Dean Smith (WA, Liberal Party, Shadow Assistant Minister for Competition, Charities and Treasury) Share this | Hansard source

There was a matter in the inquiry process that my attention was drawn to, and it was the international experience under similar arrangements. I will just paraphrase some of the evidence that was provided to the committee. The United Kingdom experience is that the dismantling of the advance corporations tax has shown that institutional ownership of companies listed on the United Kingdom stock market has plummeted. In 2000, insurance companies and pension funds owned about 38.7 per cent of the UK stock market. By 2020, they owned just 4.3 per cent, with the money being moved overseas into foreign companies and into alternative assets. As I mentioned, this was raised by a number of industry experts during the Senate inquiry. Has the Treasury had an opportunity to look at those statements, look at that experience in the United Kingdom, and reassure the parliament that we are free from a similar outcome?