Centre of the financial services world? That's us
Australia's drive to become a global financial services centre has received sev-eral boosts in the past few weeks.
Firstly, the Federal government announced in the budget that it would spend $7 million over two years in promoting Australia as a major financial hub.
Then Prime Minister John Howard followed up a week later by announcing the es-tablishment of the International Financial Centre Taskforce. To be based in Syd-ney's central business district, this taskforce will be headed by an exec
Australia's drive to become a global financial services centre has received sev-eral boosts in the past few weeks.
Firstly, the Federal government announced in the budget that it would spend $7 million over two years in promoting Australia as a major financial hub.
Then Prime Minister John Howard followed up a week later by announcing the es-tablishment of the International Financial Centre Taskforce. To be based in Syd-ney's central business district, this taskforce will be headed by an executive chosen from the private sector.
Howard added that Minister for Financial Services Joe Hockey would serve as a roving ambassador, promoting Australia as a global financial services centre.
Government will also reopen the Treasury's regional office in Singapore - a country which also recently announced moves to boost its own attractiveness as a financial services centre.
According to Howard, Australia's attractions include its stable economy, its well supervised and prudently regulated banking system and its sound principles of corporate governance.
However, he cautions: "Any hope we have of making Australia a global financial centre will be gravely threatened, if not totally destroyed, unless we can get fundamental taxation reform."
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