@PhilomenaGrady Australia has investment products, our government bonds, and these are what are registered with the SEC you fucking spoon. Once again, you are oblivious to context and definition.
Councils operate legally under state parliaments and legislation, which have authority to establish them independently of federal constitutional mention, though the referendums' rejection reflects public opposition to elevating local government as a formal third tier.
Basically, you're delusional about scope and context - the referendum is a red herring.