The Australian Securities & Investments Commission (ASIC) has published more than 50 public submissions responding to its February 2025 discussion paper on the changing dynamics between Australia’s public and private markets, and outlined how the feedback will inform further work on market settings. The paper examined the growth in private markets, the decline in public listings, and the increasing significance of superannuation funds. ASIC has received almost 90 submissions overall, reflecting input from industry bodies, market operators, superannuation trustees and fund managers. Key themes include structural and cyclical drivers affecting both market segments, potential public market adjustments to improve attractiveness, and the need for any private market regulatory guidance to be measured and aligned with international standards. Submissions also highlighted private credit’s role for the economy and investors alongside a focus on sustainable practices, the structural influence of superannuation, and gaps in data collection and transparency in private markets. ASIC expects to announce adoption of some actionable ideas, including proposals relating to streamlining initial public offerings and disclosure requirements, and will publish roadmaps for public markets in Q3 2025 and private markets in Q4 2025. This work is to be supported by further stakeholder engagement, commissioned expert insight papers on capital markets, private credit and international data approaches, and ongoing surveillance of retail and wholesale providers of private credit and private market managed investment schemes.

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