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| Australian Financial Centre Forum | |
|---|---|
| Name | Australian Financial Centre Forum |
| Formation | 2008 |
| Type | Advisory body |
| Headquarters | Sydney |
| Region served | Australia |
| Leader title | Chair |
Australian Financial Centre Forum
The Australian Financial Centre Forum was an advisory body established in 2008 to advise on policies to enhance Sydney as an international financial services hub, with links to national policy debates involving Treasury, Reserve Bank of Australia, Australian Securities and Investments Commission, and state-level authorities such as New South Wales. It engaged with stakeholders including Commonwealth Bank of Australia, Westpac, ANZ, National Australia Bank, major law firms like King & Wood Mallesons and Allens, and professional services firms such as KPMG, Deloitte, EY, and PwC.
The Forum was announced amid policy discussions influenced by events like the 2007–2008 global financial crisis and in the context of debates involving Prime Minister Kevin Rudd and the Australian Labor Party about Australia's position relative to international centres such as London, Hong Kong, Singapore, and New York City. It drew on prior reviews and reports from entities such as Productivity Commission (Australia), Australian Treasury, and industry groups including the Australian Bankers' Association, Financial Services Council (Australia), and the Council of Financial Regulators (Australia). The Forum's creation followed consultations with universities like University of Sydney and University of New South Wales, think tanks such as the Grattan Institute and Lowy Institute, and international organisations including the International Monetary Fund and the Organisation for Economic Co-operation and Development.
The Forum's mandate covered issues related to attracting investment and encouraging growth in areas such as wholesale banking, asset management, insurance, securitisation, derivatives markets, and superannuation, intersecting with legislation like the Corporations Act 2001 (Cth), regulatory bodies including Australian Prudential Regulation Authority and ASIC, and governmental portfolios such as Treasurer of Australia. It sought to enhance competitiveness vis-à-vis centres like Frankfurt, Zurich, Tokyo, Dubai, and Shanghai by addressing tax settings involving the Australian Taxation Office, legal frameworks influenced by decisions from courts such as the High Court of Australia, and market infrastructure provided by entities like Australian Securities Exchange and Chi-X Australia.
Chairs and participants included senior figures from financial institutions, legal firms, and regulatory agencies, drawing on executives from Macquarie Group, AMP Limited, Suncorp Group, and leaders from consulting firms and academia including Australian National University and Monash University. The Forum worked alongside parliamentary inquiries such as those by the Parliament of Australia and committees like the Senate Economics References Committee, and coordinated with state treasuries including Victoria and Queensland. Membership featured representatives from industry bodies including the Business Council of Australia, Stockbrokers and Financial Advisers Association, and trade missions connected to Austrade.
Activities included policy roundtables, submissions to reviews such as those undertaken by the Productivity Commission and agencies like ASIC, white papers with input from law firms like Herbert Smith Freehills and consultancies like McKinsey & Company, and stakeholder workshops involving pension funds such as Future Fund and AustralianSuper. The Forum examined reform options related to financial market infrastructure such as clearing and settlement operated by ASX Limited, reforms to securitisation markets relevant to Commonwealth Bank of Australia and Westpac, and superannuation arrangements affecting trustees regulated by APRA. It also engaged with international regulatory dialogue involving Basel Committee on Banking Supervision, International Organization of Securities Commissions, and bilateral discussions with counterparts in Singapore and Hong Kong.
Prominent outcomes included contributions to debates on tax competitiveness, financial market regulation, and initiatives intended to increase listings and capital flows through the Australian Securities Exchange. The Forum's work influenced commentary from media outlets such as The Australian Financial Review and The Sydney Morning Herald, and was referenced in policy analyses by institutions including Griffith University and University of Melbourne economics faculties. Industry groups like the Australian Bankers' Association and Financial Services Council (Australia) often cited Forum recommendations in submissions to the Treasury (Australia) and parliamentary committees.
Critics raised concerns about industry influence and the balance between deregulation and stability, citing potential conflicts involving major banks (ANZ, Commonwealth Bank of Australia, Westpac, National Australia Bank) and large advisers such as McKinsey & Company and PwC. Debates referenced international comparisons with regulatory regimes in United Kingdom, United States, and Singapore and questioned whether recommendations favored financial services firms over consumers and retail investors represented by groups such as Choice (consumer organisation). Some commentators pointed to tensions between state interests (notably New South Wales and Victoria) and federal priorities under treasurers such as Wayne Swan and later officeholders. Ongoing scrutiny involved academic critiques from scholars at Australian National University and policy think tanks including the Australia Institute.
Category:Finance in Australia Category:Organizations established in 2008