CANBERRA, July 31 (Xinhua) -- Australian Prime Minister Kevin Rudd said on Thursday that while Australia's financial services industry was performing well domestically, there was much to be done to boost growth overseas, particularly in Asia.

    Rudd told the Financial Services Hub Summit in Sydney that Asia offered big opportunities in financial services because of its growing middle classes, ageing populations and savings growth as well as recent increase in the movement of capital.

    But Asian countries sometimes had significant barriers to entry, which the Australian government aimed to overcome, he said.

    "The core objective is to take the domestic strengths of the Australian financial services sector ... and convert Australia into a financial services hub for greater East Asia," Australian Associated Press quoted Rudd as saying.

    Rudd also said Australia had secured approval last month as an investment destination under the Chinese Qualified Domestic Institutional Investor Scheme.

    "This will open opportunities for Chinese banks to offer investment opportunities in Australia, providing access to one of fastest growing markets for funds management in the world," he said.