The incoming chief executive of AMP Financial Services (AMP), Craig Dunn, has called for the new Australian Government to look at reforming the law regarding withholding tax.
He told a press conference, which was convened to publicise his takeover from former chief executive Andew Mohl, that the tax put barriers in place to developing Australian financial services overseas.
Australia's 30 per cent withholding tax rate has been the subject of widespread debate this year.
Many believe it is stifling the expansion of the nation's $42 billion export services industry.
A report by the Investment and Financial Services Association (IFSA) in June found that a 5 per cent lift in the export of financial services as a share of Australia's gross domestic product could result in a $3.7 billion stimulus to the economy.
The then opposition treasury spokesman Wayne Swan indicated at the time the Australian Labor Party would look at reducing the withholding tax.
"The missing piece so far in the development of the Australian funds management industry is the widespread management of global funds," he said.
"I would like to see Australia exporting more of its funds management expertise to the world."
Dunn will takeover from Mohl as chief executive of AMP in January.
