By Leith van Onselen Following the privatisation of Australia’s monopoly land titles platforms by our state governments, Australia’s largest bank – CBA – has taken joint control of Australia’s monopoly electronic property transfer market. From Martin North:
PEXA, Australia’s online property exchange, which assists members such as lawyer, conveyancers and financial institutions to lodge documents with Land Registries and complete financial settlements electronically, has been acquired by via a joint bid from Link Administration Holdings Limited, Morgan Stanley Infrastructure Partners and Commonwealth Bank (who is already a key stakeholder in the venture). CBA chief executive officer Matt Comyn said, “Having been a key stakeholder in PEXA since its inception in 2011, today’s announcement represents our continued commitment to support the property industry as it transitions towards an innovative, fully digital, settlements process that aims to provide improved experiences for customers”… No one seems to have noticed that one of the largest mortgage lenders now also has a significant interest in the property settlement and transfer system – what could possibly go wrong?
Indeed. The nation’s biggest bank controlling a privatised monopoly that controls an essential public service: property transfers. What could possibly go wrong? Isn’t the definition of insanity doing the same thing over and over again and expecting a different result? [email protected]
