'Increasing financial services could result in extra jobs'
2/07/2008(4:08 PM)
Australia should develop itself as a centre for financial services in order to attract businesses and create more jobs, according to a minister.
Chris Bowen, the federal assistant treasurer and the minister for competition policy and consumer affairs, has written in the Sydney Morning Herald about how Australia has fallen behind many countries to ensure its "financial sector is competitive".
Recent figures from the Access Economics report estimates that if the country could increase its share of exports in the finance sector to ten per cent by 2010, then an extra 25,000 jobs could be created in the economy.
Mr Bowen added: "One of the reasons we haven't done well is that we have an uncompetitive tax regime.
"With the highest withholding tax rate in the world, our tax system has actively discouraged foreigners from giving Australians their money to manage."
Thinkingaustralia.com recently reported that low-paid workers in New South Wales have been handed a four per cent pay rise.
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