IFSA calls for action on financial services exports
Richard Gilbert
The Investment and Financial Services Association (IFSA) has called for a more concerted effort by the industry and government to export Australia’s financial services capabilities.
IFSA has released “Policy options to increase Australia’s export of funds management services”, a comprehensive policy paper that outlines future directions for the Australian financial services industry and provides a 20/20 vision to take the Australian economy beyond the resources boom.
IFSA chief executive officer Richard Gilbert said Australia’s services industries at present contribute more than 73 per cent of gross domestic product (GDP) and employ 80 per cent of the workforce; however, they only make up 22 per cent of exports. Gilbert believes real potential exists to develop a substantial export market in the funds management area.
“In releasing this document, IFSA is effectively saying the time has come for a more concerted effort by the industry and government to export our financial services capability. As an industry, we are ready, willing and able to work with government, regulators and other agencies to achieve this outcome,” he said.
“Australia’s fund managers are well positioned to meet the growing demand for products, services and expertise coming from the Asian region and beyond — representing a substantial additional export opportunity for the nation.”
Gilbert said the costs associated “with exploiting these opportunities” would be minimal, as much of the requisite infrastructure is already in place. Therefore, he said the challenge for foreign policy makers is to re-position funds management as a central platform in all World Trade Organisation trade negotiations and multi-lateral and bi-lateral trade agreement negotiations.
“Financial services represents 7.2 per cent of GDP and is the third largest sector in the Australian economy, the largest managed investment asset pool in Asia and the fourth largest managed funds market in the world.
“Our sector is asking for a ‘hand up’ in exploiting our export potential — not a ‘hand out’. We want to play a more prominent role as an exporter so that our funds management capability and associated services can become one of the growth engines for the maintenance and enhancement of Australia’s economic prosperity for future generations.”
A copy of “Policy options to increase Australia’s export of funds management services” is available on the IFSA website: www.ifsa.com.au.
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