Labor welcomes the signing today of the Memorandum of Co-Operation for the Asia Region Funds Passport with Japan, Korea and New Zealand.

The development of the Asia Region Funds Passport, a recommendation of the Johnson Report on Australia as a financial centre, was championed by Labor while last in Government.

The Shadow Treasurer, when Minister for Financial Services in the last Labor Government, did the groundwork for the Asia Region Funds Passport, setting up a task force to develop the proposal and implementing several complementary recommendations of the Johnson Report.

Australia’s financial services industry is the largest and fastest-growing sector in the Australian economy, which makes the development of global relationships in this industry especially important.

Deloitte Access Economics research commissioned by the FSC in 2014 found that just 3.5 per cent of funds under management in Australia are sourced offshore, which is low when compared to some of our regional neighbours.

Labor supports these efforts to better promote and develop Australian financial services in the Asia Region.