In recent years, various Australian federal and state governments have instituted a policy of privatising publicly owned facilities such as the Commonwealth Bank, Telstra, various primary airports and many other important instrumentalities. The way this has been done was by floating them on the stock exchange or issuing shares for purchase by private individuals. The money raised by these sales or floats has gone into government coffers.
This form of privatisation really amounts to a fraud of gigantic proportion. In essence, what these governments have done and are continuing to do, is to sell to the citizens of Australia something that they already own. It is akin to the government seizing the house that you own and selling it back to you or anybody else that wishes to buy it.
If a government wishes to privatise assets already owned by the people of Australia, then there is a very easy and honest way to do this. The government should simply issue the appropriate number of shares in those assets and distribute them to every citizen of Australia. Thus the assets would revert back to private hands and the people who wished to dispose of their shares would be able to do so on the stock exchange.
The NRMA, which essentially belonged to its members, did this quite easily when it demutualised. Every member received shares in proportion to their years of membership of the organisation. The recipients were then free to trade these on the stock market or retain them as investments. Thus the NRMA was fully privatised without trying to sell the assets back to its members, as it merely returned those assets to them in the form of shares.
In defence of maintaining this scam on the people of Australia, our governments claim that the revenue raised by selling publicly owned assets back to the people goes back into consolidated revenue and is actually used for the benefit of the people, therefore it is all a legitimate exercise. What those governments will not admit is the fact that the publicly owned assets that are privatised by being sold already belong to the citizenry and the governments really have no right to sell them on the open market in the first place. On top of that, assets such as airports are essential and are generally profitable and earn money every year, whereas selling such assets to the private sector might reap a once-only windfall for the government, but will dry up the revenue stream immediately.
Australian citizens are being taken for a massive ride by governments that are deliberately annexing their property and selling it back to them under the guise of putting it into private hands. This blatant scam has to stop immediately and all citizens should force all governments in Australia to immediately put an end to it.