THE House of Representatives Standing Committee on Economics is commencing a new inquiry into the implications of capital concentration and common ownership in Australia.

Committee Chair, Tim Wilson MP, said,"This inquiry is urgent -- there is already high concentration of ownership of ASX listed companies by an increasingly small number of ‘mega funds’ and that trajectory will increase.

"The House Economics Committee has been asking regulators about these risks for nearly a year. Recently the chair of the ACCC informed the committee common ownership posed threats to competition when it hits 10 percent, yet some have already hit 30 percent’.

"We don’t want a stock exchange where a hand full of ‘mega funds’ make all the decisions, and ordinary investors are locked out and higher costs are paid by Australians. Some ‘mega funds’ have already said that as their ownership increases they’d de-list public companies," Mr Wilson said.

"Common ownership’s flow-on risks higher prices and collusion, corporates imposing public policy agendas while bypassing democracy, and disempowering ordinary investors. The law shouldn’t empower capital over citizens and that’s what we’ll be inquiring into."

Common ownership refers to when a fund or collaborative funds simultaneously own shares in competing firms. The committee will investigate the impact of common ownership by institutional investors (such as banks, super funds, investment funds, hedge funds and others).

"This inquiry will shine a bright light ‘under the hood’ of the ownership of the ASX today, and ensure that we update the law, regulations and regulators to address the challenges of the future so we empower citizens, not organised capital," Mr Wilson said.

The committee is inviting submissions from stakeholders and interested parties. The full terms of reference are available on the committee’s website.

Submissions are being sought by Monday, September 13, 2021. Submissions can be made online or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

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THE planned widescale reopening of Greater Sydney construction sites, outside of the locked down Local Government Areas (LGAs), is at risk unless the NSW Government authorises key workers residing in these areas to travel to work, according to both the CFMEU and the Australian Construction Association. (ACA).

Currently, workers in a locked down LGA are only able to travel outside the LGA they live in if they are required to leave home for work and are classified as an authorised worker. The list of authorised workers does not include workers in the construction industry.

Australian Constructors Association CEO Jon Davies said,“Many construction sites will struggle to reopen following the end of the two-week industry shutdown as over half the workforce is located in the locked down LGAs and is therefore not authorised to travel."

CFMEU NSW secretary Darren Greenfield said, “Many of these workers are required to supervise site activities, ensure work is undertaken safely and operate critical plant and equipment."

CFMEU and ACA have called on the Government to add these supervisors and critical operators to the list of workers authorised to travel from locked down LGAs to projects located in other areas.

“Construction has been significantly impacted by the two-week shut down and we can’t afford any further delay in reopening of work sites," Mr Greenfield said.

Mr Davies said, “We are confident that the agreed further tightening of what were already comprehensive COVID-safe operating protocols and procedures, will keep workers and their families safe and prevent transmission of the disease on construction sites," 

ACA members and the CFMEU are working collaboratively with the NSW Government to implement rapid antigen testing across construction sites in order to stay one step ahead of the virus.

Mr Davies said, “Construction is all about managing risk and as an industry we have shown since the since the start of the pandemic that industry can effectively manage the risk of COVID transmission on our worksites."

Mr Greenfield said, “CFMEU is working with industry to get information to workers who want to get vaccinated as quickly as possible.”

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THE local government union has warned the Central Coast community that the council’s review into local water and sewerage operations "could open the door to the sell-off of these vital community services by the cash-strapped council".

The United Services Union (USU) has also foreshadowed a relentless campaign to protect the jobs and services of this current council operation to prevent any moves to privatise it.

Central Coast Council has announced an independent review into how water and sewer operations are managed, which will examine options including the full privatisation of the services, a transition to a council-owned corporation, and a joint service with Hunter Water.

The USU said the publicly-owned water and sewer infrastructure — which the council says is worth nearly $4 billion dollars — not only provides an essential community service, but also generates ongoing income for the council.

“The privatisation of water and server services would be catastrophic for the Central Coast community,” USU organiser Luke Hutchinson said.

“We are strongly opposed to any sell-off and will be engaging in a wide ranging and relentless campaign to protect local jobs and essential services for the Central Coast community.

“These services not only provide a reliable, affordable, essential service, they generate ongoing income, making their retention in public hands vital to turning around the financial crisis that saw Central Coast Council placed into administration. Privatisation simply does not make any sense.

“A sale of these assets — which have been entirely paid for by the local community — would see them run for the profit of their new owners, rather than in the best interest of the Central Coast community.

“The Central Coast is already struggling with the effects of the COVID pandemic and ongoing lockdowns, the last thing they need is for their water and sewerage assets to be sold off to private interests," Mr Hutchinson said.

“If water and sewerage assets are sold off, it will lead to higher water bills, lower service, and the loss of good local jobs.

“The threat of privatisation is also causing extreme hardship for Central Coast Council workers who have already faced 10 months of uncertainty due to the current financial crisis, including the loss of 287 jobs.

“The Central Coast community needs to send a clear message to the council and the administrator that the sell-off of local essential services is not an acceptable way to address council’s financial mess.

“The USU has a very strong and proud record of protecting jobs and community assets and is committed to leading vigorous and continuous opposition to any moves to sell these community assets.”

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WESTERN SYDNEY development and construction company ALAND chief executive George Tadrosse has hit out at the clumsiness of the current Sydney lockdowns and the devastating impact it is having on his industry and the families it employs.

"As a prominent Western Sydney developer, I feel it is our duty to highlight the devastating effects this shutdown will cause to so many families and businesses ALAND proudly works with them every day," Mr Tadrosse said.

"The lack of consultation and disproportionate restrictions placed on the affected LGAs (compared with earlier exposure events on the Northern Beaches and Eastern Suburbs) needs to be called out and immediately reconsidered to determine a feasible, fair and sustainable solution.  

"ALAND currently has approximately $925 million in real estate under construction across LGAs impacted by the current construction lockdown, including; Blacktown, Liverpool, Campbelltown and Parramatta LGAs," he said. "This equates to roughly 1450 new dwellings across five major construction sites -- of which, approximately 30 percent of the developments have fully drawn finance facilities and are awaiting occupation certificates.

"Every year, both directly and indirectly, ALAND is responsible for billions of dollars of contributions into the economy of Greater Western Sydney.

"The Premier’s decision will mean that thousands of individuals including tradespeople, project managers and suppliers to our major construction sites across Western Sydney will not be able to return to work, creating ongoing uncertainty for them, and their households. ALAND alone employs 145 direct staff and over 1000 subcontractors on any given day.

"ALAND, like so many other businesses working within the construction industry, have already adapted their construction sites and Work Health Safety plans to accommodate additional COVID-19 precautions. We are confident with ongoing consultation we can continue to operate safely within affected LGAs and urge the government to allow all construction to resume across all of NSW," Mr Tadrosse said.

"We need the government to provide clear answers, conscious decision making and a clear pathway for families and businesses to support economic stability and eventual recovery through these challenging times."

ALAND’s current Sydney-based developments include Schofield Gardens, Schofields; The Hoxton, Liverpool; Paramount on Parkes, Parramatta; and Costello, Edmondson Park.

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