ANZ CEO says high taxes prevent Australia from being top Asian financial hub

ANZ Group chief executive Nuno Matos stated on Tuesday (Sep 15) that Australia possesses several prerequisites to become a regional financial hub, including developing capital markets and a substantial pool of domestic savings through its mandatory pension system. However, the chief executive highlighted that Australia's unfavorable tax regime is currently preventing it from achieving that status.

Matos emphasized that for a location to be considered a financial hub, it must offer favorable taxation. He pointed out that countries like Hong Kong and Singapore, which have zero percent tax on capital, are more attractive to foreign capital compared to Australia. Matos reiterated that capital taxation needs to be different for Australia to become a financial hub, as capital is not attracted to high-tax environments.