Short Selling

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ASX Short Sale Positions

Daily update on all companies

Background

The goal of this page is to better inform ASX investors of short selling in the market.

Although short position data does not provide tradable signals, a large increase or decrease in a company’s short positions can be an early indicator of changing investor sentiment. It can also be used to uncover what the “professional money” is doing.

To see how short selling allows investors to profit from a falling market, read the "What is Short Selling?" tutorial under the table.



Short Sale Data

Short sale data shows the amount of shares on issue currently reported as short sold.

The data is four trading days behind today's date as reporting isn’t mandatory until 9am (Sydney) three business days (T+3) post trade.

Since June 2010 the Australian Securities and Investments Commission (ASIC) has required all stockbrokers to report their total short sale positions daily. This information is released four business days (T+4) after the trade on ASIC’s website.

The Australian Securities Exchange (ASX) publishes a list of short sale transactions reported on the most recent trading day.

Open ASX Short Positions

Data: 15 Oct 2020

Code Company Short Week Mvt Days to Cover
1 WEB Webjet Ltd 14.73% -0.21% 17.9
2 SDA Speedcast International Ltd 10.58% 0.00% 0.0
3 IVC Invocare Ltd 10.02% 0.00% 27.1
4 MYR Myer Holdings Ltd 9.42% +0.14% 21.4
5 MSB Mesoblast Ltd 9.1% 0.00% 8.5
6 GXY Galaxy Resources Ltd 8.68% -0.45% 10.5
7 ING Inghams Group Ltd 8.65% -0.01% 25.3
8 FLT Flight Centre Travel Group Ltd 8.08% +1.30% 5.5
9 CUV Clinuvel Pharmaceuticals Ltd 7.62% +0.21% 25.7
10 BOQ Bank of Queensland Ltd 7.11% -0.52% 10.2
11 FNP Freedom Foods Group Ltd 6.95% +0.01% 0.0
12 A2M The a2 Milk Company Ltd 6.93% +0.22% 16.1
13 MTS Metcash Ltd 6.89% +0.53% 13.9
14 PNV Polynovo Ltd 6.4% +0.54% 25.4
15 AVH Avita Therapeutics, Inc 6.2% +0.12% 13.3
16 WHC Whitehaven Coal Ltd 6.14% +0.45% 5.5
17 LOV Lovisa Holdings Ltd 5.89% +0.24% 17.0
18 TGR Tassal Group Ltd 5.78% +0.46% 15.2
19 Z1P ZIP Co Ltd 5.78% +0.75% 2.5
20 ORE Orocobre Ltd 5.76% -0.61% 22.4
21 PLS Pilbara Minerals Ltd 5.71% -0.28% 10.2
22 COE Cooper Energy Ltd 5.67% -0.21% 49.5
23 NEA Nearmap Ltd 5.66% +0.44% 12.8
24 EML EML Payments Ltd 5.64% +0.39% 5.8
25 EOS Electro Optic Systems Holdings Ltd 5.61% +0.15% 7.0
26 HUB HUB24 Ltd 5.54% +1.22% 13.7
27 BIN Bingo Industries Ltd 5.44% -0.44% 16.8
28 SEK Seek Ltd 5.28% -0.19% 24.1
29 SUL Super Retail Group Ltd 5.25% 0.00% 8.1
30 PME Pro Medicus Ltd 5.07% +0.53% 9.9
31 GWA GWA Group Ltd 5.04% +0.02% 18.9
32 URW Unibail-Rodamco-Westfield 5.01% +0.37% 5.7
33 BEN Bendigo and Adelaide Bank Ltd 4.92% -0.19% 9.3
34 PPT Perpetual Ltd 4.81% +0.30% 10.4
35 AMA AMA Group Ltd 4.79% +0.01% 7.2
36 SYR Syrah Resources Ltd 4.79% -0.15% 16.0
37 SGM Sims Ltd 4.77% -0.25% 12.6
38 CLH Collection House Ltd 4.75% 0.00% 0.0
39 PGH Pact Group Holdings Ltd 4.7% -0.05% 74.0
40 WSA Western Areas Ltd 4.63% +0.45% 4.7
41 BUB Bubs Australia Ltd 4.58% +0.05% 17.2
42 JBH JB Hi-Fi Ltd 4.56% +0.24% 10.7
43 UWL Uniti Group Ltd 4.44% -0.27% 7.2
44 CLQ Clean TEQ Holdings Ltd 4.43% -0.07% 21.9
45 NEC Nine Entertainment Co. Holdings Ltd 4.42% -0.27% 11.7
46 FXL Flexigroup Ltd 4.38% -0.40% 5.7
47 KAR Karoon Energy Ltd 4.38% +0.20% 9.7
48 PAR Paradigm Biopharmaceuticals Ltd 4.2% -0.01% 13.3
49 ALG Ardent Leisure Group Ltd 4.2% -0.34% 4.1
50 NCZ New Century Resources Ltd 4.13% 0.00% 9.2
51 SXL Southern Cross Media Group Ltd 4.1% -0.06% 10.8
52 JIN Jumbo Interactive Ltd 4.09% 0.00% 5.5
53 BHP BHP Group Ltd 4.09% +0.04% 19.5
54 ALK Alkane Resources Ltd 4.07% -0.05% 11.1
55 CSR CSR Ltd 4.05% -0.65% 14.5
56 NAN Nanosonics Ltd 3.89% -0.06% 12.7
57 IEL Idp Education Ltd 3.77% +0.18% 8.8
58 CVN Carnarvon Petroleum Ltd 3.7% -0.07% 22.4
59 CTD Corporate Travel Management Ltd 3.69% -0.60% 6.9
60 SSM Service Stream Ltd 3.67% +0.42% 13.3
