Financial services exports slide
Australia's exports of financial services fell again in 2009-10, and have now fallen by eight per cent in three years, new figures show.The figures, from the Australian Bureau of Statistics, show exports from the sector reached just A$1042 million in the financial year. This figure takes in commercial banking, investment banking, insurance, and funds management and financial planning.Financial services exports are now just 2.0 per cent of total services exports, down from 2.5 per cent three years earlier.Australia's exports and imports of financial services have long been low by international standards. The 2009 'Australia As A Financial Centre' report argued government policy settings have been central to this poor result, but geographical isolation almost certainly plays a role too.