The Government has given Axiss Australia, the body it established in 1999 to push the country as a global financial services centre, an extra $7.6 million to continue its work.

Industry Minister Ian Macfarlane says Axiss has been closely linked with Australia’s recent industry growth. “Foreign investors have strongly agreed and since 1999 more than 100 firms have moved to Australia or expanded their local operations here,” he said.

Mr Macfarlane says the extra funding will extend “well beyond the financial sector” with an increased demand for the services of IT, legal and accountancy firms. The financial services sector is Australia’s third-largest industry, worth almost 8% of GDP.