Australia's pitch to reinvent itself in the eyes of global investors received a vote of confidence from asset manager Putnam Investments, which says Australia has shaken its reputation as a resources-dependent economy.
Senior government ministers, including Prime Minister Malcolm Turnbull, top regulators, representatives of the Reserve Bank of Australia and executives from BHP Billiton, Transurban and other big companies briefed international fund managers in Sydney on Friday at an event staged by Citigroup in an effort to rehabilitate Australia's investment image. This comes in the wake of China's slowdown and the commodity price collapse which has undermined confidence in Australia as an investment destination.
Darren Jaroch, a portfolio manager at the $200 billion Boston-based Putnam, said he left more at ease with the outlook for Australia. "The popular perception outside of Australia particularly from US fund managers has been this economy that has been so linked with basic materials and China, both of which are top of mind," he told AFR Weekend. "I'm feeling much more comfortable with what I'm seeing in Australia now than I was just six months ago. 
"Whether it's Chinese tourism, there are other trade relationships with China that don't involve iron ore or LNG for that matter."
He pointed to the duty-free shopping displays at Sydney Airport targeted at China's growing ranks of international travellers and their preference for expensive cognac over cheaper liquors.
"That is fascinating because they've got it down to a science," he said.
Mr Turnbull told the investors Australia was unrivalled for having 25 years of unbroken growth while Treasurer Scott Morrison assured them the government's triple-A credit rating was sound and the slowdown in China was expected.
Trade Minister Andrew Robb, who was instrumental in bringing the political leaders, regulators and corporate leaders into the Sydney Opera House's Utzon Room for one day, emphasised Australia's bipartisan policy reform, stable political environment and "low levels of government debt".
The message of political unity at the forum was at odds with the daily rhetoric between the Coalition and Labor but Mr Robb said it was important to show Australia had a common sense approach to economic reform.
"It is impossible to gild the lily because these are not people you can fool with a few glib lines," Mr Robb said.
Guests at the invitation-only meeting - which government and business representatives hope to make an annual event dubbed the A50 Australian Economic Forum - said they were surprised by the frank discussion with Australia's regulators, which have the power to approve or reject some of the biggest deals involving international investors.
Ryan Stork, head of Asia-Pacific for BlackRock, saw "a pivot" in Australia's growth "to service sectors, be it food, be it healthcare, be it education and obviously tourism as well".
Australian Competition and Consumer Commission chairman Rod Sims told the audience his agency had such a wide range of responsibilities that "what we don't have is a lot of time on our hands".
"I guess they would have seen that a positive from their point of view," Mr Sims said outside the forum.
Mr Sims also talked about the biggest international mergers currently attracting the regulator's attention including Halliburton's $US35 billion acquisition of oil exploration services business Baker Hughes and Iron Mountain's $2.7 billion takeover bid for Australian company Recall Holdings.
He said logistics company boss John Mullen was in the "wonderful position of having two companies fighting over him" in the $9 billion battle for Asciano between Brookfield Infrastructure and the Qube consortium.
Australian Prudential Regulation Authority chair Wayne Byres said bank would probably have to hold more capital over time, but the increase would be managed in an orderly way.
Treasury secretary John Fraser was on hand to help with the government's sales pitch to international fund managers, whose investments in Australia have fallen to the lowest level in 20 years. "It is these sorts of meetings that provide a great occasion to have a sober discussion not only about the challenges facing Australia but, more importantly, about the opportunities Australia presents to international partners," he said.