Peak industry body, the Investment and Financial Services Association (IFSA) has welcomed a parliamentary committee report to improve the export of Australia's services including the call for a minister dedicated to the sector.
"A study conducted for IFSA, found that lifting finance and insurance exports as a share of Australian gross domestic product (GDP) from the current 2.9 per cent to 5 per cent would involve an eventual $3.7 billion stimulus to the Australian economy in today's prices. A 10 per cent lift would translate into a $13 billion boost," IFSA chief executive Richard Gilbert said.
The report, "Servicing our future: inquiry into the current and future directions of Australia's export sector", contains 14 recommendations.
The recommendations include the creation of a Minister for Services, that more resources are directed to the Australian Bureau of Statistics for better data collection and greater priority given to the sector in trade negotiation.
"It is still not widely recognised that the services sector accounts for 75 per cent of Australia's GDP and around 85 per cent of employment. The sector also represents around 20 per cent of total exports. While this is substantial, it also highlights the room for improvement that exists," Gilbert said.
