'Invest in Australia' Mission

Hong Kong & China 2016

Our 2016 'Invest in Australia' Mission is designed to source, attract and develop relationships and partnerships with Chinese investors, entrepreneurs and business leaders for investment, trade and/or migration purposes.  

Join us in Hong Kong, Macau & Zhuhai from 17th-22nd of January 2016.

For more details, please download the information flyer and register your interest here
 

LIMITED TIME OFFER: Book before 1 October 2015 and receive $500 of the standard registration price (excluding GST)

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Tuesday
Jun232015

China's "One Belt, One Road" Initiative

With a decade of unprecedented economic growth, China is now entering a new era of economic, social and political development, impacted by its new position as the world’s second largest economy, with a booming middle class population but crippling environmental concerns. China is now focusing more on the quality of their growth rather than growth ‘at any cost’. Out of the plethora of new Plans, Strategies and Visions created by Chinese government agencies, the “Vision and Actions on Jointly Building the Silk Road Economic Belt and the 21st Century Maritime Silk Road” or more simply known as the “One Belt, One Road Initiative” epitomises China’s new approach to foreign policy. The Initiative is an extension of China’s ‘go out’ and ‘go west’ policies and represents a move by the Government to be more targeted, strategic and focused in its future development.

The Initiative aims to consolidate and upgrade existing infrastructure and build new transport routes to improve cross-border trade. It also includes efforts to promote a greater financial integration of the Renminbi with foreign countries and create a “Digital Silk Road” of international communication and information distribution.  The “Silk Road Economic Belt” connects China via land with Central Asia, Russia, Europe and Southeast Asia. The “21st Century Maritime Silk Road” makes a link from the Indian Ocean, through the South China Sea to the South Pacific Ocean (see map). Geographically positioned in the middle of both the Belt and the Road, China has emerged as the facilitator in developing a connection between Europe and Asia.

All roads lead to China

Similar to the Roman Empire’s network of roads, rail and ports, The Initiative has given major priority to infrastructure. Plans are already in place to build railway networks, port facilities, airports, highways and electronic communication networks to guarantee smoother and more efficient transportation of goods and people, from Southeast Asia to Western Europe. The Asian Development Bank, managed by Japan and independent of The Initiative, has estimated that in order to support the expected volume of international trade produced from The Initiative, Asian countries must invest US$8 trillion to bring their facilities up to world standards.  China has already conducted feasibility studies on four international high-speed railways – the Europe-Asia, Central Asia, Pan-Asia and China-Russia-America-Canada high-speed rail lines. Poland also recently signed an MOU with China which includes railway projects linking China’s city of Chengdu with the Polish city of Lodz, as well as linking Suzhou, in Jiangsu Province, with Warsaw. Supporting these infrastructure developments, China has opened up discussions to open new ‘free trade zones’ and ‘trade co-operation zones’. Currently, there are 77 economic and trade co-operation zones in 23 countries along the Belt and Road including within Russia, Hungary, Romania, Laos, Thailand and Indonesia.

Financial support

To support these major plans, China has been actively promoting the establishment of the Asian Infrastructure Investment Bank (AIIB), The BRICS New Development Bank and the Silk Road Fund. The US$100 billion AIIB attracted global controversy in early 2015 when the US publically criticised the Bank and typical allies like the UK and Australia who ‘broke ranks’ and joined the Bank. The creation of the AIIB represents one of the first steps of The Initiative. 57 nations, including Australia, Brazil, Germany and Russia have signed up. Still in its development phase, it is maybe too early to assess whether or not the Bank will operate effectively. What has been noted is that it represents a shift in Chinese diplomacy from typically acting independently and unilaterally to being more collaborative and regionally-focused.

Domestic investment

Besides forming the basis of China’s new foreign policy, Xi Jinping has also made The Initiative a key domestic economic strategy. Under the plan, China plans to develop various key regions in China – the inland regions, north-western and north-eastern regions, south-western region and coastal regions. In the north-western region, the Initiative has appointed Xinjiang province as a key area on the Belt as it shares its borders with Mongolia, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Afghanistan and Pakistan. Rail links are also expected to improve transportation between Heilongjiang province and neighbouring Russia.  In the south-west, Guangxi and Yunnan provinces will play key roles in opening up the Greater Mekong sub-region. Ports in China’s coastal cities such as Ningbo-Zhoushan, Fuzhou, Xiamen and Shenzhen will be further developed to facilitate increasing volumes of maritime trade.

