The release of the Australian Financial Centre Forum report has reaffirmed the government's commitment to promoting Australia as a leading financial services centre.
Assistant Treasurer Chris Bowen said the 19 recommendations from the Australia as a Financial Centre report (the Johnson Report) were worthy of serious consideration.
"I can't stand here today and prioritise them. I can't endorse them on behalf of the government ... I think they're all good recommendations, worthy of serious consideration," Bowen said in a doorstop interview.
According to Bowen, tax was a key area in the promotion of Australia as a financial services hub.
"That's the feedback received by the panel - it's feedback received by the government and we've shown by our track record that we're more than happy to take that feedback on board," he said.
The government would consider the final recommendations and respond later in the year.
The Investment and Financial Services Association (IFSA) chief executive John Brogden said if the recommendations were adopted, Australia stood a chance of becoming a leading financial services centre in the region.
"The government has our industry's full support to implement these recommendations," Brodgen said.
The Johnson Report, released last week, outlined recommendations that cover taxation, human capital and regulation and regulatory supervision.
It concluded that Australia was the perhaps the most efficient and competitive financial sector in the Asia-Pacific region.
"There are opportunities to expand our exports and imports of financial services and hence maximise the benefits flowing to the Australian workforce and Australian consumers of financial products," it said.
The government commissioned the report in September 2008 as part of its commitment to securing Australia's future as a leading financial services centre.