61 SPL Starpharma Holdings Ltd 3.66% 0.00% 18.5
62 BKL Blackmores Ltd 3.64% +0.21% 10.6
63 SLC Superloop Ltd 3.57% +0.23% 7.7
64 SKI Spark Infrastructure Group 3.52% -0.02% 21.1
65 BGL Bellevue Gold Ltd 3.44% -0.39% 8.7
66 CCP Credit Corp Group Ltd 3.42% +0.62% 6.6
67 HVN Harvey Norman Holdings Ltd 3.35% -0.31% 14.6
68 CGF Challenger Ltd 3.31% +0.43% 4.8
69 MND Monadelphous Group Ltd 3.27% -0.07% 10.3
70 MYX Mayne Pharma Group Ltd 3.22% +0.03% 19.8
71 DOW Downer Edi Ltd 3.18% -0.45% 10.0
72 SXY SENEX Energy Ltd 3.16% -0.01% 10.9
73 TNE Technology One Ltd 3.12% +0.09% 10.8
74 SVW Seven Group Holdings Ltd 3.09% -0.01% 19.1
75 ALL Aristocrat Leisure Ltd 3.06% -0.13% 17.4
76 BLD Boral Ltd 3.03% -0.02% 7.8
77 HT1 HT&E Ltd 2.99% -0.01% 56.5
78 BGA Bega Cheese Ltd 2.97% -0.02% 11.4
79 CCL Coca-Cola Amatil Ltd 2.96% -0.02% 9.0
80 INR Ioneer Ltd 2.93% -0.04% 18.0
81 BVS Bravura Solutions Ltd 2.88% -0.28% 3.1
82 OPT Opthea Ltd 2.88% +0.81% 3.7
83 WAF West African Resources Ltd 2.87% -0.02% 7.3
84 AGL AGL Energy Ltd 2.85% +0.23% 8.1
85 SOL Washington H Soul Pattinson & Company Ltd 2.82% 0.00% 24.8
86 NHF Nib Holdings Ltd 2.79% +0.04% 17.1
87 APX Appen Ltd 2.74% -0.05% 6.2
88 LIC Lifestyle Communities Ltd 2.63% -0.18% 24.1
89 AMP AMP Ltd 2.63% -0.11% 8.6
90 NCK Nick Scali Ltd 2.6% +0.15% 10.3
91 LYC Lynas Corporation Ltd 2.6% -0.67% 2.6
92 SKC Skycity Entertainment Group Ltd 2.58% +0.01% 24.5
93 RSG Resolute Mining Ltd 2.54% -0.58% 4.1
94 PDN Paladin Energy Ltd 2.53% +0.26% 20.6
95 WOR Worley Ltd 2.45% -0.13% 12.3
96 EHL Emeco Holdings Ltd 2.44% -0.03% 6.4
97 OBL Omni Bridgeway Ltd 2.44% +0.09% 7.9
98 MLX Metals X Ltd 2.42% 0.00% 28.2
99 IFL IOOF Holdings Ltd 2.31% -0.01% 5.2
100 CMW Cromwell Property Group 2.25% +0.07% 27.1
101 CWN Crown Resorts Ltd 2.2% -0.02% 5.3
102 ABC Adbri Ltd 2.2% +0.04% 9.4
103 XRO Xero Ltd 2.16% -0.04% 5.5
104 RMS Ramelius Resources Ltd 2.15% +0.03% 6.1
105 REA REA Group Ltd 2.14% -0.17% 15.3
106 SWM Seven West Media Ltd 2.13% +0.01% 3.6
107 AWC Alumina Ltd 2.12% +0.01% 4.3
108 SCP Shopping Centres Australasia Property Group 2.09% -0.07% 10.4
109 NHC New Hope Corporation Ltd 2.08% -0.05% 5.8
110 CIM Cimic Group Ltd 2.05% +0.20% 5.0
111 BPT Beach Energy Ltd 2.04% -0.09% 3.6
112 EOF Ecofibre Ltd 2.04% 0.00% 5.8
113 IPL Incitec Pivot Ltd 2.03% +0.02% 10.1
114 ALX Atlas Arteria 2% +0.05% 7.6
115 MPL Medibank Private Ltd 1.99% +0.05% 8.1
116 MP1 Megaport Ltd 1.98% +0.07% 2.5
117 OSH Oil Search Ltd 1.98% +0.03% 6.7
118 OPY Openpay Group Ltd 1.98% +0.75% 1.9
119 CPU Computershare Ltd 1.97% +0.03% 11.9
120 RRL Regis Resources Ltd 1.89% -0.10% 4.4
121 VUK Virgin Money Uk Plc 1.88% +0.05% 3.9
122 AX1 Accent Group Ltd 1.86% -0.09% 6.7
123 GEM G8 Education Ltd 1.84% -0.03% 4.1
124 ANN Ansell Ltd 1.83% +0.16% 6.0
125 SHV Select Harvests Ltd 1.81% -0.68% 5.7
126 SCG Scentre Group 1.79% +0.08% 5.8
127 QAN Qantas Airways Ltd 1.78% +0.01% 3.9
128 VRT Virtus Health Ltd 1.77% +0.07% 8.3
129 TYR Tyro Payments Ltd 1.7% -0.12% 0.8
130 CQR Charter Hall Retail REIT 1.67% +0.01% 7.4
131 IPD Impedimed Ltd 1.66% -0.14% 9.1
132 ELO Elmo Software Ltd 1.62% +0.13% 5.3
133 NUF Nufarm Ltd 1.62% +0.03% 6.8
134 SFR Sandfire Resources Ltd 1.61% -0.03% 3.6
135 AAC Australian Agricultural Company Ltd 1.61% +0.02% 26.3
136 WTC Wisetech Global Ltd 1.59% +0.25% 7.5
137 APT Afterpay Ltd 1.59% +0.32% 2.5
138 AST Ausnet Services Ltd 1.58% -0.13% 11.3
139 CMM Capricorn Metals Ltd 1.58% +0.52% 7.1
140 UMG United Malt Group Ltd 1.56% -0.18% 5.5
141 OML Ooh!Media Ltd 1.56% -0.12% 2.8
142 SAR Saracen Mineral Holdings Ltd 1.55% -0.44% 4.0
143 MVP Medical Developments International Ltd 1.54% +0.02% 6.1
144 VCX Vicinity Centres 1.54% 0.00% 4.1
145 JMS Jupiter Mines Ltd 1.54% +0.01% 18.3
146 MMS Mcmillan Shakespeare Ltd 1.53% +0.02% 4.2
147 JHC Japara Healthcare Ltd 1.52% -0.03% 9.3
148 ORI Orica Ltd 1.5% +0.41% 5.8
149 JHG Janus Henderson Group Plc 1.5% -1.08% 1.5
150 GMA Genworth Mortgage Insurance Australia Ltd 1.49% -0.02% 7.2
