Australia as a Global Financial Services Centre Source: SenateSuper 'Media Releases' 22nd May 2000 This material is reproduced by permission but does not purport to be the official or authorised version. The accuracy of the content is not guaranteed. Please rely only on the authorised document. The Senate Select Committee on Superannuation and Financial Services held a Public Hearing in Sydney on 16 May on matters relating to superannuation and financial services. One of the matters the Committee is inquiring into the opportunities and constraints for Australia to become a centre for the provision of global financial services. The Committee heard evidence from key witness groups, including the ASX, the Australian Centre for Global Finance, the Australian Financial Markets Association, the International Banks and Securities Association of Australia, some investment and financial services companies, and some academics. While Australia has many advantages in being able to play a key role in the provision of global financial services, witnesses drew the Committee's attention to the relatively small size of the Australian market and the danger Australia faces of being left behind in a global economy. A number of issues were raised during the hearing, including: The potential for amalgamation and linkages between the ASX and other stock exchanges; The need for Australia to have a city – possibly Sydney – identified as the financial centre; The need for much more public education and training about investment, as well as the need for better education and training for financial management personnel; The need for change in the 'silo' approach of industry associations to better focus dialogue between Government and industry by providing a one-stop shop for coordinating and conveying industry views to Government; The need to reduce the number of 'clearing houses'; The need to review a number of taxation issues, such as those relating to GST rules for Offshore Banking Units and rules for Collective Investment Vehicles. The transcript of the hearing is available on the internet at: http://www.aph.gov.au/senate/committee Further details: Senate Select Committee on Superannuation and Financial Services Web site: www.aph.gov.au/senate/committee/superfinan_ctte Submit an Article to the Newsroom DISCLAIMER: Supercorp Australia Pty Ltd and its officers and employees, disclaim all and any liability and responsibility to any person for any act or consequence or omission in respect of the above information. No person should rely on the contents of this information without obtaining advice from a qualified professional. Copyright © 1999-2002 - Supercorp Australia Pty Ltd - ABN 92 063 307 700