Assistant Treasurer Chris Bowen has flagged lowering Australia's rate of withholding tax as part of the continuing drive to promote Australia as a financial services centre.

"I don't regard it as interventionist to simply lift the burden of the world's highest withholding tax rate," he told an Investment and Financial Services Association (IFSA) lunch on Friday.

Mr Bowen says the Government is committed to giving the financial services industry a level playing field and "removing barriers to growth".

IFSA CEO Richard Gilbert says Australia has a rate of withholding tax "that is well out of alignment with the rest of the world".

"Withholding tax rates currently create a competitive disadvantage and an administrative burden for non-resident investors and are a brake on financial services exports, which... could add more than $3 billion to the Australian economy."

Mr Bowen also said the Government will ramp up Austrade's support for financial services exports, which are expected to reach $1.5 billion within two years.