Under new plans designed to ensure that the ailing and underperforming Australian financial services industry gains some benefits, foreign investors who use the country's financial advisers and fund managers and brokers who invest in offshore programs and projects, will be exempted from capital gains tax.

The aforementioned recommendation is one of the 19 proposed in a new report which has been drafted to help the financial sector rise to its full potential, and also to market the country as a regional headquarters for companies involved in financial services.

The final report, released as the Australian Financial Centre Forum on Friday, also contains other ideas, one of which is a plan to lure in more Islamic investors who, under the law of Sharia, are not suppose to charge or collects any interest related payments.

"I think there's been a case for reform and the government is looking at that reform. I've said continuously that there's more to be done. Tax is a key issue to us as a financial hub", said Financial Services Minister Chris Bowen.

If fully realized, these reforms could also lead to a large number of new jobs.