Aust should capitalise on Asian growth: ANZ chief

The newly appointed chief executive of ANZ Bank says Australia could be doing more to benefit from economic growth in Asia.

Mike Smith has told a trans-Tasman Business Circle luncheon increased spending and borrowing, particularly in China, presents a lucrative opportunity for Australian financial service providers.

Mr Smith says Australia needs to acknowledge its role as a part of Asia and capitalise on growth opportunities in the region.

"Australia and New Zealand have basically won the lotto and they haven't had to buy a ticket," he said.

"But they must also remember to go and collect the winnings.

"We are so well situated to take part in what is going to be the greatest economic story in history and it's incredibly fortuitous but we have to play our part in that."

Mr Smith says irresponsible lending practices are partly to blame for the credit crunch which has affected financial markets around the world.

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Australian Broadcasting Corporation

Tue Nov 27

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