ANZ wants greater global competitiveness

ANZ has called on the federal government's financial system inquiry to encourage local companies to compete on a global scale.

ANZ has the strongest offshore aspirations of Australia's big four banks, with plans to generate a quarter of its earnings from Asia, Europe and the Americas by 2017.

In its submission to a financial system inquiry headed by former Commonwealth Bank boss David Murray, ANZ said local economic growth would increase if financial companies had a greater ability to operate within Asian markets.

It wants the inquiry to look into the implications of regulations and policies on the sector's ability to expand globally.

"Hurdles to offshore competitiveness, such as adverse capital treatment of trade finance and equity investments, should be changed," the bank said in a statement.

It also said offshore investments should receive competitive tax treatment to make Australia an attractive financial services hub.