Australian investors would be able to tap into Asia's expanding middle class in a new so-called funds passport agreement between the Asia-Pacific nations.
Parliament's lower house gave the thumbs up to the legislation on Monday afternoon that would allow eligible investment funds to be marketed across multiple countries.
Small Business Minister Craig Laundy says investors will be given a greater choice of funds while increased market competition will improve outcomes for consumers through more reasonably priced products.
"This offers our fund managers the opportunity to tap into Asia's expanding middle class and increasing numbers of high net-worth and ultra-high net-worth individuals," he said.
The Asia Region Funds Passport has already been signed up to by New Zealand, Japan, South Korea and Thailand.
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