Australia Faces Significantly Lower Funds Under Management Sourced from Overseas: KPMG

6.5 percent of overall FUM in Australia is sourced from overseas, far lower compared to Singapore, Ireland, and Luxembourg.

The KPMG logo at the company's head offices in Parktown, Johannesburg, on Sept. 15, 2017. Siphiwe Sibeko/Reuters

Australia needs to change its regulatory and tax policy settings, or else continue to face significantly lower funds under management (FUM) sourced from overseas, compared to its international peers.

A report prepared by KPMG for the Financial Services Council (FSC) mentioned that Australia has $4.31 trillion (US$2.7 trillion) in FUM, up 13 percent from $3.81 trillion in June 2020.