151 ILU Iluka Resources Ltd 1.48% +0.14% 3.6
152 ORA Orora Ltd 1.47% +0.27% 3.4
153 NST Northern Star Resources Ltd 1.46% 0.00% 3.5
154 WPL Woodside Petroleum Ltd 1.44% +0.16% 4.9
155 CLW Charter Hall Long Wale REIT 1.44% -0.41% 5.4
156 IGL Ive Group Ltd 1.42% -0.13% 3.7
157 TAH Tabcorp Holdings Ltd 1.4% -0.16% 5.1
158 PET Phoslock Environmental Technologies Ltd 1.39% 0.00% 0.0
159 SLR Silver Lake Resources Ltd 1.39% -0.39% 3.0
160 TPW Temple & Webster Group Ltd 1.39% +0.01% 1.4
161 LNK Link Administration Holdings Ltd 1.38% -1.15% 2.1
162 DHG Domain Holdings Australia Ltd 1.38% -0.05% 5.6
163 SGR The Star Entertainment Group Ltd 1.37% +0.58% 2.3
164 ISX Isignthis Ltd 1.37% 0.00% 0.0
165 DXS Dexus 1.36% -0.14% 3.7
166 PBH Pointsbet Holdings Ltd 1.35% +0.29% 1.9
167 MFG Magellan Financial Group Ltd 1.35% +0.09% 4.7
168 TWE Treasury Wine Estates Ltd 1.35% +0.01% 3.8
169 DEG De Grey Mining Ltd 1.33% +0.10% 3.6
170 NWH NRW Holdings Ltd 1.31% -0.05% 2.2
171 STO Santos Ltd 1.3% +0.02% 5.0
172 COH Cochlear Ltd 1.28% +0.25% 3.8
173 SZL Sezzle Inc 1.28% +0.16% 1.6
174 IRE Iress Ltd 1.26% +0.12% 4.7
175 IAG Insurance Australia Group Ltd 1.25% +0.11% 6.4
176 RWC Reliance Worldwide Corporation Ltd 1.25% -0.11% 4.5
177 STX Strike Energy Ltd 1.22% 0.00% 19.2
178 NAB National Australia Bank Ltd 1.21% -0.06% 6.0
179 SIV SIV Capital Ltd 1.21% 0.00% 15.4
180 PNI Pinnacle Investment Management Group Ltd 1.19% -0.02% 11.0
181 APE Eagers Automotive Ltd 1.17% -0.54% 3.3
182 ASM Australian Strategic Materials Ltd 1.17% +0.11% 1.3
183 BSL Bluescope Steel Ltd 1.17% +0.57% 2.2
184 OZL OZ Minerals Ltd 1.17% +0.43% 2.6
185 ADI Apn Industria REIT 1.16% -0.01% 19.4
186 DCN Dacian Gold Ltd 1.15% +0.04% 2.7
187 AMC Amcor Plc 1.15% +0.29% 4.6
188 MGX Mount Gibson Iron Ltd 1.15% -0.01% 8.0
189 VHT Volpara Health Technologies Ltd 1.14% -0.01% 5.8
190 NIC Nickel Mines Ltd 1.13% +0.01% 2.7
191 MOC Mortgage Choice Ltd 1.12% -0.05% 9.8
192 REG Regis Healthcare Ltd 1.11% +0.04% 4.2
193 FBU Fletcher Building Ltd 1.1% -0.05% 9.1
194 RIO RIO Tinto Ltd 1.1% +0.11% 2.3
195 CGC Costa Group Holdings Ltd 1.1% +0.05% 3.5
196 LNG Liquefied Natural Gas Ltd 1.09% 0.00% 0.0
197 AZJ Aurizon Holdings Ltd 1.07% +0.04% 2.2
198 RMD Resmed Inc 1.06% +0.25% 3.9
199 MNY MONEY3 Corporation Ltd 1.05% -0.03% 9.8
200 SVL Silver Mines Ltd 1.05% +0.11% 3.7
201 MLL Mali Lithium Ltd 1.04% -0.09% 1.5
202 EVN Evolution Mining Ltd 1.04% +0.54% 3.0
203 ABP Abacus Property Group 1.03% -0.04% 8.0
204 NWSLV News Corporation 1.02% -0.01% 0.0
205 SHL Sonic Healthcare Ltd 1.02% +0.04% 4.5
206 ZNO ZOONO Group Ltd 1.02% +0.55% 0.9
207 ALU Altium Ltd 1.02% +0.08% 3.1
208 IGO IGO Ltd 1.01% +0.23% 2.8
209 WBC Westpac Banking Corporation 1.01% +0.09% 4.3
210 OSP Osprey Medical Inc 1.01% +0.10% 1.0
211 ORG Origin Energy Ltd 0.98% +0.09% 2.0
212 CBR Carbon Revolution Ltd 0.98% -0.15% 8.0
213 APA APA Group 0.97% -0.01% 5.3
214 AMI Aurelia Metals Ltd 0.97% -0.06% 1.6
215 RFF Rural Funds Group 0.96% +0.02% 12.4
216 AEF Australian Ethical Investment Ltd 0.96% +0.09% 3.8
217 FMG Fortescue Metals Group Ltd 0.96% +0.08% 5.0
218 NWL Netwealth Group Ltd 0.95% +0.58% 3.1
219 ANZ Australia and New Zealand Banking Group Ltd 0.94% -0.01% 4.3
220 NSR National Storage REIT 0.92% +0.04% 2.9
221 SVY Stavely Minerals Ltd 0.92% -0.03% 4.5
222 AD8 Audinate Group Ltd 0.91% -0.33% 1.6
223 WSP Whispir Ltd 0.9% +0.33% 0.5
224 AMS Atomos Ltd 0.9% +0.02% 2.1
225 VOC Vocus Group Ltd 0.88% -0.10% 2.6
226 CCX City Chic Collective Ltd 0.85% -0.14% 3.3
227 MYS Mystate Ltd 0.84% 0.00% 8.6
228 DMP Domino's PIZZA Enterprises Ltd 0.84% +0.24% 2.9
229 GOR Gold Road Resources Ltd 0.83% +0.06% 2.0
230 IRI Integrated Research Ltd 0.83% +0.05% 4.8
231 EVS Envirosuite Ltd 0.82% +0.12% 8.0
232 SYD Sydney Airport 0.81% -0.05% 3.6
233 RHC Ramsay Health Care Ltd 0.8% -0.08% 2.4
234 EVT Event Hospitality and Entertainment Ltd 0.8% +0.03% 11.1
235 LLC Lendlease Group 0.8% +0.16% 2.8
