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1、Prepare for ChangeForging ahead:Revitalising Australias Equity Capital MarketsJune 2024PrefaceAUSIEX and our parent Nomura Research Institute,Ltd(NRI)have a shared view that a technology company cannot forecast and plan for its own strategic future unless it can research and comprehend the trends sh

2、aping its future.It was with this principle in mind that in 2023,I introduced the first AUSIEX research paper with the theme On the Precipice of Change,with a focus on the imminent full retirement of the Baby Boomer generation and the impact of this change on the wealth management industry over the

3、medium term.The paper highlighted that the wealth management industry in Australia responded to the need to change from the old defined benefit corporate pension system with uncapped liabilities to the defined contribution superannuation system that we have today,adapting to the changing economic an

4、d social environment.One major change that the superannuation system is experiencing is the requirement to focus on the dual needs of the retiring generation while still serving its core purpose,which is to grow and manage wealth for the generations currently in the workforce.Industry and media cove

5、rage over the past twelve months shows that these issues are indeed becoming front of mind for regulators and policy makers,encouraging the industry to focus on the liquidity and servicing issues that are arising for those exiting the system.This is a good sign of the ability of the industry to evol

6、ve and respond effectively to challenges before they become problems.However,the broader and more difficult challenge is to deliver on the need of the following generations to see the same,if not better,growth and wealth creation opportunities as experienced by the generation that came before them.T

7、his is what we address in this years paper where we turn our attention to ideas on how to ensure that wealth generation continues.We explore macro risks and opportunities,while keeping our focus on equity capital markets to ensure that we can propose real ideas with measurable outcomes.I look forwar

8、d to using this paper to help us,our clients and our partners engage as we all work to adapt to change.Patrick SalisCEO,AUSIEX.au 2024 PREPARE FOR CHANGE.au 2024 PREPARE FOR CHANGEIntroduction Everyone is aware that the ageing phenomenon is global,however what also became apparent since the last pap

9、er is that China,Australias largest trading partner,has commenced its population decline as its ageing population retires and their young are not reproducing at anywhere near the replacement rate.April 2023 saw India overtake China as the worlds most populous country1,and Chinas GDP expectations are

10、 generally viewed as tepid and unable to reach prior levels of growth.The recent court ordered liquidation of the China Evergrande Group2,which was at one time Chinas largest property developer,is also seen as emblematic of the problems arising in that economy.And China has more than internal issues

11、.The Biden administrations CHIPS and Science Act3 that took effect in 2023 includes restricting Chinas access to the high-performance computer chips used in AI.The impact of these restrictions are combined with important manufacturers such as the worlds leading computer chip manufacturer,Taiwan Semi

12、conductor Manufacturing Company(TSMC),diversifying its manufacturing away from mainland China by establishing manufacturing facilities in new regions such as Vietnam,India,and even the USA,using new methods of automation.TSMCs strategic diversification from China is taking technology giants like App

13、le and NVIDIA with them and points to a significant change in the next 5 years,away from the assumption of the last 20 years that historian Niall Ferguson called the era of“Chimerica”4,where China is the factory of American technology.The AUKUS alliance between Australia,UK and USA to counter an ass

14、ertive China in the Indopacific region is emblematic of the significant change that is already underway in our economy-the Australian economy.Change in and around China simply introduces the concept of change;it is,of course,just one of many engines that is driving change in Australias direction.Whi

15、le public markets remain the primary forum to raise capital,provide liquidity and price transparency for both companies and investors,there is an undisputed and significant growth in the private markets.The purpose of this paper is to consider how public capital markets can prepare for changes,takin

16、g advantage of them for the benefit of all participants over the five year time horizon.The approach will be to present some research that shows the potentially emerging issue in the utilisation of public equity capital markets,the increasing concentration of the economy in certain sectors,and the c

17、ontinued decline of manufacturing industries.These trends are not unique to Australia,they are observable globally.Our focus is on Australia,as we then assess emerging opportunities and risks and contribute some avenues to explore to maximise the utilisation of the public market.1 https:/www.un.org/

