Financial services minister Stephen Jones has acknowledged Australia’s corporate bond market lacks depth amid mounting calls for deregulation.
Financial services minister Stephen Jones has acknowledged Australia’s corporate bond market lacks depth amid mounting calls for the government to remove paperwork requirements costing companies about $500,000 when issuing debt products to retail investors.
called on the government to act on the recommendations of a 2021 parliamentary inquiry aimed at turbocharging the retail corporate bond market, warning that costs were stopping companies from issuing bonds to investors at a time when yields have surged from below 2 per cent to 5 per cent. “The current SCB regime has not had any impact on the issuance of corporate bonds, and accordingly, reform is needed,” said Grant Lovett, the ASX’s general manager of government relations and regulatory affairs.
“Our tax system is outdated on corporate bonds. This is an urgent aspect our regulators and government should focus on. Regulators and policymakers should engage experts in the field so that it helps them to design a well-functioning bond market in Australia.”
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