Labor backs IFSA’s export ambitions
Simon Crean
The Federal Opposition has signalled that it is prepared to enter into discussions with the Investment and Financial Services Association (IFSA) to pursue policies capable of making Australia a funds management hub for the Asian region.
The Opposition spokesman on Trade and Regional Development, Simon Crean, signalled the Australian Labor Party’s readiness to consult with IFSA while welcoming an IFSA discussion paper highlighting the importance of the services sector, including funds management, in terms of driving export growth.
He said the Opposition agreed with IFSA that more needed to be done to improve exports of services.
“We need to build the capability and competitive advantage of the Australian funds management industry,” Crean said. “We need to build the skills of those employed in the industry.”
At the same time as supporting the IFSA submission, Crean criticised the Government for its rejection of a proposal to halve the rate of withholding tax on distributions from Australian managed funds to non-residents.
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Mike Taylor
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