18、development/desa/dpad/publication/un-desa-policy-brief-no-153-india-overtakes-china-as-the-worlds-most-populous-country/2 https:/ https:/www.pbs.org/wnet/ascentofmoney/Utilisation and Imbalances Utilisation of Australian Equity Capital Markets6.00%4.00%2.00%0.00%-2.00%-0.16%All ASX Listed EntitiesAl

19、l ASX Listed PublicCompaniesASX Listed Products(not public companies-Eg.ETF,LICs)4.05%-1.72%-0.16%All ASX Listed EntitiesAll ASX Listed PublicCompaniesASX Listed Products(not public companies-Eg.ETF,LICs)4.05%-1.72%Figure 1:Comparison of Australian Stock Exchange(ASX)Entity Type Geometric Growth Rat

20、es 2017-2023Source:ASX Monthly Reports&ASX Investor Products Reports 2017-2023Equity capital markets are not the only ingredient but they are a vital one in the chemistry of a modern integrated economy.Equity capital markets are downstream of the startup crucible where the chemistry of knowledge,ski

21、lls,and creativity are combined with the catalyst of the sources of financial capital that is knowledgeable and able to identify opportunities while managing risk.Its in this crucible where small ideas become the big ideas that require large scale capital,and its when this requirement emerges that e

22、quity capital markets become the vital furnace of the economy to drive growth.If we see the large-scale deployment of capital through equity capital markets then we can say the crucible is working and the furnaces are being properly utilised and maximised.So,what do we see?Australia has accumulated

23、AUD$3.5 trillion of superannuation savings5,which is 140%of Australias AUD$2.5 trillion GDP6,putting Australia in the top 10 of the league table of retirement savers amongst our OECD peers.Of course,its wrong to look at this number as a single pool available for investment;its the sum of each indivi

24、dual Australians hard work and their treasured savings for their future comfort and security in retirement.Every dollar must be carefully managed on their behalf according to their goals and needs.Nevertheless,if the crucible and furnaces are working properly and maximised then a considerable propor

25、tion of these funds would seek out the returns to be gained from well-functioning Australian innovation and growth.One measure of that could be to see public company listings grow on equity capital markets in some relationship with the growth in company and capital formation.5 https:/www.superannuat

26、ion.asn.au/wp-content/uploads/2024/06/2406-Super-stats.pdf 6https:/www.imf.org/external/datamapper/profile/AUS.au 2024 PREPARE FOR CHANGE.au 2024 PREPARE FOR CHANGEAustralia often claims to punch above its weight globally,and this is certainly the case with respect to our locally generated pools of

27、capital.The question we are asking here,is how effectively is that capital flowing through the domestic economic system to support local company growth.Lets compare the contraction of ASX public company listings shown in Figure 1 to new company registrations and growth in the superannuation system s

28、hown in Figure 2.This suggests that Australians are starting new companies at a solid clip of 4.5%new registrations per annum,and the pool of investment capital continues to grow at impressive and consistent ratesofaround8%perannum,yetthenumberofcompanies graduating to the public markets is falling.

29、In other words,it seems that Australians are demonstrating entrepreneurial spirits,generating new ideas,and the superannuation system is working to grow the pool of capital that is there for good future-oriented investment opportunities-the Australian crucible is therefore working.However,the dearth

30、 of new company listings looking for growth-oriented capital begs the question-is the path from crucible to public market furnace underutilised?Are the equity capital markets in Australia,with access to these large amounts of capital,deploying it effectively at scale?Figure 2:Comparison ASX Public C

31、ompany Listings vs Company Registrations and Superannuation System Geometric Growth rates.Source:ASX Monthly Reports&ASX Investor Products Reports 2017-2023.ASIC&APRA.10.00%7.50%5.00%2.50%0.0%-2.5%-1.72%ASX Listed Public CompaniesAPRA Super BalancesASIC Registered Companies4.50%8.01%While the ASX is

32、 not the only measure of equity capital market activity in Australia,its pivotal to the industry,its monthly activity reporting is comprehensive,and it provides a useful prism through which we can view this dynamic.Figure 1 shows the comparison of ASX entity type geometric growth rates from 2017 to

