Australian universities are invited to tender for $12.1m funding from the Commonwealth to host the Centre for International Finance and Regulation.
The invitation to apply for funding is being published on the Australian Government website, AusTender – www.tenders.gov.au.
"The creation of the Centre for International Finance and Regulation is a key part of the Gillard Government's work to promote Australia as a financial hub in Asia," Assistant Treasurer, Bill Shorten said.
A Working Group has been established to oversee the tender process and it will select the host institution for the Centre as a result of an open tender process.
The Working Group is chaired by Mr Paul Costello and includes private sector participants with significant experience in financial services and financial sector regulation. Representatives from the departments of Treasury, Prime Minister and Cabinet and Education, Employment and Workplace Relations also form part of the Working Group.
"The focus of the Centre will be to continue Australia's role at the forefront of global regulatory reform in the financial sector, which we have already developed through our contribution to international processes through the G20, the Financial Stability Board and the Basel Committee on Banking Supervision."
"The Centre will focus on regional engagement, innovation and regulation. It will improve understanding of global financial markets, their interconnectedness, and their influence on national economies. It will represent a strategic link between academia, financial regulators, Government and the finance industry."
"I would like to thank all the members of the group for agreeing to participate in this process. The vast knowledge and experience they bring to the group will greatly assist in selecting the most suitable institution to host the Centre. It is envisaged that this work will be completed by mid to late 2011"
"I encourage all suitably qualified institutions to tender for the Centre," Mr Shorten said.