Austrade media release
2 October 2008
Austrade today launched its 2008 Benchmark Report: 'Australia a Global Financial Services Centre' in conjunction with the Australian Financial Markets Association's (AFMA) 2008 Australian Financial Markets Report at the Australian Securities Exchange.
The two key reports demonstrate the strength and resilience of Australia’s financial markets which is especially significant given the current uncertainty in global markets.
Austrade's Chief Executive Officer, Peter O'Byrne, who will be speaking at the event, said from 1 July this year, Austrade assumed the investment promotion responsibilities of Invest Australia.
"This has created a single agency with responsibility for assisting business on inwards investment, exports and outwards investment to better facilitate the Government's long term objective of positioning Australia as a financial services centre in the Asia Pacific region," Mr O'Byrne said.
"Austrade has established a dedicated financial services industry team based in Sydney which continues to help promote Australian financial institutions and the country's financial sector as a whole," he said.
"These changes overseen by Minister for Trade, Simon Crean, reflect the policy priority to enhance Austrade's focus on service exports and improve access to international markets, in particular across Asia.
"Recently, Minister Crean participated in the signing of a Memorandum of Understanding between AFMA and its Chinese equivalent organisation - the SAC at a financial services event hosted by Austrade's Business Club Australia at the Beijing 2008 Olympic Games.
"Austrade also participated in a mission to China sponsored by the Investment and Financial Services Association (IFSA) to establish closer links between the Chinese and Australian financial services industries," Mr O'Byrne said.
Austrade's National Manager Financial Services, Gary Johnston, said this year's Benchmark Report highlights the deep liquidity and sophistication of Australia's financial markets. It also points to the strength of regulatory and governance frameworks and their transparency which help provide reassurance at a time of global market turbulence.
The joint launch of the two publications also continues the strong working relationship developed with AFMA.
"This event and the recent trade missions demonstrate how Government and industry are working hand in hand to help engage more fully with the region, to take advantage of strengths and skill sets of the Australian financial services industry," Mr Johnston said.
"Austrade's overseas reach across more than 60 countries and extensive market knowledge is also well positioned to assist the Australian industry as it reaches out into global markets.
"This year's Benchmark Report shows Australia’s financial markets were among the largest, fastest growing and most sophisticated in the Asia-Pacific region, with total combined assets of more than A$4.2 trillion - equivalent to almost four times nominal GDP," Mr Johnston said.
"Global trade in financial services has been growing faster than any other services sector, and with our sophisticated financial sector and international track record we are confident of capitalising on our strengths.
"Australia has the fourth largest pool of funds under management, now exceeding A$1.2 trillion and the largest securitisation market in Asia-Pacific and fourth largest value of issuance in securitisation assets globally behind US and UK," Mr Johnston said.
Mr Johnston said while we face considerable dislocation and uncertainty at present, the Benchmark Report captures a longer-term view and reminds us that now, more than ever, Australia presents a compelling case as a global financial services centre in the Asia-Pacific region.
A copy of Austrade's 2008 Benchmark Report: 'Australia a Global Financial Services Centre' can be downloaded at: www.austrade.gov.au/financialservices.
ENDS
Austrade's National Manager Financial Services, Gary Johnston, is available for interviews.
Media contact
Sarkis Khoury
Senior Media Adviser
Tel: 02 9390-2118
Mob: 0414 401 072
Email: sarkis.khoury@austrade.gov.au
For further news and information from the Australian Trade Commission (Austrade) visit www.austrade.gov.au/mediacentre. |