The government will look to build stronger global networks in financial services, assistant treasurer Nick Sherry has said.
Australia needs to be more pro-active in exporting its financial services industry strengths overseas, assistant treasurer Nick Sherry told an audience at an Investment and Financial Services Association (IFSA) lunch last week.
He said Australia needed to build better relationships with Asia, particularly Indonesia. Sherry told the audience that there aren't very many examples of domestic financial services businesses operating out of Asia.
Sherry also said the way sovereign wealth funds were taxed was a key priority for the government. Sherry said it was important that taxation maintained a flow of investment into the funds.
"It's very important given our financial and economic environment that Australia maintains an attractiveness and flow of capital," he said.
Sherry will visit Qatar, Bahrain and the United Arab Emirates in April to look into the promotion of Islamic banking and finance in Australia.
The Rudd Labor government plans to bring back certainty to the financial services industry by repealing 100 provisions on income tax laws.
The two non-consecutive alphabetic letters encountered most often last week caused more controversy than the underlying policy they represented, Wouter Klijn writes.... read more »
Home delivered!
Daily news, weekday mornings
Get the day's news delivered direct to your inbox. Register here (it's free!) and choose 'yes' to receive the InvestorDaily newsletter.
