The Australian managed funds market has officially exceeded the $1 trillion mark, according to figures released by Treasury yesterday.

Treasury said while Australia’s total funds management assets hit $1 trillion a year ago the latest results are for consolidated assets which are considered a truer reflection of value “as it eliminates any cross-investment and duplication from the figures”. “This milestone highlights the strength of Australia’s managed funds market and its status as one of the world’s fastest growing pools of assets,” Treasury said in a statement yesterday. “The size and growth of assets under management are significant drawcards for global financial services companies that are considering setting up or expanding their operations in the Asia-Pacific region.” Treasury said the Australian financial services sector now accounts for almost 7.5 per cent of GDP or $61 billion. The figures were contained in the Australian Bureau of Statistics March 2006 quarterly report on the managed funds industry.

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