The World Economic Forum has ranked Australia as the number two financial centre in the world behind the UK.

Australia has jumped nine positions in a year, according to the international organisation’s financial development report. It has also put Australia third behind the UK and the US for non-bank financial services and first for financial market access.

The Investments and Financial Services Association (IFSA) says the rankings demonstrate the resilience of the Australian economy and financial system, which are supported by a “strong and effective regulatory regime and an open and highly sophisticated financial services sector”.

“Over a long period of significant market and financial reforms, Australia has progressively improved its global ranking, culminating in its strong performance during the global financial crisis,” IFSA CEO John Brogden said.

He says the report justifies the Federal Government’s focus on further developing Australia into a leading global financial centre.