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Asia-Pacific developments: progress in making Australia a financial services centre
Published on 01 Mar 11 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
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
Geoff began his career in The Australian Treasury before moving to the financial sector, where he has worked in London, Paris and Sydney as a hedge fund strategist and fund manager. Geoff was appointed to the position of Director, Australian Financial Centre Forum, in September 2008. Geoff has an Honours degree in economics from Macquarie University in Sydney and a Master of Philosophy degree from New College, Oxford. - Current at 17 February 2011
Alfonso Capito
Alf is a senior member of EY’s Tax Policy Group in Asia Pacific. He has had a long career in the tax advisory space and now deals with Treasury and other Tax Policy Makers on a regular basis. He also interacts with senior ATO officers in his role as well as having regular interaction with key firm clients on policy and tax administration matters - Current at 29 September 2022
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