Sydney, 22 July, 2008: The Prime Minister, The Hon. Kevin Rudd, and the Australian Bankers’ Association (ABA) met today to discuss a new agenda for cooperation between the Federal Government and the banking industry to enhance Australia as a financial services centre in the Asia Pacific.

The Prime Minister, Treasurer The Hon. Wayne Swan, Assistant Treasurer and Minister for Competition Policy and Consumer Affairs The Hon. Chris Bowen and Minister for Superannuation and Corporate Law Senator The Hon. Nick Sherry joined the ABA and high-ranking representatives from the banking sector to discuss long-term strategies for Australia to take advantage of the opportunities of fast growing markets for financial services in the region.

ABA Chairman and Group Chief Executive Officer of the National Australia Bank, John Stewart, said: “Financial services are one of the things this country does best. As a nation we should be immensely proud of the quality of our financial services sector.”

“Australia deserves to be recognised internationally for the depth and sophistication of our banking and wealth management capabilities. Today we have committed to accelerating growth and fostering innovation in these services in Australia and across the region.”

“If we look to the Middle East, we see the steps several sovereign states are taking to protect their long-term future and diversify beyond mineral exports. Australia should do likewise and accelerate the development of our financial services sector.”

“For example, as one of few countries with mandatory superannuation contributions, Australia has developed some of the most sophisticated funds management practices in the world.”

“We should look to export these services for the benefit of Australia’s economy – particularly to take advantage of the projected growth in demand for financial services within fast growing economies of the Asia Pacific region.”

Mr Stewart continued: “Great opportunities exist for Australia in the provision of global financial services. The Government and the banking industry recognise this opportunity and are committed to working hand-in-hand to take full advantage of our unique position. This initiative will embrace the entire sector and will build on support from all facets of financial services.”

The ABA also reaffirmed its commitment to the package of account switching initiatives announced by the Treasurer in February 2008.

“The Australian banking industry remains committed first and foremost to providing the highest quality services to domestic consumers through a competitive environment,” Mr Stewart said. “To this end, the banking industry also confirmed its commitment to implement the Government's account switching package.”