Our level of such exports is far too low given the sector and the opportunities in Asia, write Mark Johnson and Geoff Weir.
With all the focus on the economic and financial implications of the UK Brexit vote, it is important not to lose sight of what factors remain critical to the future performance of the Australian economy.
One is maintenance of an open and competitive trading system for goods and services, which continues to be in the long-run interests of all Australians. 
Another is the fact that the economic future of Australia lies increasingly in the Asia Pacific region rather than with our traditional trading partners.
A third is that, if Australia is to manage the transition from the mining boom to other sources of export growth, we need to ensure that other export sectors which also have a comparative advantage are not being held back by inappropriate policy settings.
Eight years ago, the then Federal Government commissioned a report focused on applying the above factors to our financial sector.
The report found that, while Australia's financial sector was generally open, efficient and competitive, our financial services exports were being hampered by inappropriate and out-of-date policy settings.
Our report recommended policy changes designed to overcome these constraints and encourage financial services exports.
Having an open, efficient and competitive financial sector is in the interests of all Australians.
Consumers, producers, savers and investors all need access to the best range of services at the lowest cost. The economy then benefits from this provision of existing and new financial services products that are competitively priced. This is particularly important as we seek to diversify the economy and find new growth opportunities.
The progress report in today's Financial Review suggests that, seven years on since we submitted our report, a number of its key recommendations have been implemented, with some early signs of success such as the doubling in the level of overseas investment into Australian managed investment trusts. In the broader context of transitioning away from the mining boom, another interesting observation is that, in the most recent National Accounts, financial services provided the second-largest sectoral contribution to growth and the second-fastest growth in exports by sector.
This is an encouraging start, but no more. Our level of financial services exports is still far too low given the competitiveness of the sector and the size of the opportunities opening up in Asia. Taking full advantage of these opportunities requires greater awareness of them by financial services companies that have in some cases grown complacent due to our superannuation system. It will also require greater awareness by government of the need for ongoing policy changes, as financial markets evolve, fintech innovation gathers pace and policy settings in other countries change. Our experiences have led us to reflect on the necessary ingredients for achieving sensible, timely and ongoing policy changes in the financial services sector.
One is having a minister who is knowledgeable and engaged with the industry.
Another is a structure that encourages open, honest and productive dialogue between the financial sector and the official sector - ministers, their advisers and the relevant officials - on ongoing policy changes required to scrape accumulating barnacles off the financial services boat. Some recent developments are encouraging on this front. One was the appointment of Chris Jordan as Commissioner of the Australian Tax Office, a body which for too long had been an obstacle to some sensible policy changes. Another has been the initiative by the Treasury to establish offices in Sydney and Melbourne focused on building closer links with the private sector.
But a key missing piece remains: a task force of official sector and market sector representatives, with - crucially - its own small, dedicated secretariat that is focused on providing advice and specific recommendations to government on sensible ongoing policy changes.
The many uncertainties associated with the Brexit vote, such as the ability of London based UCITS funds to continue to sell their products seamlessly across EU countries and into Asia, have the potential to create new opportunities for nimble Australian financial services companies.
But the competition is global and we need to have world's best practice as our standard settings. The associated need for an effective structure to analyse and recommend ongoing changes in policy settings is greater than ever.