236 JHX James Hardie Industries Plc 0.79% -0.16% 2.0
237 PTM Platinum Asset Management Ltd 0.79% +0.05% 4.0
238 HSN Hansen Technologies Ltd 0.79% -0.02% 2.0
239 EWC Energy World Corporation Ltd 0.78% 0.00% 170.9
240 IPH IPH Ltd 0.78% -0.04% 2.8
241 AT1 Atomo Diagnostics Ltd 0.78% -0.01% 0.6
242 OCC Orthocell Ltd 0.77% 0.00% 2.7
243 COF Centuria Office REIT 0.74% -0.01% 5.4
244 WGN Wagners Holding Company Ltd 0.73% +0.02% 8.8
245 DUB Dubber Corporation Ltd 0.72% +0.23% 0.8
246 KGN Kogan.com Ltd 0.72% +0.49% 0.9
247 BUD Buddy Technologies Ltd 0.71% +0.26% 1.5
248 GUD G.U.D. Holdings Ltd 0.7% -0.11% 1.3
249 ASX ASX Ltd 0.7% +0.04% 3.6
250 SBM ST Barbara Ltd 0.69% +0.07% 1.5
251 A2B A2B Australia Ltd 0.67% 0.00% 182.5
252 NXT NEXTDC Ltd 0.67% -0.22% 2.1
253 RED RED 5 Ltd 0.67% +0.04% 2.6
254 BET Betmakers Technology Group Ltd 0.67% -0.13% 1.3
255 QBE QBE Insurance Group Ltd 0.65% +0.03% 2.2
256 SPT Splitit Payments Ltd 0.65% +0.27% 0.2
257 BID Bidenergy Ltd 0.64% 0.00% 3.4
258 WGX Westgold Resources Ltd 0.64% -0.22% 1.3
259 BKW Brickworks Ltd 0.62% -0.12% 2.0
260 BBN Baby Bunting Group Ltd 0.62% +0.07% 1.7
261 BWP BWP Trust 0.62% +0.02% 4.1
262 AIA Auckland International Airport Ltd 0.62% -0.01% 8.6
263 CBA Commonwealth Bank of Australia 0.61% -0.10% 4.0
264 NVA Nova Minerals Ltd 0.61% -0.03% 0.5
265 EHE Estia Health Ltd 0.61% -0.04% 4.7
266 WPR Waypoint REIT 0.6% +0.03% 2.0
267 WHA Wattle Health Australia Ltd 0.59% 0.00% 0.0
268 ARF Arena REIT 0.58% 0.00% 4.1
269 GPT GPT Group 0.58% -0.06% 1.8
270 FZO Family ZONE Cyber Safety Ltd 0.58% +0.07% 2.6
271 ISU Iselect Ltd 0.58% -0.15% 7.0
272 CAN Cann Group Ltd 0.57% +0.32% 2.4
273 SGP Stockland 0.56% +0.08% 1.2
274 QUB QUBE Holdings Ltd 0.56% +0.12% 3.4
275 RIC Ridley Corporation Ltd 0.54% 0.00% 12.7
276 ALD Ampol Ltd 0.52% +0.04% 1.3
277 MRM Mma Offshore Ltd 0.52% 0.00% 3.7
278 VEADA Viva Energy Group Ltd 0.51% +0.40% 0.0
279 AVN Aventus Group 0.51% +0.01% 7.7
280 TCL Transurban Group 0.51% +0.10% 3.5
281 CWY Cleanaway Waste Management Ltd 0.5% +0.20% 1.6
282 CHC Charter Hall Group 0.5% -0.16% 2.3
283 COL Coles Group Ltd 0.49% +0.25% 3.0
284 SDF Steadfast Group Ltd 0.48% +0.03% 2.3
285 S32 SOUTH32 Ltd 0.48% +0.07% 1.3
286 HLO Helloworld Travel Ltd 0.48% +0.02% 3.8
287 SLK Sealink Travel Group Ltd 0.48% -0.02% 6.6
288 RDC Redcape Hotel Group 0.46% 0.00% 2.4
289 SIQ Smartgroup Corporation Ltd 0.46% -0.12% 1.2
290 ABR American Pacific Borates Ltd 0.45% +0.01% 2.1
291 CL1 Class Ltd 0.45% 0.00% 1.0
292 MIN Mineral Resources Ltd 0.44% -0.06% 1.6
293 MQG Macquarie Group Ltd 0.44% 0.00% 2.1
294 ALQ Als Ltd 0.43% -0.02% 2.1
295 GDI GDI Property Group 0.42% +0.05% 2.5
296 INA Ingenia Communities Group 0.42% +0.04% 1.1
297 GOZ Growthpoint Properties Australia 0.41% -0.01% 4.8
298 AUB AUB Group Ltd 0.41% +0.06% 1.2
299 HLS Healius Ltd 0.41% 0.00% 1.8
300 VTG Vita Group Ltd 0.41% +0.08% 5.2
301 PRU Perseus Mining Ltd 0.4% 0.00% 0.6
302 SM1 Synlait Milk Ltd 0.4% 0.00% 31.7
303 CWP Cedar Woods Properties Ltd 0.4% +0.08% 3.7
304 PDL Pendal Group Ltd 0.39% +0.06% 0.8
305 CHN Chalice Gold Mines Ltd 0.39% +0.32% 0.9
306 LVT Livetiles Ltd 0.39% +0.04% 3.3
307 ELD Elders Ltd 0.38% -0.06% 1.4
308 NWS News Corporation 0.38% -0.08% 1.9
309 VRL Village Roadshow Ltd 0.36% -0.65% 2.3
310 CAR Carsales.com Ltd 0.36% -0.03% 1.7
311 TTT Titomic Ltd 0.36% -0.02% 5.8
312 ARB ARB Corporation Ltd 0.35% -0.13% 1.0
313 WES Wesfarmers Ltd 0.35% -0.03% 2.6
314 MHJ Michael Hill International Ltd 0.34% +0.04% 4.7
315 AFG Australian Finance Group Ltd 0.34% -0.46% 1.0
316 TPG TPG Telecom Ltd 0.34% 0.00% 9.7
317 FBR FBR Ltd 0.34% 0.00% 5.3
318 WCG Webcentral Group Ltd 0.33% 0.00% 0.5
319 API Australian Pharmaceutical Industries Ltd 0.33% -0.16% 2.1
320 GLL Galilee Energy Ltd 0.33% -0.01% 5.2
321 CIP Centuria Industrial REIT 0.32% +0.02% 1.8
322 G1A Galena Mining Ltd 0.32% 0.00% 2.2
323 TUA Tuas Ltd 0.32% +0.02% 5.7
324 ECX Eclipx Group Ltd 0.32% -0.02% 1.7
