The decision by international business news services CNBC to launch a dedicated Australian channel was a vote of confidence in the Government's strategy of building Australia as a global financial centre, the Minister for Financial Services & Regulation, Joe Hockey, said today.
The Minister launched CNBC's dedicated Australian channel in Sydney today.
"The launch of such an important source of financial information is another brick in the construction job of building Australia as a global financial centre," the Minister said.
"It also illustrates that the Government's policy to empower Australians through initiatives such as share ownership is working.
"CNBC's decision to launch a dedicated Australian channel shows a faith in the continued growth and maturity of the financial markets in this country.
"Moreover, programming devoted to Australia by CNBC is evidence that global financial players regard this country as a place that needs to be watched."
The Minister also said that the Government's policy of privatisation and its Wallis financial sector reforms, had helped fuel the growth in share ownership in Australia.
"In fact, Australia is now the largest share-owning nation in the world, with around 7.6 million Australians - or nearly 53.7% of the population - now owning shares.
"This is one of the reasons CNBC is moving into the Australian market.
"Every player in the financial services arena needs reliable information, from first-time investors to big-time institutions.
"CNBC's dedicated Australian channel will help provide this information."