The Victorian Government – which imposes world record taxes on general insurance – is about to spend $1 million to market Melbourne to financial services providers as Australia’s main regional financial services centre.

The funding will be spent on attracting Asia-Pacific bankers and regulators to Melbourne and establishing an international financial regulatory training centre at Monash University.

The Victorian Treasury says growth in the state’s financial services sector is overtaking growth in Sydney, and the state Budget to be announced tonight will help maintain Melbourne’s cost and lifestyle advantages.

Victorian finance sector employment increased 13% last year and salaries rose 25% – compared with a 9% rise in employment in NSW and 19% in salaries.