325 LCL Los Cerros Ltd 0.31% +0.09% 0.1
326 SGF SG Fleet Group Ltd 0.3% -0.06% 7.0
327 MGR Mirvac Group 0.3% -0.33% 1.3
328 JLG Johns LYNG Group Ltd 0.29% -0.01% 1.7
329 ATS Australis Oil & Gas Ltd 0.29% -0.01% 3.1
330 DXN DXN Ltd 0.29% +0.08% 0.5
331 BCC Beam Communications Holdings Ltd 0.28% +0.28% 0.2
332 BWX BWX Ltd 0.28% +0.01% 2.4
333 NVX Novonix Ltd 0.28% -0.04% 0.9
334 BXB Brambles Ltd 0.28% +0.04% 0.8
335 CSL CSL Ltd 0.28% +0.01% 1.4
336 ADT Adriatic Metals Plc 0.27% 0.00% 0.8
337 BLG Bluglass Ltd 0.27% 0.00% 1.4
338 NZM NZME Ltd 0.27% -0.01% 3.3
339 PRN Perenti Global Ltd 0.27% +0.05% 0.9
340 CNI Centuria Capital Group 0.26% -0.07% 1.8
341 TLS Telstra Corporation Ltd 0.26% -0.04% 1.1
342 BAP Bapcor Ltd 0.26% +0.05% 0.4
343 CST Castile Resources Ltd 0.25% -0.06% 0.2
344 PCK Painchek Ltd 0.25% -0.01% 1.6
345 PPS Praemium Ltd 0.24% 0.00% 0.5
346 GMG Goodman Group 0.23% +0.03% 1.3
347 NXS Next Science Ltd 0.22% -0.09% 1.4
348 CQE Charter Hall Social Infrastructure REIT 0.22% -0.01% 0.9
349 TIE Tietto Minerals Ltd 0.22% +0.06% 1.0
350 FAR FAR Ltd 0.21% 0.00% 0.0
351 CE1 Calima Energy Ltd 0.21% 0.00% 2.0
352 SUN Suncorp Group Ltd 0.21% -0.41% 1.0
353 AGH Althea Group Holdings Ltd 0.21% +0.21% 1.0
354 CIA Champion Iron Ltd 0.2% -0.07% 3.2
355 SRV Servcorp Ltd 0.2% 0.00% 8.8
356 DTC Damstra Holdings Ltd 0.2% +0.20% 0.3
357 IMD IMDEX Ltd 0.2% 0.00% 1.0
358 360 LIFE360 Inc 0.19% 0.00% 1.8
359 DCG Decmil Group Ltd 0.19% -0.15% 0.4
360 VEA Viva Energy Group Ltd 0.19% +0.05% 0.8
361 WPP WPP AUNZ Ltd 0.19% -0.01% 5.0
362 IXC INVEX Therapeutics Ltd 0.18% 0.00% 2.9
363 EN1 Engage:BDR Ltd 0.18% -0.09% 0.1
364 AIS Aeris Resources Ltd 0.17% 0.00% 1.0
365 OGC Oceanagold Corporation 0.17% +0.09% 0.3
366 RBL Redbubble Ltd 0.17% 0.00% 0.1
367 FDV Frontier Digital Ventures Ltd 0.17% +0.17% 0.4
368 PAC Pacific Current Group Ltd 0.17% +0.05% 2.7
369 OSX Osteopore Ltd 0.17% -0.09% 2.1
370 GNC Graincorp Ltd 0.16% -0.05% 0.3
371 PAN Panoramic Resources Ltd 0.16% +0.07% 0.7
372 IDX Integral Diagnostics Ltd 0.16% 0.00% 2.0
373 ASB Austal Ltd 0.16% -0.05% 0.5
374 BRG Breville Group Ltd 0.16% 0.00% 1.1
375 MLD Maca Ltd 0.16% -0.01% 0.2
376 TRY Troy Resources Ltd 0.15% 0.00% 0.5
377 RAP Resapp Health Ltd 0.15% 0.00% 0.9
378 FPH Fisher & Paykel Healthcare Corporation Ltd 0.15% -0.03% 1.7
379 PPH Pushpay Holdings Ltd 0.14% +0.12% 1.8
380 PMV Premier Investments Ltd 0.14% 0.00% 0.9
381 BDC Bardoc Gold Ltd 0.14% 0.00% 0.8
382 BDA Bod Australia Ltd 0.14% +0.03% 0.5
383 HCT Holista Colltech Ltd 0.13% 0.00% 0.0
384 AKP Audio Pixels Holdings Ltd 0.13% 0.00% 2.9
385 ARV Artemis Resources Ltd 0.13% 0.00% 0.3
386 CNU Chorus Ltd 0.13% 0.00% 0.5
387 ALC Alcidion Group Ltd 0.12% -0.01% 1.7
388 DJRE SPDR Dow Jones Global Real Estate Fund 0.12% +0.12% 0.0
389 G88 Golden Mile Resources Ltd 0.12% 0.00% 0.1
390 DSE Dropsuite Ltd 0.11% -0.02% 0.2
391 GMN Gold Mountain Ltd 0.11% -0.07% 0.9
392 WOW Woolworths Group Ltd 0.11% -0.08% 0.7
393 8CO 8COMMON Ltd 0.11% +0.07% 0.4
394 MGV Musgrave Minerals Ltd 0.11% 0.00% 0.4
395 DRO Droneshield Ltd 0.11% +0.11% 0.1
396 GCY Gascoyne Resources Ltd 0.11% -0.07% 0.1
397 CRN Coronado Global Resources Inc 0.11% -0.02% 0.4
398 LTR Liontown Resources Ltd 0.1% +0.09% 0.7
399 BKY Berkeley Energia Ltd 0.1% +0.08% 0.8
400 NGI Navigator Global Investments Ltd 0.1% +0.01% 0.5
401 PNC Pioneer Credit Ltd 0.1% 0.00% 0.2
402 ADH Adairs Ltd 0.1% +0.09% 0.1
403 CDD Cardno Ltd 0.09% -0.04% 1.4
404 HWK Hawkstone Mining Ltd 0.09% +0.09% 0.3
405 AQZ Alliance Aviation Services Ltd 0.09% +0.01% 1.1
406 DTL Data#3 Ltd 0.09% +0.02% 0.3
407 IMU Imugene Ltd 0.09% 0.00% 0.3
408 STM Sunstone Metals Ltd 0.09% 0.00% 0.3
409 IAP Investec Australia Property Fund 0.09% -0.01% 2.2
410 LNU Linius Technologies Ltd 0.09% 0.00% 0.3
411 CKF Collins Foods Ltd 0.09% +0.03% 0.3
412 AIZ Air New Zealand Ltd 0.09% 0.00% 1.0
413 KRR King River Resources Ltd 0.08% +0.01% 0.5
414 BLX Beacon Lighting Group Ltd 0.07% 0.00% 0.4