Most importantly, the Initiative has made specific plans to establish Chongqing as the key to opening up and growing China’s western region (‘go west’ policy). This will be supported by developing Chengdu, Xian and Zhengzhou to open up the inland areas and act as a key region for railway transportation to Europe. The cities themselves are also making their own plans for the Initiative – more than two-thirds of the 28 mainland provinces have already done so. For example, Chongqing has published their own plans to implement The Initiative and has pledged to invest RMB1.2 trillion in infrastructure before 2020.These policies reflect China’s seriousness in continuing and further enhancing its ‘go west’ policy, a cornerstone of the 12th Five Year Plan. By improving connectivity between China’s poorer western regions with the wealthy eastern coast, The Initiative hopes to spur more regionally focused growth, contributing to China’s overall aim of sustainable and balanced economic growth. 

International diplomacy or domestic interests?

Despite Beijing’s attempts to stress the ‘win-win’ potential of The Initiative, many countries are deeply concerned about its geopolitical impacts. Key regional players such as Japan, Russia and India are particularly anxious about the increasing levels of Chinese influence in their respective regions. In addition, The Initiative runs the risk of being too ‘China-centric’ with the other participating nations only reaping marginal benefits. It is therefore imperative that China recognises these concerns, remains transparent in their plans and communicates regularly with all parties.

Motivations aside, The Initiative and the development of its supplementary Asian Infrastructure Investment Bank demonstrate an enormous potential to enhance economic growth and sustainable development not only throughout Asia but within China itself. Another major indication of China’s influence, both regionally and globally, as we advance deeper into the Asian Century.

 

Wednesday
May202015

China 'Going Green'

In 2013, China consumed half of the world’s coal. As a result, China’s population has become increasingly vocal about their anxiety surrounding the state of the country’s environment and ever-rising pollution levels. Earlier this year, a former news anchor and environmental journalist, Chai Jing, produced a documentary called ‘Under the Dome’ – a damning insight into the state of China’s air pollution and the lack of a robust regulatory system. Chai Jing started work on the documentary after falling pregnant in 2013 and began to greatly fear how China’s pollution could affect the health of her baby – a fear that resonates with much of China’s population today. The documentary, similar in approach to Al Gore’s ‘An Inconvenient Truth’, is particularly critical of the lax approach some government officials have taken towards enforcing environmental regulations and exposes how oil and coal companies are complicit in the problem. It was no surprise that the documentary was censored by Chinese government officials within only a few days. 

In response, China’s ‘growth at any cost’ model is increasingly attracting domestic and international criticism and scrutiny. As a result, China’s current 12th Five Year Plan focuses more on the ‘quality of growth’ and has set about reversing the environmental degradation of the past 30 years. The Plan has set the following key targets to be met by the end of 2015:

  • Increasing non-fossil fuel resources to 11.4% of primary energy consumption
  • Reducing energy intensity by 16%
  • Reducing carbon intensity by 17%

China is currently on track to meet all of these targets.

Coal and carbon caps

China’s commitments to capping its coal use and carbon emissions have been generally accepted as major steps forward in addressing its coal addiction.  In a joint announcement with the US, China made a first-time pledge to cap its CO2 emissions by 2030 and also pledged to expand its renewable energy sources targets from 15% by 2020 to 20% by 2030. A week after this announcement, China launched its New Energy Strategy Action Plan (2014-2020) which undertakes to cap absolute coal consumption at 4.2 billion tonnes by 2020 and reduce the share of coal in the primary energy mix from 66% to less than 62% by 2020. The share of natural gas in the primary energy mix will also be raised to above 10%. To achieve these levels, the three big coal consuming regions of Hebei, Tianjin and Shandong will have to cut their coal use by up at 27% by 2030 and Beijing alone will need to cut its use by 99%.

Renewables investment

Another high priority for China is investment into renewable energy and clean technology. In 2013, China invested $US56.3 billion in renewable energy sources such as hydro, wind solar, biomass etc. This was more than the total of Europe’s investment in renewable energy and accounted for 61% of investment from developing countries.

