Australia as a Global Financial Services Centre

Media Release

Australia as a Global Financial Services Centre

The Senate Select Committee on Superannuation and Financial Services held a Public Hearing in Sydney on 16 May on matters relating to superannuation and financial services. One of the matters the Committee is inquiring into the opportunities and constraints for Australia to become a centre for the provision of global financial services.

The Committee heard evidence from key witness groups, including the ASX, the Australian Centre for Global Finance, the Australian Financial Markets Association, the International Banks and Securities Association of Australia, some investment and financial services companies, and some academics.

While Australia has many advantages in being able to play a key role in the provision of global financial services, witnesses drew the Committee’s attention to the relatively small size of the Australian market and the danger Australia faces of being left behind in a global economy. A number of issues were raised during the hearing, including:

  • The potential for amalgamation and linkages between the ASX and other stock exchanges;
  • The need for Australia to have a city – possibly Sydney – identified as the financial centre;
  • The need for much more public education and training about investment, as well as the need for better education and training for financial management personnel;
  • The need for change in the ‘silo’ approach of industry associations to better focus dialogue between Government and industry by providing a one-stop shop for coordinating and conveying industry views to Government;
  • The need to reduce the number of ‘clearing houses’;
  • The need to review a number of taxation issues, such as those relating to GST rules for Offshore Banking Units and rules for Collective Investment Vehicles.

The transcript of the hearing is available on the internet at:http:www.aph.gov.au/hansard/senate/commttee/comsen.htm

 

For comment: Senator John Watson

Chair

 02 6277 3685 (Canberra) or
03 6331 4544 (Launceston, TAS)
For information: Sue Morton

Secretary

 02 6277 3458 or
0416278258
Internet access: https://www.aph.gov.au/senate/committee  
Email: super.sen@aph.gov.au  

22 May 2000