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Hands off the nation’s $4.2tn super pool, boss warns governments
Tom McIlroy
The boss of Australia’s biggest superannuation fund says it would be “a disaster” if governments started directing investments from the country’s $4.2tn retirement savings pool.
AustralianSuper chief executive, Paul Schroder, will address the National Press Club in Canberra today, speaking about superannuation’s role in national renewal.
Schroder will say super funds should be involved much earlier in discussions with governments about the assets they build and run, so investment opportunities which meet a national or community need are identified.
The treasurer, Jim Chalmers, has pushed super funds to send capital towards opportunities that are in “the national interest”. He wants backing for “big national priorities” such as housing and infrastructure.
AustralianSuper chief executive Paul Schroder. Photograph: Bianca de Marchi/AAPShare
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Good morning and welcome to our live politics blog. I’m Martin Farrer with the best overnight stories before Krishani Dhanji takes the controls for the bulk of the day.
The boss of Australia’s biggest superannuation fund will warn today that it would be “a disaster” if governments started to try to dictate how the industry invests its $4.2tn retirement savings pool. In a speech to the National Press Club later today, AustralianSuper chief executive, Paul Schroder, will say the super pot is not a “fix-all” for the nation’s problems. More coming up.
The army has joined the search for the Porepunkah shooting suspect, Dezi Freeman, Richard Marles told ABC’s 7.30 last night, providing a planning specialist and air surveillance help following a request from Victoria police. It comes as an expert on the terrain says Freeman could be evading police heat detection devices by hiding in the area’s disused mines. More details shortly.
The former human rights commissioner, Chris Sidoti, has urged Australia to take stronger action against Israel after the ICJ’s ruling last year that it had acted illegally against the Palestinian people. Sidoti told Labor MPs yesterday that the government must do more than offer “pious expressions of support”.
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