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Budget will help make Aust international financial centre - IFSA

12 May 2009 9:33 PM

CANBERRA, May 12 AAP - The Investment and Financial Services Association (IFSA) says the federal budget will help build Australia as an international financial centre.

IFSA deputy chief executive John O'Shaughnessy said one positive measure was confirmation of the capital gains tax discount for managed investments at 50 per cent after 12 months.

"It provides certainty for those who want to bring capital into Australia," he said.

"The other is the abolition of the foreign investment fund rules which will make it much more even for Australians to invest in foreign funds than what it has been in the past."