Rudd woos US financiers
by Alan Thornhill
The Prime Minister Kevin Rudd wants more international financiers to base operations in Australia.
He made his pitch in a speech he delivered in New York yesterday.
“… the Australian financial sector has one of the soundest regulatory frameworks in the world,” he said.
Mr Rudd said, too, that much of the spadework had already been done.
“The development of Australia’s financial services sector shows that world-class industries can emerge given the right policy settings,” he said.
“And it is worth reflecting for a moment on the global comparative advantages Australia’s financial services sector exhibits,” Mr Rudd added.
He reminded the US financial community, too, that Australia is in the same time zone as the East Asian hemisphere.
“Australia has strong institutional – and, increasingly, linguistic – linkages to financial markets across our region,” Mr Rudd said.
He noted, too, that an increasing number of Australian professionals are already “capable of operating in the principal languages of Asia.”
Mr Rudd said, also, that the market capitalisation of the Australian Stock Exchange, which is now more than one trillion US dollars, is also “about three times bigger than Singapore and around half that of the Hang Seng.”
And he said Australia’s funds management industry is the fourth-largest in the world with $1.3 trillion under management.”
That had resulted from superannuation reforms that the previous Labor government had introduced in the 1990s.
Mr Rudd reminded US investors, too, that his government plans to halve the withholding tax on distributions to non-resident investors in Australian managed funds to 15 per cent.
He said this would make Australia’s tax system “much more competitive with comparable tax regimes elsewhere.”
Mr Rudd noted, too, that Australia expects to have an agreement for mutual recognition between Australian and US securities regulatory regimes “by year’s end.”
This would be ” a global first for both the SEC and its Australian equivalent ASIC,” he said.
1 Comment
Profile
The Latest
20th May
The Dow Jones index fell 73.11 points to 12,369.40 (Friday, New York time)
THE MARKETS
| All Ordinaries | 4098.800 | |||||||
| S&P 500 | 1295.22 | |||||||
| Aud To Usd | 0.9844 | |||||||
| Bhp Blt Fpo | 31.460 | |||||||
| Suncorp Fpo | 7.740 | |||||||
| Telstra Fpo | 3.520 | |||||||
| Csl Fpo | 36.550 | |||||||
| Newcrest Fpo | 25.030 | |||||||
News to Use
- The G8 gamechanger
- G8 goes for growth
- Your super? Some advice and a checklist
- Australian wages finally outstrip prices
- Watchdogs rapped over Trio collapse
- Confidence still “weak” despite good figures
- Increased family payments to start now
- Greece headed for fresh elections
- Job security worries curb spending
- Greece on the edge
- Battling for “the battlers”
- Unemployment surprise – rate drops to 4.9%
- Are we worrying too much?
- The budget’s hidden strategy
- He cooked the books:Abbott
Topics
- Airlines (18)
- Banking (1475)
- Business (1582)
- Communications (35)
- crime (3)
- Disaster (84)
- Economics (1586)
- Environment (76)
- Financial advice (1353)
- Health (55)
- Housing (453)
- Inflation (431)
- Insurance (66)
- Investment (1401)
- Markets (1134)
- Media (108)
- Politics (1479)
- Regulation (679)
- retirement (15)
- Rural australia (87)
- Security (14)
- Social security (157)
- Superannuation (175)
- Tax (247)
- The latest (1)
- Trade (292)
- Uncategorized (278)
Archives
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- September 2007
- August 2007
Recent Comments
- How you pushed up home loan rates « Private Briefing – Personal … | My Blog on How you pushed up home loan rates
- Pete on Rudd government had entered “paralysis:” Gillard
- Liam Knuj on The Prime Minister, Julia Gillard’s, New Year’s Message
- Change is for the better,change is where your heart grows stronger on Family Assistance boost
- Harry on The Prime Minister, Julia Gillard’s, New Year’s Message




Alan Thornhill is a parliamentary press gallery journalist. Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.
[...] Rudd woos US financiers [...]