The financial services sector wants more action from the Federal Government to entrench Australia as a financial services hub, allowing local players to compete with overseas financial centres.

Last month Prime Minister Kevin Rudd told delegates at a financial services conference a dedicated unit in Treasury will work to promote Australia as a financial services hub.

Speaking at the Investment and Financial Services Association (IFSA) conference last week, Assistant Treasurer Chris Bowen said summit participants had made it clear to him the Government needs to go one step further.

“We need a permanent team – an Olympic-style bid – to form the liaison between Government and the industry to drive the push for more foreign funds to come into Australia to be managed,” he said.

Mr Bowen says a high-profile individual is needed to work with the Government and industry to drive the necessary reforms and marketing.