Consultation – Exposure Draft Legislation, Relief for Foreign Financial Service Providers

As a net importer of capital, efficient access to foreign capital is vitally important for enabling billions of dollars of investment capital to flow into Australian businesses. While the private capital industry currently has more than $13 billion in available capital to support current portfolio companies, the sector’s ability to fund new investments, now and over the coming years, will be increasingly dependent on inbound capital from offshore investors.

Given the impact of the COVID pandemic and the uncertain times that lay ahead, and as a net importer of capital, Australia’s economy relies on a dependable and steady flow of foreign capital to drive economic growth and job creation. At this critical juncture, it is vitally important for our economic recovery, and Australian jobs, that businesses can quickly and efficiently access capital from domestic as well as offshore investors. 

Accordingly, the Council is supportive of the exposure draft legislation in providing a framework for foreign financial services providers to promote diversified investment opportunities for Australian Investors and to continue to encourage of flow of inbound capital.

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