New Management Board Members of Melbourne Derivatives Exchange Want to Establish Investment Culture in Australia
Australia does not have a traditional investment culture - neither for capital management, or financing nor for building retirement provisions by investing.
- (1888PressRelease) August 02, 2011 - More intense information activities, additional services and stepped up efforts to improve the tax framework will help to bring about a change in the coming years, was the message of the management team of Melbourne Derivatives Exchange, underlined by Henry Petterson, the President of MLDEX.
"In the future, we want to provide moretrading services.To establish a culture of saving and investing more firmly in Australia - only a small percentage of monetary assets are invested in derivatives and investment funds, while the Asia PacificRim average is almost twice as the Australian one. Melbourne Derivatives Exchange would like to see more of an attractive framework for the tax advantages of investment participation schemes. A survey conducted by MLDEX among the leading 20 funds listed on the prime market in Australia revealed the need of individual investors and self-tradersto participate with a bigger share in the market flow.The fund directors interviewed spoke out in favor of doubling the tax-exempt amount and a shortening of the holding period.
The goal of establishing an investment culture in Australia also requires the efforts of domestic investment banks. "At present, only one-sixth of the entire Australianfund volume is invested in close ended funds. We therefore appeal to Austrian investment management companies to invest more in close ended funds," said Petterson.