ASX leadership & LKY: Both agree that Australia is home to “poor white trash of Asia"
Australians have already it seems become the poor white trash of Asia, just as Lee Kuan Yew of Singapore predicted in the 80s’. This at least seems to be the opinion of the ASX ‘s leadership, led by its chairman David Gonski who, if believed, must lead Australians to the conclusion that they lack what it takes to build wealth. In promoting the SGX Ltd takeover of ASX Ltd, Gonski and his team at the ASX argued that unless ASX got taken over by SGX and led by its management, Australia would become an investment backwater. Meanwhile , ASX management has not seem to have done anything to integrate the Australian stock exchange into Asia’s capital markets. Apart from the cursory roadshows which tell market participants what they already know, little appears to have been done to improve ties with the very Asians ASX wants to join. For example, while much has been said about the need to integrate into Asian trading platforms, ASX appears not to have been interested in the ASEAN E