Whilst these figures represent the national government’s growing commitment to combat climate change, some Chinese cities have been developing their own local ambitious plans and projects. Shenzhen in China’s south is arguably leading the way in expanding the use of renewables and green technology. BYD, the world’s largest supplier of rechargeable batteries, was established in Shenzhen in 1995 and has quickly become the country’s leader of new energy motor vehicles (the picture above was taken at the BYD office in Shenzhen as part of David Thomas' 2014 Think Global mission to Hong Kong and China). Shenzhen also houses the ‘Shenzhen International Low Carbon City’ which has made a commitment to emit less than 0.32 tonnes of carbon per RMB10,000 by 2020. The city promotes sustainable innovative design by using recycled materials and existing buildings to construct the city. Shenzhen Yantian District is also the first district to apply a Gross Ecosystem Product (GEP) index, measuring the use of non-polluting and renewable energy sources. The district aims to achieve GDP growth without diminishing GEP growth. In 2014, the city recorded a GEP value of RMB107 billion which was achieved by changing Yantian Port’s energy source from oil to electricity and gas and developing a project to encourage greater bicycle use. Despite the index having inherent measurement challenges, it represents the growing focus on ecological output whilst maintaining economic and social growth.   

Shenzhen was also the first city to introduce a carbon ‘cap and trade scheme’ in 2013. Since then, China has announced plans to establish a nationwide carbon market by 2016 and has also started to develop a proposal for a new carbon tax. With funding from the National Development and Reform Commission and the Ministry of Finance, the government will launch a RMB50 billion environmental protection fund to provide low interest long-term priority loans to Chinese companies who are specifically tackling China’s air, water and land pollution challenges. 

The next Five Year Plan

China’s next Five Year Plan will be released in late 2015 and is expected to replicate and build on much of the previous plan. It is expected that national, provincial and city-level environmental provisions will strengthen as China edges closer to its 2020 and 2030 goals. China has a strong track record over the past 30 years of meeting or exceeding the targets and aspirations set out in the Five Year Plan, so their plan to cut emissions and invest in renewables should not be taken lightly. In fact, China is already leading the world in tackling climate change despite media commentary suggesting otherwise. What may not be noted, however, is the need to ease censorship surrounding environmental degradation, especially when the government and industries are implicated. Greater transparency is crucial in order to build up trust and confidence in the Government's real and actual commitment to tackling China’s crippling pollution levels and, as can be seen from the above, significant progress is being made. 

 

Wednesday
May202015

农业—澳洲新的繁荣产业? 

Agriculture - The next boom for Australia?

随着澳洲采矿行业逐渐放缓,澳洲经济也重新回归了“新常态”。农业则将毋庸置疑成为推动澳洲经济的新的繁荣产业。随着新兴世界人口的不断膨胀,食品保障、饮食安全及食品可持续发展的需求也就更加庞大,澳洲农业也因此迎来了新的发展契机。事实上在2050年之前,澳洲的农业出口将有望达到7000亿至1.7万亿澳元,大力推动全球的农业贸易,从而有力改善国际生产率增长与资源之间的不平衡。

安全、充足、营养的食物是新兴中产阶级消费人群的需求。这样的饮食不仅可以满足他们对饮食的需要和偏好,还能并保证积极健康的生活状态。食品保障对于中国而言尤为关键,主要是由于以下4点:可持续性、食品需求、政治稳定及国家主权。中国有着全世界21%的人口,却仅有全球8.5%的耕地和6.5%的水资源。目前中国的大豆消耗量占全球的25%、玉米占20%、小麦占16%。中国的消费水平在短短的3年内已有望超过1万亿美元。2030年,中国的人口总数将达到14.62亿。如此庞大的数字意味着,即使中国希望能够实现自给自足,但中国亦深知仅凭一己之力将无法为全国人口提供食品保障。相反的是,澳洲的消耗量仅是农产品的40%。那机会到底何在?

