Global Financial Centres Index (GFIC) – Sydney and Melbourne slip down the rankings

Sydney and Melbourne’s rankings as global financial centres has fallen significantly in 2014 as New York reclaims the number 1 spot from London.

Sydney’s ‘Global Financial Centres Index’ ranking fell by eight places from 15th to 23rd  and Melbourne’s ranking dropped four places to 37th spot in the survey. The report also found that New York had now taken over from London to become the world’s top financial centre for the first time in seven years. Hong Kong and Singapore held third and fourth spots respectively.

Sydney is now categorised as an “established transactional centre” a downgrade from its previous “global leader” status.

Commenting on the survey’s findings, John Brogden, chief executive of the Financial Services Council, explained that he was not surprised in the result as he felt regulatory and legislative burdens had left Australia’s financial services industry “in the trenches battling the detail of an endless raft of legislation“.

A full copy of the Survey is available here: http://www.longfinance.net/images/GFCI15_15March2014.pdf

 

 

 

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