New South Wales has succeeded in its bid to host the Centre for International Finance and Regulation in Australia.


The successful NSW bid is worth more than $41 million, including $12.1 million funding from the Federal Government, $6 million funding from the NSW Government, a further $6 million from corporate sources and universities, and $17.5 million of in-kind support.


The centre’s aim is to research and develop better and more resilient financial regulatory systems in an attempt to stop a repeat of the global economic crisis.


The successful bid was made by a cartel of the state’s top four financial universities together with banks and other financial organisations.


The centre’s presence in Sydney will contribute to the finance and insurance industry in the state, which is the largest sector in the New South Wales economy. New South Wales is represents 46 per cent of the country’s finance and insurance industry.


The centre is also supported by the New York University, University of California Los Angles, Commonwealth Bank, Macquarie Group and the KPMG.