The Privatisation of GIO Australia: Success or Failure?

The privatisation of GIO Australia took place amidst acrimonious public debate on the merits of selling this government trading enterprise. Yet the innovative methods employed in the privatisation process represented a landmark in contemporary Australian economic history, With the passage of time and the attendant flow of information, it is now possible to assess the outcome of the privatisation of GIO Australia. Without considering the wider philosophical dimensions of privatisation, we conclude that from a tripartite perspective that the privatisation of GIO Australia should be regarded as successful.
The article is subdivided into four main parts. Section 1 provides a brief synopsis of the historical evolution of GIO; Section 2 details the actual privatisation process. Section 3 analyses the impact of the privatisation in terms of its effects on the GIO, the wider insurance market in Australia, and the 'net worth' of the NSW government. The article ends with some brief concluding remarks in Section 4.