The Australian and NSW Governments have pledged to work with industry to build Australia's capability as a global financial services centre, following a successful financial services hub summit in Sydney yesterday.
The summit brought together more than 100 leaders from business, government and academia, who were keen to tell the Australian and NSW Governments their ideas on how to advance Australia as a regional financial services hub.
"Global trade in financial services has been growing faster than any other services sector, and with our sophisticated financial sector and international track record we are confident of capitalising on our strengths," Assistant Treasurer Chris Bowen said after the summit.
"There will be a dedicated team within the Treasury to assess and implement ideas raised at the summit and to act as a single point of contact with industry and submit an action agenda by the end of the year.
"The issues raised are firmly on the agenda of the Henry Review and the Board of Taxation's review of tax arrangements applying to managed investment trusts."
NSW Minister for State Development Ian Macdonald said that an aggressive cooperative strategy between the State and Federal Governments could ensure Australia capitalised on opportunities in the global financial market.
"The importance of the financial services sector to Australia's economic future had been highlighted by the strong response to the summit from industry leaders," Mr Macdonald.
"The NSW and Australian Governments are both strongly focussed on promoting our financial services sector in our key international markets – the United States, China and India.
"Financial services exports are worth more than $150 billion a year.
"The NSW Government is targeting key global financial institutions to attract investment to Sydney and to enhance Sydney's global reputation as a leading hub for the Asia Pacific.
"The Government is committed to developing Barangaroo, the East Darling Harbour site, as a potential future financial services precinct, for NSW, Australia and the region.
"We are aiming to create Australia's version of Canary Wharf or the Dublin Docks financial precinct.
"The proposed revised Barangaroo Concept Plan is to increase the commercial office space to be built on the site by between 50,000 and 120,000 square metres.
"The revised plan is on public exhibition until August 15."
"This willingness to share ideas and work together will contribute greatly to enhancing Australia's status as a financial services hub.
"Australia has much to gain by building the hub – global trade in financial services is growing faster than in any other sector, at an average annual rate of 17 per cent this decade."
1 August 2008