415 DOU Douugh Ltd 0.07% 0.00% 0.0
416 AVA AVA Risk Group Ltd 0.07% +0.07% 0.1
417 TD1 Tali Digital Ltd 0.07% 0.00% 0.2
418 MMI Metro Mining Ltd 0.07% +0.01% 2.0
419 SKO Serko Ltd 0.07% +0.02% 2.0
420 CLV Clover Corporation Ltd 0.07% 0.00% 0.1
421 SKT Sky Network Television Ltd 0.06% -0.01% 2.0
422 MEZ Meridian Energy Ltd 0.06% 0.00% 17.7
423 DXB Dimerix Ltd 0.06% 0.00% 0.2
424 REH Reece Ltd 0.06% -0.05% 0.9
425 KCN Kingsgate Consolidated Ltd 0.06% +0.02% 0.4
426 IMC Immuron Ltd 0.05% +0.03% 0.2
427 GAL Galileo Mining Ltd 0.05% +0.02% 0.2
428 STW SPDR S&P/ASX 200 Fund 0.05% 0.00% 0.3
429 TLX TELIX Pharmaceuticals Ltd 0.05% 0.00% 0.6
430 AC8 Auscann Group Holdings Ltd 0.05% +0.05% 0.3
431 ANO Advance Nanotek Ltd 0.05% 0.00% 0.8
432 NCM Newcrest Mining Ltd 0.05% -0.08% 0.2
433 PPE People Infrastructure Ltd 0.05% -0.03% 0.2
434 BIT Biotron Ltd 0.05% 0.00% 0.2
435 TGN Tungsten Mining NL 0.05% 0.00% 3.2
436 SSR SSR Mining Inc 0.05% -0.57% 0.0
437 BOT Botanix Pharmaceuticals Ltd 0.05% +0.02% 0.1
438 DDR Dicker Data Ltd 0.05% 0.00% 0.2
439 BLA Blue Sky Alternative Investments Ltd 0.04% 0.00% 0.0
440 NEW NEW Energy Solar 0.04% 0.00% 0.4
441 QFE Quickfee Ltd 0.04% -0.06% 0.1
442 MYL Myanmar Metals Ltd 0.04% -0.01% 0.2
443 GLN Galan Lithium Ltd 0.04% 0.00% 0.1
444 ACW Actinogen Medical Ltd 0.04% +0.04% 0.1
445 AJM Altura Mining Ltd 0.04% 0.00% 0.0
446 CHZ Chesser Resources Ltd 0.04% +0.01% 0.1
447 WDIV SPDR S&P Global Dividend Fund 0.04% +0.04% 0.0
448 TRS The Reject Shop Ltd 0.04% +0.01% 0.0
449 PPC Peet Ltd 0.03% -0.01% 0.7
450 OFX OFX Group Ltd 0.03% 0.00% 0.6
451 DNK Danakali Ltd 0.03% 0.00% 0.7
452 HMC Home Consortium 0.03% +0.01% 0.3
453 EEG Empire Energy Group Ltd 0.03% 0.00% 0.1
454 LEP Ale Property Group 0.03% 0.00% 0.9
455 AGY Argosy Minerals Ltd 0.03% -0.01% 0.2
456 SPK Spark New Zealand Ltd 0.03% +0.01% 0.6
457 NMT Neometals Ltd 0.03% +0.03% 0.6
458 EMR Emerald Resources NL 0.03% 0.00% 0.7
459 JRV Jervois Mining Ltd 0.03% -0.02% 0.1
460 PUR Pursuit Minerals Ltd 0.03% 0.00% 0.0
461 BRN Brainchip Holdings Ltd 0.03% 0.00% 0.0
462 PWH PWR Holdings Ltd 0.03% 0.00% 0.4
463 OKU Oklo Resources Ltd 0.03% +0.01% 0.6
464 IFM Infomedia Ltd 0.03% 0.00% 0.1
465 IAF Ishares Core Composite Bond ETF 0.03% +0.03% 0.1
466 ABA Auswide Bank Ltd 0.03% 0.00% 0.5
467 WGO Warrego Energy Ltd 0.02% +0.02% 0.1
468 MOE Moelis Australia Ltd 0.02% 0.00% 0.5
469 RXP RXP Services Ltd 0.02% 0.00% 0.1
470 MCR Mincor Resources NL 0.02% 0.00% 0.1
471 FCL Fineos Corporation Holdings Plc 0.02% 0.00% 0.5
472 BTH Bigtincan Holdings Ltd 0.02% 0.00% 0.0
473 VML Vital Metals Ltd 0.02% +0.02% 0.0
474 PEK Peak Resources Ltd 0.02% 0.00% 0.2
475 AGI Ainsworth Game Technology Ltd 0.02% 0.00% 0.9
476 CGL The Citadel Group Ltd 0.02% -0.10% 0.1
477 EXL Elixinol Global Ltd 0.02% -0.03% 0.1
478 HFR Highfield Resources Ltd 0.02% 0.00% 0.7
479 PLL Piedmont Lithium Ltd 0.02% +0.02% 0.0
480 AUT Auteco Minerals Ltd 0.02% -0.01% 0.2
481 AUZ Australian Mines Ltd 0.02% 0.00% 0.1
482 SMP Smartpay Holdings Ltd 0.02% +0.01% 0.2
483 FCT Firstwave Cloud Technology Ltd 0.02% +0.01% 0.2
484 EQT EQT Holdings Ltd 0.02% 0.00% 0.7
485 TLG Talga Resources Ltd 0.02% +0.02% 0.1
486 PM8 Pensana Rare EARTHS Plc 0.02% +0.02% 0.0
487 ZLD Zelira Therapeutics Ltd 0.02% +0.02% 0.0
488 AOF Australian Unity Office Fund 0.02% 0.00% 0.3
489 BYE Byron Energy Ltd 0.02% 0.00% 0.4
490 SKY SKY Metals Ltd 0.02% 0.00% 0.1
491 EDE Eden Innovations Ltd 0.02% 0.00% 0.3
492 RMC Resimac Group Ltd 0.01% 0.00% 0.3
493 MDR Medadvisor Ltd 0.01% 0.00% 0.3
494 LKE Lake Resources N.L. 0.01% +0.01% 0.0
495 ITG Intega Group Ltd 0.01% 0.00% 0.7
496 MWY Midway Ltd 0.01% 0.00% 0.1
497 OMH Om Holdings Ltd 0.01% 0.00% 0.6
498 5GN 5G Networks Ltd 0.01% 0.00% 0.0
499 MBH Maggie Beer Holdings Ltd 0.01% 0.00% 0.1
500 FML Focus Minerals Ltd 0.01% 0.00% 0.2
501 SMR Stanmore Coal Ltd 0.01% 0.00% 1.7
502 AIM Access Innovation Holdings Ltd 0.01% -0.01% 0.1
503 TGA Thorn Group Ltd 0.01% 0.00% 0.0
