Australia is developing as a strong competitor in the economic sector. The financial sector of Australia is highly organized and provides a wide gamut of services to businesses, governments and household people. A thorough research on the economic development of Australia shows a well defined linkage from augmentation of its financial sector to the fiscal growth. Other developing countries can derive great tips and benefits from the Australian financial industry. These include:
- The developing countries do not lack skilled personnel; they only lack the required sources. So, these nations should export their financial services and experience to other countries as is done in Australia.
- These nations must develop top class regulatory framework to help them tackle situations of economic crisis.
- They must focus on increasing the volume of cross border transactions. It is one of the biggest factors that help a nation establish itself as a strong economic power.
- The incorporation of features like Investment Manager Regime, funds management, etc. into the Australian economic sector has attributed a lot in boosting its presence as a financially sound nation. Hence, other countries must also adopt such measures that could give an optimal escalation to their economic strength.
- The concept of Offshore Banking Unit can also be integrated to the economic framework which will aid in increasing the number of offshore transactions.
- The introduction of an ‘online gateway’ in the tax system and regulation of the insurance sector will also enable you to build a strong financial segment.
- These nations must also increase the variety of products and services that they offer to their clients located in their native countries or foreign nations.
- These nations must increase their cross border activities as this would help them in availing greater number of opportunities for exports, employment and fiscal growth in the end.
- These nations must focus on adequate and effective financial planning of their assets. For this they must resort to the assistance of expert financial planners. They will guide the investing companies regarding the returns that they would get through direct or indirect investment in the financial markets.
- Most important aspect of a highly competent financial power is its infrastructural setup. Like Australia, these nations must also incorporate firm and effective infrastructural tools such as ‘wrap accounts’.
- Another important factor that can lead to the augmentation of financial strength of a nation is the intervention of its government in this sector. The governments should unanimously design such methods that could help their countries’ products match the international standards.
Any thing I have missed?? Please comment your thoughts.