工资水平增长和能源价格飙升都使得中国在制造业方面的竞争力下滑。与此同时,中国的新兴中产阶级对西方美食的兴趣日益浓厚,从而为全球农业带来了特殊的多层次消费者市场。全球金融危机之后,全球范围内的食品价格飙涨使得4000万人跌至贫困线以下,并造成了亚洲、非洲和中东地区的社会动荡。由于全球供给限制,食物价格将在未来居高不下。至本世纪中叶,全球人口预计将从现在的70亿增长到93亿,届时食品保障将成为每个人面临的首要问题。此外,由于世界经济重点正逐渐从传统化石燃料过渡到新型可再生能源(如生物能源),因此消耗非食用性玉米也将进一步增长对农业资源的需求。

面对全球食品保障不断增长的需求和供给,澳中关系将在这时扮演关键的角色。中方需要借助澳洲的技术、创新和管理经验来实现生产率大幅增长的目标。在2030年以前,全世界三分之二的中产阶级将来自亚洲,总数超过30亿人,消费将超55万亿美元。如此庞大的中产阶级群体将带动对高品质、高蛋白餐饮的需求大幅增长。中国在1980年代的生产率增长之后,产量一直没有超过1997年的水平。同时,中国本地农产品的品质和可靠性也遭到了严重的挑战。根据最近一项针对8个规模如上海、北京等大城市的4000人的调查显示,超过73%的当地居民认为当地食物是“不安全”甚至是“非常不安全”的。因此,从2003年开始中国就成为了农业进口国,而2011年的赤字达337亿美元。要实现中国食品95%自给自足的长远目标,还需要大范围提高生产率,目前仍是长路漫漫。

中国的农业部门正面临着多种阻碍,包括农业所有制结构、城市化、土壤质量和环境修复。中国政府已意识到种种障碍,并将农业发展作为重点纳入十二五计划。中国城市化不仅造成了农业用地和农村劳动人口的流失,同时深化了消费模式的改革。仅中国快速发展的城市化就将带来每年新的400万公吨谷物、80万吨植物油和100万吨肉类的需求量。此外,中国的耕地将从2003年的1.35亿公顷减至2050年的1.29亿公顷。

与此同时,澳洲凭借自身优势,不仅能弥补上述的需求缺口,同时也能获益于中国不断壮大的消费者市场。中国已逐渐将农业部门和供应链向海外投资商开放。20121月,中国在最近的一项改革中修改了农业投资类别的审批制度。然而,除改善、加强和开放其国内农业部门以外,新一轮关键的境外投资青睐的却是世界的主要农业地区,如东欧、南美、非洲及澳大利西亚。

澳中两国有着独特的合作机遇。中国的竞争优势在于基础设施,而澳洲却遭遇基础设施的瓶颈和投资不足等问题,并且这些问题已经被普遍认为是束缚澳洲发展的主要原因。澳洲凭借出色的品质和成熟的监管系统,将是中国商业、投资和当地政府理想的农业合作伙伴。然而,尽管有如此巨大的发展潜力,澳洲人在食品保障、海外投资及潜在的垄断和价格干预等问题而忧心忡忡。

尽管海外投资进入澳洲有利有弊,但农业投资对于中国投资商来说简单容易。如果中国的投资商投资食品生产(如基础设施、技术、研究和处理能力),将能使澳洲农户和粮食种植者以过去一半的成本生产出过去两倍甚至三倍的产量。剩余产品则可出口销售给亚洲新兴消费者。这样的双赢投资生产模式不仅能让澳洲农户专注于他们最擅长的农业劳作以及利用新的资本升级食品生产模式,同时,中国投资商也将受益于澳洲--中国最大的矿业和资源海外投资目的国生产的可靠、可持续的高品质农产品。

最后,在权衡中国投资商投资澳洲农业的问题时,我想借用富兰克林.罗斯福的名言告诉大家:“除了害怕本身,我们什么都不怕!”

The english version can be found here.

Monday
Apr272015

Guangzhou - The Pearl of Southern China

Guangzhou, formerly known as Canton, is the capital of China’s wealthiest province Guangdong and has experienced extraordinary growth over the last few decades. As the first region in China to be ‘opened up’ by Deng Xiaoping, the city has experienced double digit GDP growth over the last two decades although, like China’s economy overall, has since decreased to 8% in 2015. Despite easing growth, Guangzhou is still ranked third behind Shanghai and Beijing in terms of its GDP value and is situated just north of Hong Kong in the Pearl River Delta “PRD” region. It occupies 7,435 square kilometres of land and houses a population of over 13 million. Guangdong Province is currently China’s largest provincial economy (surpassing a GDP of $1 trillion in 2013), and ranks among the world’s 15 largest economies.

