The booming share market has pushed the Australian Stock Exchange
to a record full-year profit, topping $100 million, reports The SMH.
But chief
executive Tony D’Aloisio has defended his growth strategy after
delaying an increase in share-trading fees for stockbrokers and he
rejected suggestions of a morale crisis following several embarrassing
leaks about the ASX’s internal workings, reports The Fin Review. It’s a delicate path that needs to be trodden by D’Aloisio, says Elizabeth Knight in the SMH. As a CEO he has responsibility to enhance
the returns to his shareholders, but as a regulator of listed
companies he has to ensure that there is confidence in the market
for all the stocks on the exchange. He also needs to maintain the best example and set a high-water
mark for both these functions.

Also in the AFR, Telstra has dropped a bombshell on the
heated political debate over its full privatisation by claiming its
obligation to provide basic phone services in rural areas is not
sustainable. The telco’s new head of regulatory affairs, Kate McKenzie,
said the funding for the so-called universal service obligation wasn’t
adequate to cover the cost of what needed to be done.

Dozens of descendants of the late George Adams appear to have
cashed in their birthright less than three weeks after Tattersall’s
$2.4 billion market debut, reports The Age. A fresh shareholder register reveals dramatic changes to the
composition of the gambling giant’s largest stakeholders, with many
of the original beneficiaries believed to have taken advantage of
the heavy demand for Tatt’s shares to reap a quick fire profit.
Key names such as Ron Walker have disappeared from the register, but Steve Vizard and Eddie McGuire are hanging in

The Australian
reports that Melbourne-based pollster and market researcher
Gary Morgan plans to list his Roy Morgan Research Centre business, as
he seeks to raise money to accelerate an international expansion,
including a foray into China.

On Wall Street, US stocks staged a late rally overnight, with the
S&P 500 closing at a four-year high (up 5.63 points at 1,236.79) after a new Federal Reserve
report added to signs of a resurgent economy. The Dow Jones closed up 57.3 points at 10,637 – MarketWatch has a full report here.

Peter Fray

Get your first 12 weeks of Crikey for $12.

Without subscribers, Crikey can’t do what it does. Fortunately, our support base is growing.

Every day, Crikey aims to bring new and challenging insights into politics, business, national affairs, media and society. We lift up the rocks that other news media largely ignore. Without your support, more of those rocks – and the secrets beneath them — will remain lodged in the dirt.

Join today and get your first 12 weeks of Crikey for just $12.


Peter Fray
Editor-in-chief of Crikey