33、2023.The first column shows the growth in the total number of listed entities on the ASX.If we look at column two-Listed Products that are not public companies-then you see that there has been impressive growth in the listing of exchange traded products(ETPs),which reflects the global trend of inves

34、tors using exchange traded funds across all asset classes for low-cost portfolio construction.If you then remove the effect of these product additions over the same time,then we see that the growth in the number of public companies joining the ASX is in reverse at an average rate of-1.72%per annum,w

35、hich equates to just over 160 less publicly listed companies than there were in 2017.This analysis is not conclusive,but is rather an indication that perhaps new good-quality businesses are no longer seeking the public bourse as their best source of capital.Is this a sign that the furnace could be m

36、ore fully utilised?Figure 3:Export Share by Type(%)-2004 vs 2023Source:RBA Snapshot Comparison 2004-20237Australias Concentrated Economy There is ample data and ongoing discussion about the Australian economy.The focus here will be on how its structured,and how rapidly it can change.First,lets look

37、at some key changes over the last 2 decades.Figure 3 compares the share of Australian exports by type from 2004 to 2023.A focus on 2023 shows that around 70%of Australias national income and wealth is dependent on demand-led exports that we collect or cultivate and then ship.Our next largest export

38、is services and then manufacturing,which is now less than half and trending to a third of services.It also shows that over the two-decade period Australian manufactured exports has declined by a factor of 40%,while reliance on export income fromresourcesincreasedbyafactorof180%.Rural and services ou

39、tputs,on a relative basis,increased less than 10%over the same period.7 https:/www.rba.gov.au/snapshots/economy-composition-snapshot/.au 2024 INTERGENERATIONAL WEALTH TRANSFER2004202380%60%40%20%0%ManufacturedResourcesRuralS.au 2024 PREPARE FOR CHANGEFigure 4 compares the share of output by sector o

40、ver the same period.A focus on 2023 shows that mining and services are our largest economic outputs.Again,a focus over the two-decade period shows that mining has increased 330%,manufacturing has decreased by 50%,and the other industries have been relatively stable,although the health and education

41、category has increased by 20%,which is to be expected given the increases in demand for services for aged care and the National Disability Insurance Scheme(NDIS).If we are going to discuss structure and change,then the changes over the past two decades need to be put within the context of current ec

42、onomic changes.The Australian Bureau of Statistics September 2022 to September 2023 Economic Overview9 showed that while GDP grew at 2.2%,GDP per capita shrank-0.4%,GDP per hour worked shrank-2.2%,and terms of trade shrank-9.1%.Real unit labourcostsincreased3.8%,governmentspendingincreasing“on behal

43、f of households”whose savings rates are now close to nil,and government capital investment currently outweighs private capital investment.Within these economic figures lies the costs of Australias comprehensive social safety net which is above average and like our retirement savings,is in the top 10

44、 of OECD nations10.What does this mean?Firstly,it reinforces the well-known fact that the Australian economy is unbalanced insofar as its exports are concentrated in the grow up or dig up areas of agriculture,energy,and resources,but now mostly digging up resources and shipping them overseas.Secondl

45、y,the trendline of Australian manufacturing continues to be downward with little sign of stopping,and services have increased to replace manufacturing as the predominant value-adding activity of the Australian economy.Thirdly,the shift that occurred over a relatively short period of time resulting i

46、n a massive increase in resource income and the concomitant decrease in manufacturing income shows how quickly things can change in the Australian economy.And finally,the economy has changed rapidly before and can do so again.The current economic changes we are seeing suggest that while a new trend

47、may not be fully formed,it would still be prudent to bring some risk management into focus if we wish to continue to improve the wealth of the nation and maintain a world-leading social safety net for our citizens.8 https:/www.rba.gov.au/snapshots/economy-composition-snapshot/9 https:/www.abs.gov.au

48、/statistics/economy/national-accounts/australian-national-accounts-national-income-expenditure-and-product/latest-release 10 https:/www.aihw.gov.au/reports/australias-welfare/international-comparisons-of-welfare-dataFigure 4:Industry Share of Output(%)-2004 vs 2023Source:RBA Snapshot Comparison 2004

