AUGB: Visiting Australia
While the UK and Australia may be miles apart geographically, our shared commitment to knowledge-driven markets and similar regulatory frameworks create significant alignment. As a result, our bilateral trade is increasingly shaped by services, with financial services - particularly insurance, asset management, and green finance - leading the way.
High Commissioner Vicki Treadell extended a warm welcome to me in Brisbane to commence my visit to Australia.
Robust conversations around investment flowing in between Queensland and the UK with Australian Retirement Trust, QIC and Octopus Investments and discussing plans for the inaugural Global Risk Summit in May.
Much thanks must be given to Her Excellency the Governor of Queensland, Dr Jeanette Young, for the honour of a State Dinner.
My first engagements in Brisbane included productive discussions with Australian Retirement Trust leaders, including CEO David Anderson. We explored the UK’s standing as a leading destination for investment, as highlighted in PwC’s CEO Survey, where the UK ranks second only to the US.
I also had the pleasure of meeting with leaders from Queensland Investment Corporation (QIC), including CEO Kylie Rampa and Ravi. Sriskandarajah. Our conversations focused on deepening QIC’s investment into the UK, strengthening their footprint across the country, and exploring the exciting opportunities in sectors like greentech, life sciences, and advanced manufacturing.
I then visited Melbourne where I met with some of Australia's largest superannuation funds including HESTA and AustralianSuper.
It was a pleasure to be hosted by the Australian British Chamber of Commerce for a panel event continuing the discussion of investment opportunities opening up in the UK, supercharged by the government's ambition to drive economic growth.
My thanks to the Governor of Victoria Margaret Gardner for her warm welcome. The UK is Australia’s seventh-largest trading partner and second-largest outside the Asia-Pacific region. Through our strong bilateral ties from the UK-Australia free trade agreement, AUKUS and CPTPP, we hope to further deepen our trade and partnership in financial services.
It was also great to meet with the Lord Mayor of Melbourne Nick Reece, excellently proving the only thing better than one Lord Mayor is two!
The final stop on the last leg of a productive visit to Australia, was to Sydney, following stops in Brisbane and Melbourne. It was a pleasure to meet businesses in Sydney in one of my first engagements and discuss the mutual opportunities to be had through a stronger UK and Australian financial services partnership. Many thanks to the Australian British Chamber of Commerce for a great event.
Growth in UK services exports to Australia can largely be attributed to insurance and pension services. I discussed this with leaders at NAB, Sydney Financial Forum and with Margaret Beazley AC KC, the Governor of New South Wales, exploring how we continue to deepen our ties through regular dialogue, strategic collaboration and leveraging our shared ambitions.
A fantastic trip with many hearty discussions on the evolving relationship between Australia and UK financial services.
