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Australia can leverage its strong domestic wealth management story to tap into the burgeoning Asian wealth industry and other opportunities in the financial sector. But we'll need to play our cards right to compete with the region's major financial centres such as Hong Kong and Singapore. Just some of the difficult questions to answer are:
Can we further streamline our regulatory environment?
What incentives do we need to put in place to attract global savings to Australia?
Could we leverage our trade integration with financial firms, governments and companies to market our wealth management capabilities overseas more effectively?
Are there ways to improve and capitalise on our cultural ties with individuals, business organisations and governments across Asia and beyond?