Industry

A committee assembled by senator Andrew Bragg has urged the government to slash convoluted tax and regulatory obligations in the financial services sector, having issued a list of ways for Australia to usurp Hong Kong’s title as an APAC industry hub.

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Prime Minister Scott Morrison has signalled that Australia will welcome skilled workers to further develop its fintech industry, as the nation strives to recover from the COVID crisis.

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An obsessive focus on compliance following the royal commission is causing executives at financial institutions to take their eye off the ball when it comes to broader business strategy, which could have harmful effects on the financial services industry overall, a corporate law firm has said.

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