Senator Nick Sherry, Minister for Superannuation and Corporate Law, has tonight launched the 2008 editions of theAustralian Financial Markets Association Australian Financial Markets Report and Austrade’s 2008 Financial Services Benchmark Report: Australia – A Global Financial Services Centre, which report on developments and trends in Australia’s economy and financial markets.
In launching the reports at the Australian Securities Exchange in Sydney, Minister Sherry also outlined the Rudd Government’s priorities and policies in positioning Australia as a successful global financial services hub.
“Australia’s Financial Services Benchmark Report, now in its eight year, outlines Australia’s key competitive advantages as a global financial centre in the Asian time zone.“
“These Reports further reinforce the Government’s agenda – being led by Ministerial colleague Chris Bowen – of securing Australia’s future as a financial service hub.
“Reforms already being put in place by the Rudd Government on withholding tax and the announcement of a dedicated team to progress our position as a financial services hub are just two examples of how we’re taking this project forward.“
“In addition, I recently signed on behalf of the Government, a world-leading arrangement between Australia and the USA that will pave the way for easier access to each other’s markets. That was Australia’s third mutual recognition agreement following similar agreements in New Zealand and Hong Kong.”
“Australia has the fourth largest pool of contestable investment fund assets and the 7th largest stock market in the world. Our industry manages more than $1 trillion in assets, having grown at an annual rate of around 11 per cent since the Hawke-Keating Government’s introduction of the Superannuation Guarantee in 1992.”
“There is every reason why Australia should be a successful financial hub and continue to engage with great vigour in the global marketplace. We have what it takes including a solid legal and taxation regime, an effective regulatory environment and a skilled workforce.”