A region of wealth

The PRD region on China’s south-east coast encompasses the neighbouring cities of Guangzhou, Shenzhen, Foshan, Zhuhai, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing and the Special Administrative Regions Macau and Hong Kong. The PRD is one of China’s leading economic regions and, according to Hong Kong Government data, in 2013 experienced GDP growth of 9.4% and accounted for approximately 10% of China’s overall GDP. The region’s merchandise trade reached a staggering US$1,778.2 billion in 2012, nearly US$95 billion more than that of Japan’s international trade volume. In international standings, this places the PRD region fourth in terms of trade, just behind the US, Germany and Hong Kong. A recent study conducted by the World Bank found that the PRD region is now equivalent to the world’s largest “megacity” in terms of land size and population.

The PRD region also houses the new Guangdong Free Trade Zone (FTZ) district which includes Nansha in Guangzhou, Hengqin New Area in Zhuhai and the Qianhai and Shekou areas in Shenzhen.  The Guangdong FTZ aims to boost trade and investment across advanced manufacturing, financial services, logistics, information technology and tourism. The FTZ also aims to enhance the region’s cooperation with Hong Kong and Macau, transforming this region from a manufacturing centre to a sophisticated high-end services hub. The special provisions governing the FTZ, particularly the Nansha region, aim to make it an attractive location for international financial institutions. This represents a significant opportunity for Australian companies to export their strong financial services capabilities to Guangzhou and profit from the vast amount of wealth and activity in the PRD region.

In just 15 years Guangzhou has emerged as a glittering cosmopolitan city, housing sky scrapers rivalling those of Shanghai and streets lined with luxury global brands and restaurants. With such large scale economic growth and development, it is not surprising that the per capita consumption expenditure of Guangzhou’s urban households is 183% of the national average. Also, in 2013, Guangzhou’s consumer retail sales stood at RMB688.3 billion.

Guangzhou is also home to several of China’s largest companies and wealthiest individuals including R&F Properties, owned by Zhang Li who is one of China’s richest individuals, Evergrande and China Southern Airlines. In 2013, Guangzhou reportedly had approximately 45,900 individuals with assets of RMB10 million or more. The number of private enterprises in Guangdong mushroomed to 1.53 million in 2013, up from 258,620 in 2002. According to Hong Kong government data, exports by Guangdong’s private enterprises skyrocketed from US$4.1 billion to US$213 billion from 2000 to 2013. Growing affluence in the region has fuelled demand for better education services and families and students are looking overseas to Australian education providers. Currently, students from Guangzhou represent a significant portion of the total number of Chinese international students in Australia. Anecdotal evidence suggests that parents of Chinese international students in Australia spend money on apartments, tourism and in some cases, even start investing in Australian businesses; presenting a new market segment for Australia.

Innovative growth

Originally a manufacturing hub, Guangzhou has reinvented itself to be the country’s engine of innovation and new technologies. The Municipal Government has been working hard to propel Guangzhou up the global value supply chain – promoting its aim to move away from products ‘Made in Guangzhou’ to ‘Created in Guangzhou’. The country’s National Development and Reform Commission approved Guangzhou as a national high-tech industry base which has been incorporated into the city’s 12th Five-Year Plan (2010-2015). Under the Plan, the Municipal Government has set aside one billion yuan each year to fund and support enterprises and projects that develop Guangzhou’s high-tech industry, possessing intellectual property rights of core technologies and featuring highly recognisable brands. Under the Plan, the city has identified six new emerging industries for development. These include: new-generation information technology, bio engineering technology, new materials, new energy vehicles, new energy and environmental protection and marine engineering. By 2020, Guangzhou aims to increase the output value of high-tech products to RMB2 trillion.  With increased expenditure in Guangzhou’s environmental protection policies, trade in green and new energy technology products and research represent an opportunity for strong Australian-Chinese collaboration.

In 2014, eight Guangzhou-based companies were listed among China’s top 50 most innovative companies by US business magazine ‘Fast Company’. One such company, Guangzhou Ehang Intelligent Technology, has created the first smartphone app-operated intelligent robot that can be used for geographical surveying, aerial filming, surveillance and even providing disaster relief. This showcases Guangzhou’s emerging population of entrepreneurs and innovative capabilities.

