Melbourne-based academic think tank the Australian Centre for Financial Studies (ACFS) has announced its bid to host the Federal Government’s proposed Centre for International Finance and Regulation.

Federal Treasurer Wayne Swan announced a four-year $25 million provision in the May Budget to establish a regional centre for excellence in financial system regulation and innovation.

Formed five years ago as the Melbourne Centre for Financial Studies, the ACFS launched its new name last week. It also announced that it’s putting together a consortium “to make a highly competitive bid” for the centre.

The bid has the support of the Victorian Government and includes respected training body the Melbourne APEC Finance Centre.

The ACFS is a not-for-profit consortium of Monash University, the University of Melbourne, RMIT University and financial services training organisation Finsia. ACFS Director Deborah Ralston says the centre would further Australia’s deserved reputation for firm but flexible regulation.

“A new ACFS bringing together a range of industry and academic partners is well positioned to deliver education and training for financial regulators and executives across Australia and the Asia Pacific region,” she said.