Australia on Tuesday proposed new legislation to tighten tax loopholes that the conservative government says have allowed around 30 of the world’s largest multinational companies to avoid paying taxes. Under the proposals, released as part of Australia’s 2015/16 federal budget, companies with more than A$1 billion in global revenues that are found to have intentionally avoided paying tax in Australia could be pursued for lost taxes. Apple (AAPL.O) and Microsoft (MSFT.O), focusing particularly on their alleged shifting of profits from high-tax countries to low or no tax regimes.