Australian Industry Development Corporation information
Australian Industry Development Corporation
Formation
1970 (1970)
Type
Investment company State-owned enterprise
Owner
Government of Australia (100% until 1989)
The Australian Industry Development Corporation (AIDC) was an investment company and state-owned enterprise fully owned by the Australian Government for most of its existence. It was established by the Gorton government in 1971 as a pet project of deputy prime minister John McEwen, tasked with helping develop Australia's resources industry. The corporation later functioned as more of a general investment bank and was partially privatised by the Hawke government in 1989. Most of its operations were spun off into AIDC Ltd, which listed on the Australian Securities Exchange (ASX), and its assets were progressively sold down by the Keating and Howard governments in the 1990s.
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