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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