49、-20238.2004202315%10%5%0%MiningManufacturingConstructionServicesHealth&EducationF.au 2024 PREPARE FOR CHANGE11 https:/www.whitehouse.gov/briefing-room/speeches-remarks/2021/09/15/remarks-by-president-biden-prime-minister-morrison-of-australia-and-prime-minister-johnson-of-the-united-kingdom-announci

50、ng-the-creation-of-aukus/12 https:/www.minister.defence.gov.au/statements/2023-12-02/aukus-defense-ministers-meeting-joint-statement13 https:/www.defence.gov.au/about/strategic-planning/2024-national-defence-strategy-2024-integrated-investment-programRisks and OpportunitiesWe have discussed how effe

51、ctively Australias equity capital markets are being utilised,we have observed how the Australian economy is highly concentrated and dependent on income from grow up or dig up industries,we have seen that things can change relatively quickly within the economy,and that the current economic numbers in

52、dicate that we need a focus on risk management strategies to defend and grow our national income.We will now look at some emerging opportunities and risks that may shape the economy over the near term.OpportunitiesThere are two fundamental shifts occurring in the Australian political and economic co

53、ntext.The first is the desire to re-engineer the Australian economy away from fossil fuels through the implementation of green forms of energy,a topic which is well covered and beyond the scope of this paper.The second shift that is arguably less understood is the recent and urgent emphasis in bi-pa

54、rtisan government policy toward bolstering Australias defence and national security requirements in the face of the challenges presented by a more assertive China.This change commenced with the AUKUS alliance announced by the Liberal government in September 202111 which was largely positioned in the

55、 press as being about the acquisition of nuclear submarines.However,this was only Pillar 1 of the alliance.Pillar 2 is about advancing capabilities in defence technology including cyber capabilities,artificial intelligence,quantum technologies,hypersonic capabilities,and deep space.Following the AUK

56、US announcement the Australian government has followed through with a comprehensive program supporting the initiatives including:The AUKUS agreement and amendments(2021)The National Reconstruction Fund(2022)The National Quantum Strategy(2023)The Future Made In Australia Act(2024)Defence Strategic Re

57、view(2023)and Integrated Investment Program(2024)The AUKUS Agreement commits Australia to$A368bn,oraround$A10bnperannum,ofprojectedexpenditure into the mid-2050s,and the AUKUS Defense Investor Network12 and The Defense Strategic Review13 also specifically identifies the need for the government to es

58、tablish criteria,pathways and mechanisms for industry and private equity firms to participate in AUKUS.The scope and urgency of these initiatives,and the desire by the government to include private capital and superannuation funds in the programs,signals to equity capital markets the opportunity for

59、 it to be a pivotal participant in these initiatives;it can engage with the policy side to facilitate changes that can improve the speed and efficiency of product creation and execution to provide more flexible funding to industry,while working with the industry side to leverage these changes to rai

60、se capital to pursue the opportunities.This creates a once in a generation opportunity to fire up the capital furnaces of Australia and restart participation in parts of the global manufacturing value chain.RisksOur ability to pursue new opportunities also means that we will need to be aware of and

61、address new risks.We point out two risks we consider important in the context of this paper.The first we characterise as a drag that will hinder us from getting up to speed as we attempt change and the second is a headwind that could work against our existing .au 2024 PREPARE FOR CHANGEKnowledge Dra

62、gThe special report“Australias Semiconductor Manufacturing Moonshot14”,released by the Australian Strategic Policy Institute(ASPI)in Washington DC,highlights that Australia needs to secure and develop the talent it needs to be competitive in manufacturing in future-oriented industries such as energy

63、 transition technology and the emerging defence and quantum computing industries.The paper also highlights that Australias declining manufacturing knowledge creates risks that our education system is unable to teach skills in this area,making it very hard to re-introduce the manufacturing capabiliti

64、es required to pursue these emerging opportunities.We also should be mindful that projects that pursue global themes such as energy system re-engineering or re-homing manufacturing must enter a competition in the global talent pools to find the resources necessary for these projects.The lack of know

65、ledge,upskilling requirements of our education processes,and global competition for talent all represent the risk that new initiatives will have considerable knowledge drag that will need to be overcome to get the desired economic changes up to speed.AI HeadwindsThe automation of industrial systems

