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Letter published in response to the Sydney Morning Herald article on 2 April 2014

Sydney, 05 April 2014

I expect many of your readers were as confused as we were when reading Ben Butler’s “Macquarie’s offshore techniques targeted” (April 2).

There is no link between Macquarie’s Offshore Banking Unit (OBU) and the OECD targeting “foreign tax credit generators”. Indeed, the OECD has previously found Australia’s OBU regime to be acceptable.

The OBU regime has had bipartisan support and seeks to provide Australian companies with a level playing field in major financial centres internationally. Macquarie generates 63 per cent of its income from outside Australia including the Americas, Europe and Asia.

Patrick Upfold
Chief Financial Officer
Macquarie Group Limited