504 SIG Sigma Healthcare Ltd 0.01% -0.01% 0.1
505 IBX Imagion Biosystems Ltd 0.01% -0.11% 0.0
506 VAH Virgin Australia Holdings Ltd 0.01% 0.00% 0.0
507 PNR Pantoro Ltd 0.01% 0.00% 0.1
508 GTK Gentrack Group Ltd 0.01% 0.00% 0.4
509 OBM Ora Banda Mining Ltd 0.01% 0.00% 0.1
510 BOE Boss Resources Ltd 0.01% 0.00% 0.0
511 TWR Tower Ltd 0.01% 0.00% 1.9
512 JAT Jatcorp Ltd 0.01% 0.00% 0.0
513 AXE Archer Materials Ltd 0.01% -0.01% 0.0
514 RHP Rhipe Ltd 0.01% 0.00% 0.1
515 PGC Paragon Care Ltd 0.01% +0.01% 0.0
516 CDV Cardinal Resources Ltd 0.01% 0.00% 0.0
517 CDA Codan Ltd 0.01% 0.00% 0.0
518 IFT Infratil Ltd 0.01% 0.00% 1.1
519 PXS Pharmaxis Ltd 0% -0.01% 0.0
520 ATU Atrum Coal Ltd 0% 0.00% 0.2
521 FLC Fluence Corporation Ltd 0% 0.00% 0.1
522 AU8 Aumake International Ltd 0% -0.01% 0.0
523 BDG Black Dragon Gold Corp 0% 0.00% 2.5
524 AVZ AVZ Minerals Ltd 0% 0.00% 0.0
525 ASG Autosports Group Ltd 0% 0.00% 0.4
526 MME Moneyme Ltd 0% 0.00% 0.1
527 PAA Pharmaust Ltd 0% -0.01% 0.0
528 ANG Austin Engineering Ltd 0% 0.00% 0.1
529 AFP Aft Pharmaceuticals Ltd 0% -0.01% 1.3
530 ISD Isentia Group Ltd 0% 0.00% 0.0
531 PEX Peel Mining Ltd 0% 0.00% 0.0
532 ADA Adacel Technologies Ltd 0% 0.00% 0.0
533 MCT Metalicity Ltd 0% 0.00% 0.0
534 BKI BKI Investment Company Ltd 0% 0.00% 0.0
535 TBR Tribune Resources Ltd 0% 0.00% 0.0
536 APL Antipodes Global Investment Company Ltd 0% 0.00% 0.0
537 MNS Magnis Energy Technologies Ltd 0% 0.00% 0.0
538 MLT Milton Corporation Ltd 0% 0.00% 0.1
539 OVH Onevue Holdings Ltd 0% 0.00% 0.0
540 BSE Base Resources Ltd 0% -0.01% 0.1
541 CYL Catalyst Metals Ltd 0% 0.00% 0.1
542 LPI Lithium Power International Ltd 0% 0.00% 0.0
543 AVJ Avjennings Ltd 0% 0.00% 0.1
544 LIT Lithium Australia NL 0% 0.00% 0.0
545 VG1 Vgi Partners Global Investments Ltd 0% 0.00% 0.0
546 MCP Mcpherson's Ltd 0% 0.00% 0.0
547 SVH Silver Heritage Group Ltd 0% 0.00% 0.0
548 HPI Hotel Property Investments 0% -0.01% 0.0
549 LVH Livehire Ltd 0% 0.00% 0.0
550 GMV G Medical Innovations Holdings Ltd 0% 0.00% 0.0
551 ERD Eroad Ltd 0% 0.00% 0.0
552 PPK PPK Group Ltd 0% 0.00% 0.0
553 NUH Nuheara Ltd 0% 0.00% 0.0
554 YAL Yancoal Australia Ltd 0% 0.00% 0.0
555 MAH Macmahon Holdings Ltd 0% 0.00% 0.0
556 3PL 3P Learning Ltd 0% 0.00% 0.0
557 IFN Infigen Energy 0% 0.00% 0.1
558 EVO Evolve Education Group Ltd 0% -0.01% 0.0
559 LBT LBT Innovations Ltd 0% 0.00% 0.0
560 GNE Genesis Energy Ltd 0% 0.00% 0.2
561 MGT Magnetite Mines Ltd 0% 0.00% 0.0
562 FMS Flinders Mines Ltd 0% 0.00% 0.0
563 FGX Future Generation Investment Company Ltd 0% 0.00% 0.0
564 SWF Selfwealth Ltd 0% 0.00% 0.0
565 MRC Mineral Commodities Ltd 0% 0.00% 0.0
566 PLT Plenti Group Ltd 0% 0.00% 0.0
567 KZR Kalamazoo Resources Ltd 0% 0.00% 0.0
568 RXM REX Minerals Ltd 0% 0.00% 0.0
569 IOZ Ishares Core S&P/ASX 200 ETF 0% 0.00% 0.0
570 GTN GTN Ltd 0% 0.00% 0.0
571 WZR Wisr Ltd 0% 0.00% 0.0
572 EBO Ebos Group Ltd 0% -0.04% 0.0
573 KRM Kingsrose Mining Ltd 0% 0.00% 0.0
574 SGH Slater & Gordon Ltd 0% 0.00% 0.0
575 PGL Prospa Group Ltd 0% 0.00% 0.0
576 CDP Carindale Property Trust 0% 0.00% 0.0
577 MOZ Mosaic Brands Ltd 0% 0.00% 0.0
578 SDV Scidev Ltd 0% 0.00% 0.0
579 AYS Amaysim Australia Ltd 0% 0.00% 0.0
580 WAX Wam Research Ltd 0% 0.00% 0.0
581 ZIM Zimplats Holdings Ltd 0% 0.00% 0.0
582 MVF Monash Ivf Group Ltd 0% 0.00% 0.0
583 SDL Sundance Resources Ltd 0% 0.00% 0.0
584 AHY Asaleo Care Ltd 0% 0.00% 0.0
585 FID Fiducian Group Ltd 0% 0.00% 0.0
586 ARG Argo Investments Ltd 0% 0.00% 0.0
587 GRL Godolphin Resources Ltd 0% 0.00% 0.0
588 BLY Boart Longyear Ltd 0% 0.00% 0.0
589 RE1 Resa Group Ltd 0% 0.00% 0.0
590 SF1 Stemify Ltd 0% 0.00% 0.0
591 FRI Finbar Group Ltd 0% 0.00% 0.0
592 WJA Wameja Ltd 0% 0.00% 0.0
593 S2R S2 Resources Ltd 0% 0.00% 0.0
594 CTM Centaurus Metals Ltd 0% 0.00% 0.0
595 MSL MSL Solutions Ltd 0% 0.00% 0.0
596 PGF PM Capital Global Opportunities Fund Ltd 0% 0.00% 0.0
597 RFG Retail Food Group Ltd 0% 0.00% 0.0
598 BKT Black Rock Mining Ltd 0% 0.00% 0.0


