Australia – ‘most efficient and competitive financial sector in Asia-Pacific’ 19 January 2009 The Australian Financial Centre Forum’s report, Australia as a Financial Centre, has just been released. Commissioned by the Australian Government, the report concludes that Australia has arguably the most efficient and competitive financial sector in the Asia-Pacific region. The Minister for Financial Services, Superannuation and Corporation Law, Chris Bowen, said that Australia, as an open, well regulated and stable economy in the region, is uniquely placed to capitalise on its comparative advantages. Gary Johnston, head of Financial Services for Austrade, the Australian Trade Commission, said that the Australian financial sector has a highly skilled workforce and a first class regulatory framework. “This has served us well during the recent global financial crisis,” Mr Johnston said. Among the recommendations of the report is a cut in the rate of withholding tax. Last July, the withholding tax rate on certain distributions of income to non-residents by Australian managed funds was reduced to 15 per cent. "From July 1 this year the withholding tax rate on those distributions will be cut further to 7.5 per cent – one of the lowest rates in the world," the Minister said. The report is available at: www.treasury.gov.au/afcf/content/final_report_asp More information |