8 June 2015
Media Release - #2015030, 2015

In the role of: Assistant Treasurer [23 December 2014 - 21 September 2015]

Promoting Australia’s financial services capabilities in Japan and Korea

I will visit Japan and Korea this week to participate in a range of high-level discussions with key government and business representatives on Australia’s financial services sector and the Asia Region Funds Passport.

I will be accompanied by a Financial Services Council (FSC) delegation of senior representatives from the Australian financial services industry.

My visit to Japan and Korea in the company of the FSC delegation will be valuable in promoting Australia’s financial services strengths and capabilities and to identify future opportunities for growth under the free trade agreements concluded by the Abbott Government.

Australia’s strong and growing funds management industry includes $2 trillion in superannuation funds under management, which is forecast to grow to more than $9 trillion by 2040. The Government is strongly supportive of the benefits of regional financial services integration, which is why we have been supporting the Asia Region Funds Passport.

The Asia Region Funds Passport is an APEC initiative and will create a regional market for managed investment funds by reducing regulatory barriers and creating a standard set of rules.  

The Japan-Australia Economic Partnership Agreement is a significant development for Japan’s and Australia’s financial services sectors.  Under the agreement, our nations will allow financial services providers to supply services that, in the past, were restricted to domestic financial institutions.

In Japan, I will be speaking at a luncheon hosted by the Australia Japan Business Cooperation Committee and meeting with Japanese industry to discuss regional financial services integration. 

I will also be holding bilateral meetings with government counterparts to discuss the Asia Region Funds Passport and implementation of the Japan-Australia Economic Partnership Agreement.

In Korea, I will be meeting with Korean financial services industry representatives to discuss the challenges facing our financial services industries, particularly in regard to superannuation and retirement incomes.