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Australia backtracks on privatisation of ASIC Registry

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Australian Treasurer Scott Morrison said on Monday he will not privatise a corporate registry held by the country's markets watchdog, bowing to opponents who argued the move would reduce transparency for millions of privately held companies.

[SYDNEY] Australian Treasurer Scott Morrison said on Monday he will not privatise a corporate registry held by the country's markets watchdog, bowing to opponents who argued the move would reduce transparency for millions of privately held companies.

Australia last year announced plans to sell the corporate registry of the Australian Securities and Investments Commission (ASIC).

Morrison said the sale would not raise enough money. "Thorough evaluation of final private sector bids received showed that it would not deliver net financial benefit for the Commonwealth," Morrison told reporters in Canberra after releasing the government's mid-year budget review.

REUTERS

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