Foreign banks would be given greater access to the Australian market, local bank accounts and financial data could be tranferred overseas, and foreign financial and information technology workers would be free to flood the workforce under proposals being discussed by Australian trade negotiators, Fairfax media reports.
Trade Minister Andrew Robb has dismissed experts' warnings that the proposed changes could harm Australia's ability to deal with future financial crises independently, saying the Trade in Services Agreement (TiSA) negotiations are a "key focus" of government policy.
The details have emerged in leaked WikiLeaks documents and Mr Robb says his department's policy is to "open as many doors as possible" to encourage the nation's financial sector to export its services.
"Financial services are a key part of the negotiations for us, given the strength of our sector in areas including banking and wealth management, particularly in the major, growing markets of Asia," Mr Rob told Fairfax media.
The report says 50 World Trade Organisation members are involved in the TiSA negotiations.
