Reviving Australia's public markets requires more than just deregulation
ASX listings have fallen by 145 over the last two years, down to 1989. IPO activity has fallen to its lowest level in more than 20 years. Some see this as a regulatory failure – arguing for lighter disclosure rules, faster IPOs, or fewer director obligations. While these ideas have merit and should be explored, focusing solely on regulation misses the point.
Some companies do not want to list because they see public markets as structurally unappealing – dominated by short-term investors, vulnerable to activist pressure, and often misaligned with long-term strategy. Investors have increasingly turned to private markets, attracted by their perceived benefits. If we want to reverse the decline, we need to understand why both issuers and investors are losing interest – and identify what public markets need to do to win them back.
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AU Financial Review
5 hours ago
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Reviving Australia's public markets requires more than just deregulation
ASX listings have fallen by 145 over the last two years, down to 1989. IPO activity has fallen to its lowest level in more than 20 years. Some see this as a regulatory failure – arguing for lighter disclosure rules, faster IPOs, or fewer director obligations. While these ideas have merit and should be explored, focusing solely on regulation misses the point. Some companies do not want to list because they see public markets as structurally unappealing – dominated by short-term investors, vulnerable to activist pressure, and often misaligned with long-term strategy. Investors have increasingly turned to private markets, attracted by their perceived benefits. If we want to reverse the decline, we need to understand why both issuers and investors are losing interest – and identify what public markets need to do to win them back.
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