66、through robotics and other advanced process technologies is well established and well understood by management and the political class as being either vital to our competitiveness,or barriers to entry built by our competitors.Contrast this to the automation of knowledge-based industries that has onl

67、y just really begun through the introduction of new AI techniques and hardware.These emerging systems may be a significant risk to the service industries that have become the predominant value-adding activities of the Australian economy.This is not hyperbole;lets consider the investment trends in th

68、e Biotech industry which is an area where Australia has had some success with companies such as Cochlear and Resmed.McKinsey and Company report15 that while funding has decreased relative to COVID era highs,22%of venture capital investment that was made in 2022 into the Biotech sector went to“Drug d

69、iscovery enabled by machine learning”.This figure has been increasing since measurement started in 2019 and is expected to continue to grow unabated.Furthermore,the AI dynamic is also being seen in the nascent,but highly competitive quantum industry.In 2023 the UK government16 committed nearly AUD$1

70、bn to create an AI compute facility to help facilitate quantum projects of which it launched five as part of the program,increasing their existing commitment to this area by 50%.This investment shows that AI does not just threaten the industries Australia has at present;its rapid adoption and large-

71、scale investment abroad means that it directly threatens what we think are our educational institution advantages as we attempt entry into future industries.The undermining of existing service-based income from AI automation,and the rapid overtaking of the traditionally slow university-based researc

72、h approach with fast AI enhanced research processes,represent the risk that new initiatives will also have to consider headwinds against areas that were previously seen to be strengths.14 https:/www.aspi.org.au/report/australias-semiconductor-manufacturing-moonshot-securing-semiconductor-talent15 VC

73、 funding trends in biotechnology|McKinsey 16 https:/www.gov.uk/government/news/science-innovation-and-technology-backed-in-chancellors-2023-autumn-statementCheckpointAustralians are forming businesses and the market has access to pools of capital from the superannuation system,however this activity

74、is not making it onto the bourse in a commensurate way.If we look at the environment in which equity capital may be utilised,we see the Australian economy is resource based and our national income is predominantly from what we grow or dig up and ship.In terms of global manufacturing value chains,our

75、 role is resource supply and wholesale/retail end user distribution and servicing.We do not have any manufacturing capacity operating at a global scale and we rely on value-added manufacturing processes for the goods we consume or tools we use to be done elsewhere.While we do not make products,we do

76、 have excellent resource management skills and have leveraged those skills into service industries which also contribute to exports.In addition to considerable energy policy investments,Australia has seen a recent and urgent emphasis in bi-partisan government policy toward bolstering Australias defe

77、nce and national security requirements in the face of global challenges.The AUKUS alliance is emblematic of a new willingness among USA,UK,and Australian governments to rehome and restart manufacturing capabilities,especially in the high-tech areas of AI,quantum computing,and advanced defence techno

78、logy.This has created a willingness to find ways to deploy significant capital into Australian industry,and so creates a significant opportunity for equity capital markets to engage and participate in the process.Understanding these opportunities also brings into focus the risk that resource availab

79、ility may be a drag on initiatives that will need to be considered in any plan to pursue them,and new technology and automation also changes the landscape and could create unexpected headwinds against approaches that use old mindsets or do not have access to the new .au 2024 PREPARE FOR CHANGE.au 20

80、24 PREPARE FOR CHANGEAvenues of ChangeWe present three avenues of change that we believe can be explored and developed further with equity capital market stakeholders to reduce risk and pursue opportunities.1.The Ecosystem AvenueThe Ecosystem Avenue is the place to explore ideas for expanding the pa

81、rticipation ecosystem by increasing the number of companies that list and use equity capital in Australia.Australia can already point to a successful small-cap mining industry ecosystem,and to where it has successfully pursued opportunities in biotechnology that have also worked in tandem with educa

82、tional institutions.It has created some large technology companies,although a few have chosen to list and pursue capital on overseas markets.These industries also have associations such as AusBiotech17 that retain the knowledge of how to build bridges from sources of intellectual capital to sources

83、of financial capital,and ASX participants have analysts that review companies in Australia,but also see investment ideas from other markets.Groups such as the Stockbrokers and Investment Advisers Association(SIAA)can expand their work with government and participants to build awareness and tools so

