Frydenberg comes with hat in hand (ODT)
It seems that nationalism has a price. It also seems we aren’t necessarily ready to accept the price. To demonstrate the point, consider this
This week, Treasurer Josh Frydenberg called on industry and retail superannuation funds to invest more in Australian businesses, saying he “would like to see them both put to work on domestic infrastructure assets more than they have been”.
With most super funds carrying about 20 to 25 per cent of their investments in Australian companies, the Future Fund’s latest report on March 31 has it looking decidedly lean with only 6.1 per cent, or $9.87 billion, held in Australian shares.
One senior investment analyst — who asked not to be named — told The New Daily Mr Frydenberg should be asking Mr Costello “when is the Future Fund going to join Team Australia?”
The Future Fund holds more than $44 billion in global and emerging markets, while holding a cash balance of $15.59 billion or 9.6 per cent, and a similar amount in easily converted debt securities.
Its assets are designed to provide long-term investment in infrastructure, education, disability services, medical research and Indigenous services.
The Future Fund is Australia’s sovereign investment fund. Former Coalition Treasurer Peter Costello is the current Chairperson.