The Report notes that despite a solid domestic base and the enormous opportunities in offshore markets, the Australian financial sector’s engagement in cross-border activities within the Asia-Pacific region and beyond is not well developed.
According to the Report, there are many reasons for this, including tax and regulatory policy settings. It details 19 recommendations on how to substantially boost trade in financial services and further improve the sector’s competitiveness and efficiency.
The Government has said it will provide its response to the Report later this year, noting that the recommendations will need to be considered in the context of the upcoming release of the Australia’s Future Tax System (Henry) Review and the 2010-11 Federal Budget.
Our Reform in Focus brief includes an analysis of the Report’s recommendations and the key implications for businesses in the financial services sector.