84、that innovators and creators can come together with participants and institutional customers to understand the rapidly changing global and local manufacturing environment.In so doing,they may help new and existing businesses that are aligned with manufacturing to find their way to accelerated growth

85、 by becoming listed company customers of the ASX.Many parts of the world are also looking at opportunities as supply chains are diversified away from China,and manufacturers in alternative markets such as Vietnam,India and Japan are looking to capitalise on this change.The ASX has experience with fi

86、nding overseas customers,with around8%ofcompanylistingsoutsideofAustralia,although the largest share is in New Zealand and the USA,and the rest in Canada,Singapore,UK and Israel.It could look to diversify its business development away from the predominantly anglophile markets its in and leverage the

87、 diversity of the Australian workforce to find new manufacturing customers in new markets.It could also work with its participants,who like NRI,have a global footprint and would make introductions for them.2.The Product AvenueThe Product Avenue is a place to explore ideas for working with government

88、 and regulators to improve the products,services,and efficiency of Australian capital markets.Manufacturing,energy,defence,and high-tech industries are capital-intensive and require diverse financial structures and products.Australia has a strong and mature equities market;however,it may be argued t

89、hat it does not have a mission fit corporate bond market.In its 2021 paper entitled“The Development of the Australian Corporate Bond Market:A Way Forward”,the House of Representatives Standing Committee on Tax and Revenue bluntly stated that the reason for this was that it“was the result of ongoing

90、regulatory failure and institutional obstructionism”,resulting in Australia having a smaller and less liquid corporate bond market than New Zealand-which has a significantly smaller economy.The ASX has been deeply involved in highlighting the issues and has been a leading participant in the program

91、to work with government and regulators to make the required changes,however the fact that the ASX itself was recently unable to use its own platform to raise debt shows there is still a lot of work to be done.These issues are in the hands of government and while this process has been progressing slo

92、wly,we believe that there are two new information inputs that can be used to re-invigorate the processes and resolve them.The first is that a review of the themes in the industry and media over 2023 shows that the retirement of Baby Boomers is becoming front of mind for regulators and policy makers

93、who now see a need for the superannuation industry to start to focus on the liquidity and servicing issues that arise when older,retired superannuation participants 17 https:/www.ausbiotech.org/cannot take the volatility risks of equity-based products.This requirement means that the Australian finan

94、cial services industry needs access to a large,strong,liquid and diversified market of fixed income products,and its an anomaly that the Australian large-cap companies that have been the stalwarts of the asset accumulation stage cant access debt from an Australian bond market and provide quality low

95、er risk income for retirees.The second input for this process is that the government itself is asking for ways in which private capital,including superannuation funds,can invest into important policy areas such as defence-related manufacturing activities.These requests by the government for investor

96、 participation means that the interests of industry and policy makers are aligned as government programs can also benefit from an improvement in the depth and breadth of products that can be issued in Australia.These inputs should be taken as signals to industry that it should continue to pursue the

97、 Product Avenue with vigour and create more momentum by showing alignment with the governments own agenda.3.The Regulatory AvenueThe Regulatory Avenue is a place to explore improving the technology infrastructure of Australian capital markets.The well documented past failure of the ASXs overly ambit

98、ious re-engineering project that commenced in 2016 and was shelved in November 2022 brought the importance of technology into sharp focus with regulators(RBA,ASIC and APRA)and Senate oversight committees.This has meant that the emphasis on technology infrastructure in equity capital markets in Austr

99、alia has shifted from being a platform that supports market innovation to predominantly being a platform for regulatory compliance and stability.These projects are the focus of the 2024 ASX technology plan,which means that eight years of technology platform innovation is now lost,and risk aversion h

100、as replaced risk taking.Australian equity capital markets participants,including the ASX,must be alert and ensure that the regulatory environment also understands that the Australian market must-at the very least-remain comparable and innovating at the rate of its global peers,who are also global co

101、mpetitors.If this is not addressed,Australian capital markets run the risk of becoming technologically moribund and uncompetitive,and opportunities arising from changes made in the broader economy in pursuit of new capabilities will simply go to other markets.The US,Canada,and the UK all have exchan

