There are certain ideas that like plague infested rats never die. They just hide in the sewers waiting for their next opportunity to pop up again.
One such idea is the Sydney as financial centre idea. And wheeling out this 2 legged donkey, again, was Senator Andrew Bragg writing in the AFR:
Sydney is not the new Hong Kong. Sydney is the old Moscow. A place where prosperity is frowned upon, but when acquired is generally acquired through patronage and where conduct is regulated by a Stasi like bureaucracy.
Bragg has apparently:
written to the federal Treasurer to set out a way for Australia to capitalise on the disintegration of Hong Kong as a financial centre – by attracting businesses to Sydney. My submission contains practical policy options to be considered in the October budget process.
Yawn. Which recommendations will he wheel out? The the 1996 version? The 2009 version? The 2014 version? They’re all the same and are never implemented.
Senator. It’s not about taxes. It’s about mindset.
Every year, some collective of politicians and bureaucrats take a junket to Silicon valley and come back saying let’s make our own. And surprise, surprise it never happens. And this won’t happen either.
- This is the government that gave us the BEAR (bank executive accountability regime) – thanks Scomo.
- this is the government that gave us the FEAR (financial executive accountability regime) – thanks JoFro.
This is the government that is responsible for ASIC, APRA and Austrac.
If you think that Australia will be a financial centre then has TAFKAS got an initial coin offering for a tokenized Bridge and Opera House security for you.
The remaining scale financial services left operating in Australia is only because of the Superannuation Gravy Locomotive (SGL™). They rest just feed off it. Just.
If you want Sydney to be the next Hong Kong, send ASIC and APRA to Honk Kong and bring over the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority. This will improve Australia and absolutely destroy Hong Kong.