Enhancing Australia as a Financial Centre

Sydney, 15 January, 2010: The Australian Bankers' Association (ABA) welcomes the release today of the report of the Australian Financial Centre Forum (AFCF) - "Australia as a Financial Centre, Building on our Strengths" by The Hon. Chris Bowen MP, Minister for Human Services, Minister for Financial Services, Superannuation and Corporate Law.
 
Acting CEO of the ABA, Ian Gilbert said "The report is very comprehensive, and its recommendations address the broad priorities identified by the financial services industry in taxation, regulation, human capital and market access."

"The timing of the release of the report provides opportunities for early action and the ABA looks forward to the Government's response.  The report was developed over the last year with the assistance of a broad range of industry stakeholders, and includes many specific examples of opportunities for reform.  The ABA supports the report's recommendations, and welcomes for example, those relating to reform of interest withholding tax and the offshore banking unit regime.

It will be very important to maintain the momentum of the AFCF project, and the ABA welcomes the recommendation for the Financial Centre Taskforce.

Mr Gilbert said "The report's recommendations are significant and wide-ranging, and an ongoing and strong partnership between industry and Government will be necessary to ensure the major opportunities identified are realised, as early as possible."

For further information:

Judith Phillips,
ABA PR.
Phone: 02 8298 0407
Mobile: 0438 438 849

ENDS