Peter Costello

Media Releases

Axiss Australia


Joint Press Release: Federal Treasurer and the Acting Minister for Industry Tourism and Resources


The Treasurer and the Acting Minister for Industry Tourism and Resources announced today that Axiss Australia would continue its operations as a distinct division of Invest Australia in the Department of Industry Tourism and Resources. With the departure of the Chief Executive Officer of Axiss Australia, Mr Les Hosking, at the end of the financial year, the Government has decided to merge the two investment promotion agencies from 1 July 2003. Under the new arrangements:

  • the successful Axiss Australia brand name will be retained;
  • Axiss Australia will operate as a separate division of Invest Australia and its funding would be identified in a separate line item within Invest Australia’s budget;
  • the head of Axiss Australia will be jointly selected by Invest Australia and the Treasury, and will report directly to the CEO of Invest Australia;
  • Axiss Australia will continue to provide the Treasurer with regular – at least six monthly – reports on its activities; and
  • Axiss Australia will be able to continue to co-opt high level representation from the Australian financial sector to assist in progressing key proposals with target foreign financial institutions. Axiss Australia will maintain access to a financial sector reference group, which would be supported in terms of required travel and other expenses from the Axiss Australia budget.

These arrangements will achieve the efficiency gains sought in the Blackburne Report and allow Axiss Australia to build on its already very high reputation and impressive outcomes.

This confirms the Government’s long-term commitment to Axiss Australia, the reputation it has already built and the work ahead to ensure Australia remains a global financial services centre.

The Treasurer and Minister Hockey complimented Mr Hosking on successfully promoting and developing Australia as a centre for global financial services and wished him well in his future position. Mr Hosking took up the role in 1999 as head of the Global Financial Centre Task Force to implement the Government’s strategy to develop Australia as global financial centre.

The Government is seeking a replacement for Mr Hosking and will advertise the position shortly.

Contact: David Alexander, Treasurer’s Office (02) 6277 7340

Kirsty Boazman, Minister’s Office (02) 6277 7580

5 Jun 2003

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