Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I refer Senator Williams to a statement that was released by the Financial Services Council of Australia, where they pointed out:

The agreement builds the architecture Australia needs to export financial services in the Asian century …

I am quoting from their release. They say:

Australia is only the fourth country in the Asian region to be granted an RQFII quota—

that is, the renminbi qualified institution investor quota—

There are only 12 countries with this recognition.

They also say:

The agreements go further than any existing arrangements that China has with other countries which is a testament to the high level of expertise in Australia's funds management industry …

…   …   …

China presents an enormous opportunity for the Australian funds management industry, and the Government should be congratulated for negotiating this landmark agreement …

That is what the Financial Services Council said. Not only have we got great deals for specific parts of the financial services sector; we also agreed to establish— (Time expired)