Recommendations

Continue to pursue the recognition of Australian qualifications and professional recognition overseas, and in-demand foreign qualifications in Australia.

Ensure Australia’s approach to education, training and skilling of its own workforce meets the skills needs of services exporters.

Continue the promotion of visas and programs to attract skilled migration to ensure the effectiveness of the initiative.

Develop leadership in digital technology within Australia to drive transformational change across the services sector.

Government should support industry-led campaigns at secondary schools and industry be visibly active in recognising and rewarding excellence in technical professions to promote technical careers, including in services export industries.

Government should incentivise Australian universities to develop a new approach to ensure courses are directly relevant to the needs of Australian society and the economy, including services exports.

Support employers to provide career pathways, training, apprenticeships and internships to attract students to careers in areas of identified skills need, including export-oriented services sectors.

Develop accessible, user-friendly tools that give greater clarity to foreign investors on how they will be taxed in Australia (such as detailed ‘scenario-based’ taxation guides based around the categories of financial products specified in the APEC Asia Region Funds Passport).

Review the non-resident withholding tax regime to ensure its settings are internationally competitive.

Expand the number of Double Tax Agreements, including with major regional financial service hubs, and to support full use of Australia’s networks of Free Trade Agreements.

The Australian Prudential Regulation Authority (APRA) should review prudential, licensing and capital requirements for Australian financial services exporters, with a view to ensuring regulatory arrangements do not unfairly prejudice the ability of these firms to establish an offshore commercial presence.

The Australian Government should expand the Australian Securities and Investment Commission (ASIC) mandate, requiring it to consider the effect of decisions on the international competitiveness of Australian financial services firms offshore.