Finance chiefs target New York, the world

Business Asia, July 5, 1999 by Randolph Ramsay

The time is right for Australia to shed its image of being rooted in the '70s and '80s and become a world financial centre, Australia's finance industry leaders claim.

The business leaders, headed by Prime Minister Mr John Howard and Financial Services Minister Mr Joe Hockey, will this month travel to the heart of the business world, New York, to push Australia's case to Wall Street's movers and shakers.

The move also strengthens Australia's push to take on Asia-Pacific finance hubs such as Hong Kong and Singapore.

Launching the New York initiative recently, Australian Stock Exchange chairman Mr Maurice Newman said much of the outside world's perception of Australia was still that of a country stuck in the '70s and '80s with a commodity focus and an inflexible labour sector.

"Seeing is believing -- that's why it's important that the Prime Minister and the Minister for Financial Services and this whole delegation is there on hand to dispel all of the myths," he said.

The conference, titled "Australia -- A Centre for Global Financial Services", will be held in New York on July 14 and features a delegation of Australia's most senior finance executives.

Mr Howard will be the keynote speaker at the conference, which aims to explain the significant role Australia can play in global markets.

Mr Newman was joined at the launch in Sydney by Sydney Futures Exchange chief executive Mr Les Hosking, Citibank country corporate officer Mr Bill Ferguson, Westpac group executive Mr David Willis and New South Wales Treasury Corporation chief executive Mr Wayne Jarman.

Mr Newman said Australia would not restrict its ambitions to the Asia-Pacific region.

"In these days of technology, competition can come from unexpected places," he said.

"But the Australian initiative is not confined to the region. We're looking at attracting business financial investment not just from Hong Kong, Singapore and the region but the whole world."