Financial services hub funding finally on offer

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.