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.
AUTHOR
Mike Taylor
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
