The regulatory landscape needs to adapt to the growing importance of private markets while ensuring that public ones remain competitive and attractive to companies.
Australia’s capital markets are undergoing significant transformation, raising important questions about their role in fostering economic growth and innovation. Both public and private markets are vital to investment and business development, but how can Australia ensure that both remain robust and effective as they evolve?
Australia’s public equity market has long been a cornerstone of the financial system. Market capitalisation of a little more than $3 trillion is near record highs. However, between December 2022 and December last year, the number of listed companies on the ASX fell by 145 to 1989. Driven by both fewer new listings (66) and more de-listings (211), this contraction gives cause for concern but is not unprecedented.
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Carole Comerton-Forde is Professor of Finance at the University of Melbourne and authored a report commissioned by ASIC called Evaluating the state of the Australian public equity market: Evidence from data and academic literature.