102、ge-backed pathways to make it easier for smaller companies to access public capital markets,and the UK and Canada have bourses with a specific focus on junior markets.All global markets understand the role of technology to continuously deliver the innovation and scale enabling new participants to co

103、me to public capital markets at earlier stages.Australian regulatory risk aversion needs to be balanced against international competitiveness through continuous innovation so that a small regional market like the ASX can continue to offer an advantage to companies that are actively pursued by intern

104、ational exchanges that are readily available to .au 2024 PREPARE FOR CHANGEConclusionThe numbers presented in this paper show that equity capital markets in Australia could be better utilised and the process of bringing businesses from the startup crucible to the capital furnace to achieve scale is

105、not working as effectively as it could.Our economy is highly concentrated on resources,our largest employers are service based industries,and our manufacturing industry continues to decline.The markets are changing,and we have highlighted in this paper that energy re-engineering and new national def

106、ence initiatives are emerging as a source of real goals and real projects,and as a force of change against existing global orthodoxies about what is manufactured and where.These changes could provide opportunities for manufacturing and defence in Australia,and equity capital markets have an opportun

107、ity to contribute and benefit.They present risks but also create a willingness to remove existing obstacles to market innovation.We have proposed three avenues that we can explore today to lift the attention to solutions and I look forward to reviewing these with stakeholders and working with them o

108、n their ideas to continue to grow the wealth of Australians into the .au 2024 PREPARE FOR CHANGEAbout NRI Founded in 1965,NRI is a leading global provider of consulting services and system solutions,including management consulting,system integration,and IT management and solutions for the financial,

109、manufacturing,retail and service industries.Clients from all layers of these individual industries partner with NRI to tap NRIs research expertise and innovative solutions across the organisation to expand businesses,design corporate structures and create new business strategies.NRI has more than 17

110、,000 employees in 16 countries and regions including New York,London,Tokyo,Hong Kong,Singapore,and Australia.NRI reports annual sales above$4.9 billion.NRI is rated“A”by S&P Global Ratings Japan.For more information,visit About AUSIEXAt AUSIEX,we work across all segments of the wholesale market,spec

111、ialising in equities execution,clearing and settlement services,and equities administration.Essentially,we support intermediaries with products and services to help provide trading solutions to Australian investors.For the last 15 years,we have also worked with some of Australias leading financial i

112、nstitutions,powering the Australian equity component of their offering.Our knowledge and understanding of the market infrastructure and interconnectedness sets us apart.We have over 25 years of experience in this area.We can help financial institutions,intermediaries,advisers and industry participan

113、ts meet the changing needs of the self-directed investor by seamlessly connecting them to markets and delivering a first-class client proposition.We can also leverage strong market infrastructure from NRI to supplement our capability in the market.Through NRI,we have a shareholder with a strong bala

114、nce sheet and access to tech capability for development to help us deliver on our strategy.We currently service Over 500,000 self-directed customers 4 of Australias top 10 wealth platforms Over850dealergroups Over 4,400 advisers Over$70bn in Funds Under Administration 620,000 HINS What we offer Stan

115、dard and advanced trading solutions through our online trading platform Trade execution services Branded trading solutions Origination services Data and reporting services(data feeds,tax reporting,mailbox services,corporate actions,custodial and non-custodial reporting)Back-office services(client in

116、vestments administration,tax parcel management,custodial and non-custodial equities administration).au 2024 PREPARE FOR CHANGE.au 2024 PREPARE FOR CHANGE1800252351 .au .auThisdocumentcontainsgeneralinformationonlyanddoesnottakeintoaccountanyindividualobjectives,financialsituationorneeds.Australian I

117、nvestment Exchange Limited(AUSIEX)ABN 71 076 515 930 AFSL 241400 is a wholly owned subsidiary of Nomura Research Institute,Ltd.(NRI).AUSIEX is a Market Participant of ASX Limited and Cboe Australia Pty Ltd,a Clearing Participant of ASX Clear Pty Limited and a Settlement Participant of ASX Settlement Pty Limited.Share Trading is a serviceprovidedbyAUSIEX.1148(06/24)