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Government and industry set the agenda for Australia to become a financial services hub.



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JOINT MEDIA RELEASE WITH THE HON KEVIN RUDD MP PRIME MINISTER

GOVERNMENT AND INDUSTRY SET THE AGENDA FOR AUSTRALIA TO BECOME A FINANCIAL SERVICES HUB

The Prime Minister today announced a platform for future action by Government and industry to secure Australia's future as a financial services hub.

The Rudd Government announced the establishment of a dedicated team within the Treasury to assess and implement ideas raised at the summit and to act as a single point of contact for industry to help make Australia a financial hub.

The Treasury team will consult widely with industry and ensure that the diverse range of ideas canvassed at the summit are considered and implemented in a timely fashion.

The Government's Financial Sector Advisory Committee will oversee the work of the Treasury team and provide industry input into recommendations to government.

The Government will report back with an agenda for action by the end of the year.

The Prime Minister further announced that:

• Taxation issues raised by industry will be considered by the Henry Review and the Board of Taxation's review of tax arrangements applying to managed investment trusts; and

• The Government will actively promote Australia's financial services sector by leading a 'roadshow' to key Asian economies.

The summit builds on the range of initiatives the Government is pursuing to boost financial services exports, and brought together for the first time representatives across industry, government and academia.

The summit will discuss new opportunities for the Australian financial services sector and help the Government and industry chart a path forward to ensure that Australia's financial services sector is amongst the most competitive in the world and that Australian financial services businesses can succeed in global markets.

SYDNEY 31 July 2008