The Australian Labor Party (ALP) has declared its intention, if successful in gaining government next year, to establish a taskforce with a view to making Australia the financial services hub for the Asia-Pacific region.
Speaking at the Investment and Financial Services Association annual conference on the Gold Coast yesterday, the Shadow Minister for Foreign Affairs, Trade and International Security, Kevin Rudd, announced the ALP’s commitment to establishing the Australian Funds Management Export Taskforce (AFMET).
Rudd, who was critical of Australia’s export performance, which had been too dependent on commodities, believed AFMET would be instrumental in analysing and exploring opportunities and challenges for exporting Australian financial services to the Asia region. The taskforce would also be charged with investigating other policy challenges, including regional market access and the national branding of Australia as a potential funds management hub for Asia.
Rudd acknowledged the important role played by the $1 trillion Australian funds management industry in the nation’s economy, and believed more could be done to capitalise on the burgeoning opportunities available in Asia.
“Our task is to construct an alternative economic vision for Australia which does not put all of our eggs into the one basket — one whose cornerstone is a radical investment in the knowledge economy of the 21st century. A role for smart manufacturing,” Rudd said. “And a critical role for smart service industries such as [funds management].
