“The number one thing equity capital markets have been closed. In 2022, the five biggest IPOs in Australia raised just $US283 million ($422.7 million) compared with $US3.5 billion a year earlier, data from Dealogic showed. M&A activity and a two-year drought of new floats means the sharemarket is expected to shrink this year for the first time since 2005, to the tune of $43 billion. It’s haemorrhaging talent, while transaction volumes in the equity capital markets have dwindled to a record low as private equity scoops up listed companies. Fast-forward to today and the industry is said to be in “crisis”, hamstrung by a mix of regulation, soaring technology costs and a dearth of capital raisings. Australia’s elite brokers lived in the country’s wealthiest suburbs and concocted market-moving trades from storied buildings such as The Exchange on O’Connell Street in Sydney. As far back as the 1960s, stockbroking was a sought-after gig. Times are tough for one of the oldest industries in finance.
“They have oil washing up on their beaches and surfers say it’s normal to come in with tar on their boards.
The experience of coming in from a surf in California – which has four major offshore platforms – and finding her legs and board covered in tar and oil “locals tell you to use mayonnaise to get it off.” was reason enough to protest mining of the state’s coast.
Surfers for Climate advocate Belinda Baggs, a former women’s longboarding champion, said the issue had mobilised more than 20,000 surfers around the country. As the national offshore oil and gas authority weighs up approval of Asset Energy’s controversial PEP-11 project off Sydney and Newcastle, the NSW opposition’s bill has the early support of key crossbenchers including Alex Greenwich and Wakehurst MP Michael Regan. The NSW government is facing a fresh push to toughen its ban on offshore exploration and mining after the opposition proposed new legislation to stop rigs in Commonwealth waters from connecting to the mainland.
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