Western Australia’s robust resources sector and associated equipment, technology and services industries have played a key role in the upswing in corporate activity in its capital city, Perth.
Despite Perth's smaller population than Sydney or Melbourne, it is the headquarters of 704 of the 2,034 Australian Securities Exchange (ASX) companies. By comparison, Sydney has 681 and Melbourne 391.
Australia’s financial system is among the most mature and efficient in the world, gaining recognition for its resilience during the global financial crisis in the World Bank’s Global Financial Development Report 2013: Rethinking the Role of the State in Finance.
A strong financial system coupled with Western Australia’s strategic proximity to the world’s fastest-growing economic regions of Asia and Africa, and its recognition as the top investment jurisdiction for global mining companies, continues to attract leading international commercial banks, financial services providers and consultancies to Perth.
Today, the financial and insurance services sector is the seventh-largest industry in Western Australia, with the resources sector as its prime focus.
Many Asian financial institutions have joined longstanding commercial banks from Europe and North America, such as the Bank of America, Merrill Lynch, Citibank, HSBC, Morgan Stanley, Rabobank and UBS, in establishing offices in Perth. They include Bank of China, Bank of Tokyo Mitsubishi, UFJ, Industrial Commercial Bank of China and Sumitomo Mitsui Banking Corporation.
Western Australia's solid investment climate and attractive business opportunities have also enticed multinational financial services providers BNP Paribas, Credit Suisse and Goldman Sachs to either open an office in Perth or substantially increase their presence.
Other prominent companies to establish offices in Perth are consultancies Bain & Co
, and the Boston Consulting Group. Leading law practices Allen & Overy, Allens Linklaters, Ashurst, Clifford Chance, DLA Piper, Herbert Smith Freehills, King & Wood Mallesons, Norton Rose Fulbright, Patton Boggs and Squire Sanders have also commenced operations in Perth.
The Australian Securities & Investments Commission plays a key role in maintaining the integrity of Australia’s financial system and regulating companies and professionals who deal and advise in such areas as investments and insurance In tandem with the Reserve Bank of Australia, which conducts monetary policy, works towards a strong financial system and issues the country’s banknotes,.
The Commission also advocates for positive and informed participation by investors and consumers in the financial system.