What is Short Selling?

Short selling is one of the most difficult concepts for novice investors to grasp.

The goal is to profit from a falling market by “borrowing” shares in a company to sell at the current market price, and buy those shares back at a later date after the price has fallen. The difference between the initial sell price and the later buyback price is the profit.

The easiest way to grasp the concept is to compare it with traditional share investment.

Long (Buy)

Going “long” is the traditional way of investing in the stock market; you profit when the share price goes up.

  • You believe a companies share price will rise
  • You buy shares at $40
  • The share price rises to $54
  • You sell the shares for a profit of $14 per share
Chart of a Long Buy

Short (Sell)

Going “short” is the opposite; you profit when the share price goes down.

  • You believe a companies share price will fall
  • You sell 1,000 "borrowed" shares at $58
  • The share price falls to $42
  • You buy 1,000 shares (to close the trade) at $42
  • You made a profit of $16 per share
Chart of a Short Sale

How can you sell shares you don’t own?

The most common way is called “Covered Short Selling” and it involves “borrowing” the shares from someone else (organised by your stockbroker).

To open a trade: You borrow shares and sell them at the current market price.

To close the trade: You buyback the same number of shares and return them to the original shareholder.

Another way is to “Naked Short Sell” and it involves a stockbroker placing a sell order on your behalf, even though you haven't borrowed any shares (hence the term "naked"). To close the trade you must buy back the exact number of shares that you originally sold.

Remember that everything is done on a computer. You’re not actually buying and selling a tangible asset; all that’s required is that the numbers in the regulator’s computer “even out” at the end.

Why would someone allow their stock to be short sold? Lenders can charge a borrowing fee which is passed on to the short seller. This is also why short sale positions tend to be shorter in investment duration than long trades.

Green TickShort Selling Advantages


1. Profit in a falling market

You can make money when share prices are falling.

2. Hedge your portfolio to reduce drawdown

A portfolio can be hedged with “short” positions to reduce drawdowns in down trending markets. Should the stock market turn negative, any profit made in the “short” trades will help counteract the losses made in the long trades.

Red CrossDisadvantages


1. Difficulty to participate

Few Australian stockbrokers have the ability to short sell and those that do often have many obstacles. Additional paperwork, collateral requirements, pre-authorisation per trade, higher fees and a minimum trade size of $50,000 may be set.

2. Risk is unlimited

With traditional share investment your risk is limited to the amount you spent on the initial purchase (a share price can’t go below zero). With short selling a trade isn’t closed until you buyback the original number of shares sold, so your risk is unlimited (there is not upper limit to how high a share price can go).

For example, in 2008 Volkswagen was involved in a massive short-squeeze.

Short sellers panicked because the share price was rising and they were losing money. To close their trades they needed to buyback the original number of shares they sold.

A "snowball" effect ensued with all short sellers trying to close their trades at the same time, driving the share price even higher.

The Volkswagen share price rose from €200 to over €1,000 in just over a month.

Short Squeeze Chart

3. Limited number of approved ASX companies to sell

There is a limited number of ASX companies that are allowed to be sold short. Leveraged equities publish a list of approved companies along with the collateral requirements.

Why is Short Selling Allowed?

Short selling provides liquidity and brings price efficiency into the market.

In 2008, ASIC placed stricter controls on covered short selling and banned naked short selling outright in an attempt to bring order to the market turmoil. Although it could easily be argued that the ban reduced fear and reduced the number of people “sitting on the sidelines”, studies have found that the consequence was higher volatility and decreased liquidity.

How to "Go Short" in Australia

Short selling ASX companies should only be conducted by experienced investors. You will need to shop around for a stockbroker who is able to facilitate short trades.

Alternatively, you can profit from a falling market by purchasing an Exchange Traded Fund (ETF) that specialises in short selling.

BetaShares Australian Equities Bear Hedge Fund (BEAR) is an ETF that can be bought and sold just like ordinary shares with no extra paperwork, fees or obstacles. The fund short sells ASX SPI 200 futures contracts so that any fall in the S&P/ASX 200 index will result in an increase in the fund’s value. Therefore, the share price of BEAR ETF will rise if the stock market falls.

Using an ETF like the BEAR is a great way for the average investor to profit from, or protect against a fall in the overall Australian stock market.


Additional Links

Short Selling Regulatory Guide 196 (PDF) - ASIC’s detailed guide

Short Selling Reporting Obligations in Australia (PDF) - A law firm’s excellent summary