

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Despite the political headwinds the OECD’s Pillar Two framework continues to face, Pillar Two is enacted legislation in Australia. In-scope groups must therefore continue their preparation to meet Australia’s Global Minimum Tax and Domestic Minimum Tax obligations.

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Following the re-election of the Albanese government, there has been much talk about flatlining productivity in Australia, and what can be done to revive the almost stalled rate of economic growth. We can and should do better in our tax law making processes. How might we do this?

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On 16 July 2025 the Australian Taxation Office released draft guidance regarding global and domestic minimum tax lodgment obligations for the transitional period – the first administrative guidance released on the new Pillar Two rules that were introduced in Australia in 2024.

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On 3 July 2025, the ATO released a draft Law Administration Practice Statement PSLA 2025/D1 Public Country-by-Country reporting exemptions. The draft PSLA outlines the considerations, process and information relevant to the grant of full or partial exemptions from public Country-by-Country reporting.

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