In November 2009 the Australian Financial Centre Forum released the Government-commissioned Report, Australia as a Financial Centre. The Report noted that Australia has arguably the most efficient and competitive full service financial sector in the Asia-Pacific region. It is strong, well-regulated and highly regarded around the world.

Since the Report was issued, some progress has been made in exporting our expertise in funds management. Investment by foreign fund managers into Australian Managed Investment Trusts (MITs) has doubled from $20.3 billion to $43.6 billion over the past five years, but the proportion of total exports represented by financial exports has remained static at 3.6 per cent over that period. There is potential to export a lot more.

Assessing where Australian policy settings have got to and what more is currently needed is the focus of this follow-up report.