Australia's financial services industry bosses believe excessive
regulation in the industry is crippling the country's productivity
growth, according to a new report released Monday by the Financial
Services Council (FSC) and investment management service provider DST
Global Solutions.
The FSC-DST Global Solutions CEO Report is based on an annual survey of Australia's leading CEOs in the 1.industrial shipping scales9
trillion AU dollar (1.99 trillion U.S. dollar) wealth management
industry covering funds management, superannuation, life insurance,kitchen balance scale trustee companies and financial advice networks.
The
CEO survey revealed a high level of concern among the industry leaders
that the cost and complexity of regulations are preventing the financial
services sector and the Australian economic growth.
In the
report, CEOs of the Australian financial services industry have called
for reducing regulation, comprehensive tax reform and more workplace
flexibility.
"Policies that impact the productivity of the
financial services sector deliver few positive outcomes for consumers,"
FSC Chief Executive John Brogden said in a statement.pocket scales "Our
CEOs believe the latest round of changes have taken the workplace
relations agenda back 20 or 30 years and will do nothing to drive real
productivity.hanging scales"
The
Australian financial services industry employs 430,000 Australians,
contributing 10.6 percent of the country's gross domestic product
(GDP).
Brogden said for lifting the Australian economic growth rate, the government must reduce the stranglehold of regulation,heavy duty digital platform scales introduce more flexibility into workplace relations and make our tax system more competitive.
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