Robert C. Johnston.
REGARDLESS of the proposed financial benefits to Australia of merging the Australian Securities Exchange with the Singapore Exchange, specifically to more successfully compete with the strength of China and remain relevant in Asia, I would be wary of the fact that the Singapore Exchange is 23 percent owned by the Singaporean Government.
On this issue I agree with Nick Xenophon’s comments (‘Robb questions who will control merged ASX’, ABC News 27 October 2010, http://www.abc.net.au/news/stories/2010/10/27/3049522.htm?section=business) that this is not a typical business proposition between two private entities, and therefore requires deep scrutiny.
Selling off Australia’s national assets with the possibility of them falling under the control of any foreign state is a dangerous erosion of Australia’s national sovereignty. I am all for being proactive and progressive in relation to securing Australia’s financial future, but not at the expense of losing Australian control over it. I urge the Australian Government to consider very carefully the implications of such a merger.