Free float may be calculated using different rules by different financial groups. It relates to the portion tied up with "related parties" (directors / founders / etc) or "substantial holders" who are considered unlikely to be participating in the normal market.
Take a look at the rules for inclusion into the ASX200 - they define free float.
There will be very significant overlap between the top 50 and those who are outside the free float.
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Bell Potter Report - AVB, page-27
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