Australian hub ambitions 'naive'
|
|
Australia’s aspirations to become a financial capital of the Asia region are naive, according to the managing director of Standard & Poor's, John Bailey.
Speaking in a panel discussion at the Financial Services Institute of Australasia's Asia financial services summit in Melbourne, Bailey said Australia would not be able to become a financial capital of the region given the complex and multi-dimensional nature of Asia.
“For us to think that we can become financial capital is naive. We can be very competitive, we see ourselves more of engaging with the area, but it’s an alliance,” he said.
Australia needs to be consistent with its regulation and its taxation if it wants to be competitive within Asia, as well as flexible, Bailey said.
He drew attention to the resources tax as an example of tax inconsistency in Australia.
“We need to be consistent, and having worked with Asia, in Singapore and Hong Kong, the regulators are very consistent and have momentum,” Bailey said.
Bailey labelled Australia’s tendency to have "a report [such as the Wallace Report] to government and then going to sleep for a couple of years, and [then] having another report” as losing momentum.
“That’s important, it’s a little bit fuzzy, but it’s one of the most important things.”
Recommended for you
Clime’s disposal of advice licensee Madison “needed to happen yesterday”, managing director Michael Baragwanath has told Money Management, as he concludes a severe cost-out period at the business.
As Viola Private Wealth continues on its growth trajectory, the wealth management firm has appointed a seasoned investment professional to be its first chief investment officer.
Financial advisers who wish to implement artificial intelligence in their practices need to undergo a change in their mindset as to how they use technology.
With United Global Capital expected to constitute a substantial portion of CSLR compensation in FY25–26, what has AFCA ruled in its determinations on the company so far?
