The Prime Minister's idea for a financial services hub creating thousands of jobs has been set back because Australia has similar plans.
John Key floated the idea of creating a international hub for financial services administration in February.
Since then, Australia has backed the idea of tax breaks to boost its trillion dollar industry, similar to those being considered in New Zealand.
A group of experts which was due to report to the Government in May has had to redraft its report.
Rob Cameron of the Capital Markets Taskforce, which backed the idea in a separate report to the Government last year, says Australia shouldn't be seen as a threat.
He says a stronger financial services industry across the Tasman should bolster financial services administration jobs here.
