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| Home : Resilience of Australian financial services sector creates new opportunities for India |
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Oct 13
2010 |
Resilience of Australian financial services sector creates new opportunities for India |
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The Australian Trade Commission ¬¬(Austrade) - the Australian Government's trade and investment development agency ¬- launched its 2010 Financial Services Benchmark Report in Mumbai today. |
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Newly appointed Australian Trade Commissioner to Mumbai, Patrick Kearins speaking at the event, said that the Benchmark Report was a key publication for the Australian Trade Commission, and a key document in promoting the strength and depth of the Australian financial services sector.
"It is a significant, but not widely known fact that the financial services sector is the biggest industry in Australia, contributing about 10 per cent to the Australia's annual GDP," Mr Kearins said.
"The sector is also one of the nation's leading employers, with an estimated workforce of 400,000, being some of the most skilled and highly educated people in Australia" he said.
The Australian Trade Commission's Global Manager - Financial Services, Gary Johnston said, "The 2010 Financial Services Benchmark Report shows that Australia's financial sector remains robust, underpinned by a global best practice regulatory system, and that Australia's standing as a financial centre in the Asia Pacific has been enhanced after the GFC.
"Australia's financial services sector produces more than 10 per cent of annual GDP, and contributes almost four times more to national output than agriculture and fishing, and nearly 50 per cent more than mining.
"Financial markets in Australia operate on a large scale with total turnover exceeding A$100 trillion in 2010 and of this, OTC (Over-the Counter) accounted for 66 per cent of total financial market turnover (almost A$67 trillion).
"Assets of financial institutions reached almost A$4.8 trillion by the end of March 2010, which is equivalent to approximately four times GDP.
"Banks accounted for A$2.6 trillion or 55 per cent, while superannuation funds, life offices and other managed funds accounted for A$1.7 trillion or 36 per cent of total financial assets at March 2010.
"Australia also has the fourth largest pool of contestable funds under management globally and the largest in the region, with A$1.7 trillion in funds under management. This is a five-fold increase since 1995 with a compound annual growth rate of 12 per cent" Mr Johnston said.
Mr Kearins said, "There are significant opportunities for both Australian and Indian financial services companies, particularly given the growing two-way trade between the two countries.
"India is one of Australia's fastest growing major trading partners. In 2009, two-way trade was worth over $20 billion, more than double that in 2005 ($9.8 billion).
"Already Indian banks such as State Bank of India, Bank of Baroda and Union Bank of India have set up representation in Australia to tap into the NRI (non-resident Indian) market and the opportunities flowing from the growing two-way trade between our countries.
"Australian financial institutions such as Macquarie, Insurance Australia Group, Commonwealth Bank, National Australia Bank and Westpac have also established a presence in India.
"The Indian financial sector should take advantage of Australia's strengths in banking, funds management and wealth management, and the products, services and best practice on offer from Australia.
"The Australian Trade Commission looks forward to supporting further trade and investment in financial services sector between our two countries.
"Our dedicated and experienced team can provide advice to both Indian investors looking to establish in Australia, Australian investors keen to set up in India, and of course to Australian companies looking to offer their products and services to India," Mr Kearins said.
In addition to the Benchmark Report, Austrade produces a number of highly respected specialist publications covering the Investment Management, Insurance, and Alternatives sectors.
A copy of Austrade's 2010 Financial Services Benchmark Report can be found at http://www.austrade.gov.au/Benchmark2010
MEDIA CONTACT:
P S Krishnan
Director - Strategic Marketing for India
Australian Trade Commission
Chennai.
T: 044 - 43913213
E-Mail: ps.krishnan@austrade.gov.au |
| Source:http://www.1888pressrelease.com/resilience-of-australian-financial-services-sector-creates-n-pr-248286.html |
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