A Dutton Coalition Government will pursue a bold ambition to position Australia as a leading financial centre for our region as part of its plan to power a stronger, private-sector-led economy.
Shadow Treasurer Angus Taylor today announced the Coalition’s next steps to unlock Australia’s financial potential through the introduction of a Securing Australia as a Financial Centre Bill within 100 days following the next election.
The new legislation will deliver long-overdue reforms that the Albanese Labor Government has failed to prioritise including modernising payments systems, introducing a regulatory framework for digital assets, and rebuilding the collapsing financial advice profession.
In addition to progressing stalled reforms, the Coalition’s financial centre agenda includes:
- Capital market reform to improve affordability and access for Australians seeking to buy a home, obtain insurance, or launch a business.
- Implementation of the Productivity Commission’s 2018 recommendation to boost competition by adding the ACCC to the Council of Financial Regulators.
- Corporations Act reform to simplify financial services law and unleash growth in Australia’s corporate bond market.
- A Foreign Investment Fast Track developed by a new taskforce, to attract trusted investment from key security partners.
The Securing Australia as a Financial Centre Bill will join four key pieces of legislation already announced by Leader of the Opposition Peter Dutton for introduction on day one of a new government:
- The Energy Price Reduction Bill
- The Lower Immigration and More Homes for Australians Bill
- The Keeping Australians Safe Bill
- The Guaranteed Funding for Health, Education, and Essential Services Bill
Shadow Treasurer Angus Taylor said Australia should be the best place to do business in the region and the Coalition have a clear plan to make that happen.
“Our financial system is the nervous system of the economy. At its best, it supports Australians to achieve their goals to own a home, build a business, and plan a secure retirement,” Mr Taylor said.
Shadow Assistant Treasurer and Shadow Minister for Financial Services said the Coalition will restore the Australian financial services sector as a priority for government.
“There is a litany of financial services reforms the Albanese Government has promised but let fall by the wayside. The Coalition will act quickly to cut red tape and provide much needed regulatory certainty,” Mr Howarth said.
This announcement forms part of a wider Liberal economic strategy to beat inflation, bring down the price of energy, restore growth and rebuild living standards.
The Coalition’s broader plan includes:
- Immediate tax relief, including halving the fuel excise, while committing to lower, simpler, and fairer taxes over the long term.
- Cheaper energy through an east coast gas reservation, fast-tracking a decision on the North West Shelf, and establishing a zero emissions nuclear power industry as part of a balanced mix with renewables, gas and storage.
- More affordable homes by rebalancing migration, freezing the National Construction Code, overcoming infrastructure bottlenecks, and restoring law and order to worksites.
- Backing small business with a permanent higher Instant Asset Write-Off, simplified deductions, fairer lending, and plans to cut red and green tape.
- Restoring apprenticeships and trades with a target of 400,000 apprentices in training and $12,000 in employer incentives to take on new trainees in critical skill areas.
- Stronger budgets with restored fiscal rules, reduced structural spending, and a renewed focus on economic resilience, productivity, and national defence.
The Coalition stands ready to deliver a stronger economy with lower inflation; cheaper energy; affordable homes; quality healthcare; and safer communities.
Only a Coalition Government will restore Australia’s economy and get Australia back on track.