ANZ CEO says high taxes prevent Australia from being top Asian financial hub

September 15, 2026 - 04:52

The head of one of Australia's largest banks has pointed to the country's tax system as a major obstacle to its goal of becoming a leading financial centre in Asia. Speaking on Tuesday, ANZ Group chief executive Nuno Matos said Australia already possesses several of the qualities required to serve as a regional hub for finance, but the current tax regime is preventing that potential from being realised.

Matos made the comments during a public appearance where he assessed the country's competitive position against other financial centres in the region. He noted that while Australia offers stability, a skilled workforce, and a strong regulatory framework, these advantages are undermined by a tax environment that makes it harder to attract international business and investment.

The remarks add to a long running debate about whether Australia can compete with established hubs such as Singapore, Hong Kong, and Tokyo. Industry figures have repeatedly argued that high corporate and personal tax rates discourage global firms from basing operations in the country. According to Matos, without changes to the tax structure, Australia risks falling further behind its neighbours in the race for financial sector activity.

The ANZ chief did not outline specific reforms, but his comments suggest that tax policy will remain a central issue for the banking sector as it pushes for a more competitive position in the region.