Financial services hub funding finally on offer

government-and-regulation/assistant-treasurer/government/treasury/

19 April 2011
| By Ashleigh McIntyre |
image
image
expand image

The Federal Government’s election promise to turn Australia into a financial services hub is starting to take shape, with the tender process beginning for the Centre for International Finance and Regulation.

Assistant Treasurer Bill Shorten (pictured) is inviting Australian universities to tender for $12.1 million in funding from the Commonwealth to host the centre.

“The creation of the Centre for International Finance and Regulation is a key part of the Gillard Government’s work to promote Australia as a financial services hub in Asia,” Shorten said.

The centre was promised as part of the Rudd Government’s 2010 budget, with promises of $25 million over the next four years to be put towards funding.

A working group, which will be chaired by Paul Costello, has been established to oversee the tender process and select the host university.

The group includes private sector participants with significant financial services experience, as well as representatives from the departments of Treasury, Prime Minister and Cabinet, as well as employment and Workplace Relations.

“The Centre will focus on regional engagement, innovation and regulation. It will improve understanding of global financial markets, their interconnectedness, and their influence on national economies,” Shorten said.

“It will represent a strategic link between academia, financial regulators, Government and the finance industry.”

Shorten said it was expected that the work would be completed by mid to late 2011.

Homepage

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 4 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks 1 day ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 6 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND