Ensuring Australian businesses can compete in Asia is a focus of our submission to the Financial System Inquiry. The Inquiry will establish a ‘blueprint’ for the future of Australia's financial system.
Our submission notes that the strong and sustained growth of Asian economies will be a transformational change affecting the next generation. We expect Asia will account for half of the world’s production by 2050.
Australian businesses’ competitiveness in Asia will help meet our growth, economic diversification and demographic challenges. Australia’s financial system, businesses and consumers can benefit from access to a larger pool of capital and businesses’ ability to operate within the wider regional market.
Governments and regulators are encouraged to take into account the opportunities presented by Australia’s proximity to and links with Asia in their policy and regulatory decisions.
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