“It is difficult to overstate the significance of these changes. The introduction of an Investment Manager Regime represents a major step towards Australia becoming a more significant international financial centre,” Mr Codina said.

“By removing a major export barrier for Australian-based fund managers, Australia will attract more foreign investment, especially from the Asia Pacific Region.”

A recent Financial Services Council and Plan For Life study into cross border investment flows found investors in the Asia Pacific region were increasingly recognising the capability of Australian-based fund managers – with up to 73 per cent of off-shore funds flowing into Australia coming from the region.

“The strong bipartisan support for an Investment Manager Regime will ensure Australia capitalises on its position as a leading financial centre in the region,” Mr Codina said.

“We also wish to acknowledge the support from the Johnson and Henry reviews, with both recommending the introduction of an Investment Manager Regime.”

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