O'Dwyer sees funds management as jobs creator
The Federal Government has pointed to substantial job creation from policy measures increasing the volume of foreign sourced funds into the local funds management industry.
The Minister for Revenue and Financial Services, Kelly O'Dwyer has drawn upon recent research conducted for the Financial Services Council (FSC) by Deloitte Access Economics to claim that an increase in Australia's foreign sourced funds under management to even 10 per cent would translate to significantly more investment, more Australian jobs, and growth in gross domestic product (GDP).
She said the research showed that merely doubling the current percentage of funds management exports could lead to an increase in GDP of $326 million and more than 700 jobs by 2029-2030.
Addressing an industry forum, O'Dwyer said that as Australia transitions from a resources-led economy to a services-led economy, it was uniquely positioned to take full advantage of the positive demographic changes that were happening in our region. "However, at just 3.4 per cent, foreign sourced funds only represent a tiny proportion of Australia's $2.66 trillion dollar funds management industry," she said.
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