It was only a few decades ago that shareholder ownership was largely confined to wealthier individuals, institutions and some retail investors. The sharemarket was much smaller and less liquid, with many companies closely held. And importantly, there were very few investment opportunities.
When Commonwealth Bank and Qantas floated in the early 1990s, shareholder ownership increased, and over the next decade it would double to around 15 per cent to 20 per cent of Australians owning shares. Today that number is considerably higher, with workers gaining exposure from their superannuation funds – often via the default balanced option.
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