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

I thank Senator Reynolds for that very insightful supplementary question. Australia's financial services sector provides high-skill, high-wage jobs for Australians. The Financial Services Council has said that the China FTA will create 10,000 new jobs in its sector alone by 2030 and add $4 billion to economic output. While Australia has the third biggest asset management industry in the world, less than five per cent of managed funds are sourced offshore. Today, China is a nation with a household savings pool of US$8 trillion, and it is predicted it will see one billion of its people, or 70 per cent of its population, move into the middle class by 2030. There are great opportunities here for providers of financial services here in Australia. There are great opportunities here—