Press Release

OUR district could become an economic hub for western Sydney if Council succeeds in its plan to establish a Hawkesbury Stock Exchange. Residents may soon know if our local economy is "bullish" or "bearish", and be able to invest in companies they know about, according to Council's commercial strategy director Stephen Phillips. "The whole reason why you have a regional listing board is so local companies can be backed by local investors," he said. "It tends to be local people who know most about local employers and who's got success stories." At last week's ordinary meeting, Hawkesbury City Council unanimously backed a proposal by Mr Phillips to push on with the concept of a Hawkesbury Stock Exchange (HSX) by holding further discussions with the Newcastle Stock Exchange (NSX). Mayor Bart Bassett said creating the HSX would send out "a very important psychological message". "It will put the Hawkesbury on the economic map, that we are part of Sydney and that we're a very strong and viable area to do business in," he said. The NSX launched the Wollongong Stock Exchange (WSX) on October 27 and has already established the Bendigo Stock Exchange. Council's general manager Graeme Faulkner said "the model has been tried and tested". "The Wollongong exchange was established in partnership with the local chamber of commerce," he said. "At this stage, we're not committed, but Council has given us (staff) permission to (continue) talks with Newcastle." Newcastle would own the HSX in itself, but Mr Phillips said, if it was operated like the Wollongong operation, there would be a local office. "Newcastle has indicated it's willing to help us develop our exchange," Mr Faulkner said. "And businesses such as local lawyers and accountants would have a part to play. "We're looking at listing our small to medium enterprises that local brokers establish. They would advise on the listings. We're exploring different concepts." Mr Faulkner said, to his knowledge, there was no other similar stock exchange in western Sydney. "Our vision is to establish a local stock exchange for the benefit of local businesses and local residents interested in investing in local companies." Listing as a public company on the HSX would not be as onerous as listing on the Australian Stock Exchange. Mr Phillips said to list on the NSX a company must have assets of at least $500,000 and around 50 shareholders.