Victoria claims crown as financial hub
Is Sydney really the financial capital of Australia? Not according to Victoria Industry and Trade Minister Theo Theophanous.
He says 60% of all Australian industry fund assets are managed out of Victoria.
Announcing the new Victorian Finance Industry Council (VFIC) last week, he told the Legislative Council the State Government “doesn’t accept the view” that Sydney should be the financial centre of Australia.
“We will continue to try to make Melbourne the financial centre not only of Australia but of the Asia-Pacific region,” he said.
Mr Theophanous says the financial services industry is Victoria’s third-largest, accounting for 100,000 jobs and $17.7 billion in gross state product.
He says representatives on the VFIC, which aims to “enhance the growth and development of the industry”, will include members from National Australia Bank, ANZ, AXA, Goldman Sachs JBWere, GE Money, Australian Super, Vanguard, Members Equity Bank and the Victorian Funds Management Corporation.
He says 60% of all Australian industry fund assets are managed out of Victoria.
Announcing the new Victorian Finance Industry Council (VFIC) last week, he told the Legislative Council the State Government “doesn’t accept the view” that Sydney should be the financial centre of Australia.
“We will continue to try to make Melbourne the financial centre not only of Australia but of the Asia-Pacific region,” he said.
Mr Theophanous says the financial services industry is Victoria’s third-largest, accounting for 100,000 jobs and $17.7 billion in gross state product.
He says representatives on the VFIC, which aims to “enhance the growth and development of the industry”, will include members from National Australia Bank, ANZ, AXA, Goldman Sachs JBWere, GE Money, Australian Super, Vanguard, Members Equity Bank and the Victorian Funds Management Corporation.