Strength of Australia’s financial sector regulation

28 July 2009

During recent discussions in the United States, Australia’s Assistant Treasurer Senator Nicholas Sherry outlined the strength of Australia’s system of financial sector regulation and supervision of the banking sector.

He also reinforced Australia’s potential to become a regional financial services hub.

In the US, Senator Sherry met with Senators and Congressmen, as well as officials at the US Treasury, the Federal Reserve, the SEC, IMF and World Bank.

He reaffirmed Australia’s strong partnership with the United States over tax cooperation, including tax havens and tax evasion, and said that his discussions in Washington had provided a strong insight into the financial regulatory challenges facing the US and other countries.

“It’s very clear following my talks on Capitol Hill and with the IRS, that Australia and the United States share a strong commitment to cooperate to stamp out tax abuse, wherever it occurs,” Senator Sherry said.