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.
