The Federal Assistant Treasurer, Chris Bowen MP, and NSW Minister for State Development, Ian Macdonald MLC, today announced that Sydney will host the Financial Services Hub Summit on the 31st July 2008.
The Prime Minister, Kevin Rudd, and NSW Premier, Morris Iemma, will address the Summit that is to be held at the NSW Trade and Investment Centre which will bring together leaders in industry, government and academia.
“The aim of the round table discussion is to develop policies and strategies to enhance Australia’s position as a regional financial services hub,” Mr Bowen said.
“The growth of the financial services sector is vital to the future of Sydney as a global city,” Mr Macdonald said.
The Summit is a joint initiative of the NSW and Australian Governments, with the participation of the Victorian Government.
This is another practical example of the Commonwealth and the NSW Governments working together to advance the economic reform agenda.
“This builds upon the Commonwealth’s financial services hub strategy which it began earlier this year by putting in place in Australia one of the world’s most competitive withholding tax rates that will boost Australia’s ability to compete in our region,” Mr Bowen said.
“Young people who want a future in financial services should not feel the need to move to London, New York or Dublin – there should be opportunities right here in Sydney and Australia.
"Australia is an attractive place to do business. We have a well‑regulated, and stable operating environment, a highly skilled workforce and a strategic location and time zone.
"In addition, Australia is internationally recognised as one of the major markets for managed funds."
The Australian funds management industry manages more than $1.4 trillion in assets with industry estimating this figure could exceed $2.5 trillion by 2015.
“Australia and New South Wales have huge potential to tap into the international financial services market, particularly in the Asia Pacific,” Mr Macdonald said.
“The NSW Government has keenly supported the financial services industry in NSW, working to attract new global institutions and high value, high skill global functions to Sydney.
“Sydney is the financial capital of Australia - ranked tenth worldwide and fourth in Asia.
“Sydney’s position is underlined by the fact that it is host to 53 of the 55 authorised deposit taking banks in Australia, plus all of the ten foreign subsidiary banks and all of the 31 local branches of foreign banks in Australia.
"The finance and insurance industry is the third largest industry in NSW, contributing A$33 billion to the State’s economy in 2006–07.
"Sydney has world-renowned capabilities in asset management, infrastructure financing and property financing. It is also a major location for high end middle office processing capabilities,” Mr Macdonald said.
25 June 2008