Victoria to lure industry south
The Victorian Government will aim to create a new ministerial position to forge a better link between itself and the financial services industry after completing an audit of the sector.
The Victorian Minister for Financial Services Tim Holding says the state’s strong infrastructure and depth of resources should encourage more independent financial planners and boutique investment managers to locate in the state.
“The audit makes it clear Victoria has many key industry advantages, including a strong professional services, a vibrant economy, low-cost infrastructure, a stable regulatory and political environment and a strategic regional location,” he says.
The financial services industry accounts for 8.2 per cent of Victoria’s economy and is the third largest contributor ($13 billion) after manufacturing and business services.
Holding believes Victoria should be more pro-active in attracting international companies to base themselves in the state.
“Victoria is well-positioned to pursue growing international opportunities, especially in providing financial services management for the Asian region.”
Other recommendations stemming from the audit include developing more education and training facilities for the financial services industry, and focusing on export opportunities.
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
As reports flow in of investors lining up to buy gold at Sydney’s ABC Bullion store this week, two financial advisers have cautioned against succumbing to the hype as gold prices hit shaky ground.
After three weeks of struggling gains, this week has marked a return to strong growth for adviser numbers, in addition to three new licensees commencing.
ASIC has banned a Melbourne-based financial adviser who gave inappropriate advice to his clients including false and misleading Statements of Advice.
