CBA is no longer ASX #1, shares falling almost 20% from its February high. Their dividend yield is still a whopping $4.21 per share while the others have marginally cut theirs; most retirees are interested in what that figure is rather than the share price.
Shares in the other 3 banks had underperformed CBA for months before so much greater pain for mum and dad investors there.
The taxpayers of Australia were completely ripped off when Keating sold the whole thing for a miserly $2 or so a share; it's been a money-making market-altering behemoth ever since.
It was $5.40 a share, but took 4-5 years before it moved away from the All Ord index growth.https://www.smh.com.au/business/banking-and-finance/cba-shareholders-in-the-money-25-years-after-float-20160912-gre7i9.html
Most of the big growth in CBA is years after it was sold, initially through the Howard years likely indicating it took 5-8 years to rid itself of the public service shackles. The biggest jump in CBA shares compared to All Ords was post GFC, 2012 to 2015. Even Keating couldn't see that far into the future.
When privatising govt assets that is very sensitive to voters. Remember the govt has a vested interest to talk it up which is a conflict of interest in my book as its both the seller and ultimate regulator.
Rule #1, Sell it cheap to the same voters so they are guaranteed a capital return, regardless of market conditions that might follow.
Rule #2, the first big public float of a public asset needs to be even more likely a winner, thus generating public acceptance of the process and opening the door for more publicly more sensitive assets worth many more times to follow, ie Telstra.
So by and large Keatings move was very successful. Remember the govt later wins when you sell your prized capital tax laden shares.