In 2014, New South Wales and Guangdong province celebrated the 35th anniversary of their Sister State relationship, the first of its kind to be established between an Australian state and Chinese province. NSW has the largest population of Chinese residents, and Mandarin and Cantonese are the most common languages spoken in NSW after English. To celebrate their anniversary, the Governor of Guangdong, His Excellency Mr Zhu Xiaodan, visited NSW and signed a Joint Statement with Premier Michael Baird to further their cooperation in the development of key industries such as agribusiness, smart technology and research and development. Sydney, Australia’s financial hub, is well placed to attract high levels of investment and services from one of China’s wealthiest cities, Guangzhou.

Friday
Mar202015

A Bull in a China Shop?

For many years, and certainly since I arrived in Sydney from Hong Kong in 1995, I have laboured under the assumption that Australia’s financial services capabilities can, should and will be exported to Asia.  I have led many study tours and delegations, organised many events and business matching activities, and worked with individual companies to explore their market entry options. I have to say that I have not been very successful! This remains an area of “unfinished business” as far as I am concerned, and still very much a ‘work in progress’.

When I talk about “exporting our capabilities”, I’m not talking about selling existing funds management products to Asian investors. Asians are not particularly interested in investing in Australian funds for a variety of tax, investment, regulatory and other reasons. Australia still represents only a small share of global GDP and, more importantly, a tiny share of MSCI, and Asian investors who don’t want to live in Australia only invest here to get exposure to hard and soft commodities, precious metals and, on occasions, a higher yield from a strong Australian dollar. And don’t get me started on tax…I’ve never understood why Australian Governments persist with a tax regime which seeks to collect tax from foreign investors (who pay very low levels of tax if they live in Asian countries) on their holdings in Australia. Try explaining that to an Asian investor!

No, when I talk about “exporting our capabilities”, I’m talking about the detailed, complex and gruelling work that goes into designing, promoting, managing and administering financial services products which have been developed for a particular purpose and/or market. In Australia’s case, financial products are not designed simply to generate a return on investment. Our unique tax, superannuation and social security regime means that we have to jump through myriad and complex layers of regulation, legislation and industry practice to offer products to somewhat reluctant and apathetic consumers. A highly sophisticated product offered by a world class industry to a reluctant consumer.

What if we could offer a sophisticated product to millions of highly engaged and investment savvy Asian consumers?? Wouldn’t this be worth a shot??

Whilst past Australian Governments have talked about the massive opportunity to export our financial services capabilities in Asia, this current one has moved the debate forward by including “financial services” as part of the negotiation for Free Trade Agreements. According to Austrade, The China-Australia Free Trade Agreement (ChAFTA) “secures a range of unprecedented financial services commitments from China. These commitments represent the most substantial market access commitments China has agreed with any FTA partner (other than in its agreements with Hong Kong and Macau) and create new commercial opportunities for Australian banks, insurers and securities firms. They will facilitate deeper participation by Australian financial institutions in China, strengthen financial services trade and investment in both directions and enable future growth in the bilateral economic relationship as a whole.”

The Agreement goes on to spell out a wide range of measures designed to provide improved access for Australian financial services companies operating in the areas of banking, finance, funds management, securities and insurance, aswell as a commitment to review bilateral tax arrangements and the introduction of double taxation agreements.

Will any of this make any difference?

Australia’s financial services industry is relatively stable, profitable and comfortable. The mandatory superannuation system ensures a steady stream of new funds into the industry each year, and Australia’s “four pillars” framework ensures that our major banks are, to some extent, protected from competitive pressures from foreign banks.

As Australia’s largest industry, the financial services and insurance sector accounts for over 10% of GDP, grows on average by 6% per annum and employs over 400,000 people. Is there any need or incentive to risk our domestic business by attempting to compete in Asia? Wouldn’t we better to protect our existing business and make it even harder for foreign players to compete in Australia? And build “Fortress Australia”?!

It probably won’t surprise you to hear that I would have to leave the country if this were to happen!! We owe it to the world, if not to future generations of Australians, to internationalise our financial services sector to truly compete on the global stage. If we believe our financial system is ‘world class’, as many of us do, let’s tear down all the barriers, allow all players (local and foreign, including the banks) to compete on equal terms and challenge ourselves to be the best we can be? Wouldn’t it be more satisfying to compete on the international stage? To win the world cup for financial services?

I have often been called “A Bull in a China Shop” when it comes to my views on Australia’s potential as a global financial services player, with China as our launching pad.

Am I really that crazy to think this could be possible?