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Asia-Pacific developments: progress in making Australia a financial services centre


The government has a clear policy of developing Australia as a regional financial centre. The Johnson Report, released in November 2009, found that our tax system is the greatest constraint to encouraging financial transactions from taking place through Australia. This article canvasses recent policy developments and the prospects of progressing some of the Johnson Report's key recommendations: the development of an investment manager regime; the establishment of an Asian funds management passport; reforming the offshore banking unit concession; and encouraging development in the corporate bond market. Taken together, the implementation of these reforms could have a significant impact on the capacity of Australian financial services companies to capitalise on opportunities in the Asia-Pacific region and beyond.

Author profiles:

Geoff Weir
Current at 03 March 2011 Click here to expand/collapse more articles by Geoff Weir.
Alf is a Senior Tax Partner with Ernst & Young and also Managing Partner of the Sydney Office. He has more than 20 years experience with a focus on international tax. Alf has been a regular presenter and commentator on tax issues and was a co-author of the White Paper prepared for Business Council of Australia (BCA) in 2001, which was used as a basis for the Australian Government’s Review of International Tax Arrangements (RITA). He was also an advisor to the Board of Taxation on RITA and sits on the Treasury Steering Committee overseeing the detailed design of the RITA measures.
Current at 17 December 2007 Current at 17 December 2007 Click here to expand/collapse more articles by Alf CAPITO.


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