Hi n00b ... this is a summary of a parliamentary inquiry dating from around 2003 and references a submission from Treasury pointing to the conflict between the ASX's supervisory role and profit objectives. There was another more extensive inquiry in 2012 (I think?). I'll dig it out when I get a sec.
https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/Completed%20inquiries/2002-04/econ_stock/report/c03?print=1