Jim Chalmers welcomes the news that Australian investors will likely escape a 15 per cent tax that would have been imposed on them as part of Donald Trump's "big, beautiful bill".

In short:

US Treasury Secretary Scott Bessent says he will ask for a “revenge” tax on countries that tax US tech giants be taken out of Donald Trump’s “big, beautiful bill”.

Treasurer Jim Chalmers, who had lobbied Mr Bessent about the tax earlier this week, said the decision was “a really welcome one for Australians”.

What’s next?

In return, Mr Bessent secured an exemption from multinational tax rules, which Mr Chalmers says Australia will consider the implications of.