Treasurer putting Australia in New York’s state of mind
Jim Chalmers will promote Australia as a potential “renewable energy superpower” as he rushes to snap up trillions from mega-investors.
The Treasurer will hold his Friday (Saturday AEDT) meeting with 10 of the world’s largest investors in New York City.
Calls at the New York Stock Exchange will include Blackstone executive Kenneth Caplan, Mastercard president Merit Janow and Blue Owl’s John Wilson.
Dr Chalmers will argue Australia has “unique advantages” in terms of abundant natural resources and is regionally positioned “to be at the heart of our region’s digital infrastructure”.
“Whether it’s our resources, our renewable energy, our skills, our stability, Australia has exactly what the world needs, when the world needs it,” he said.
“Australia is an incredibly attractive investment destination based on our strong economic fundamentals, our presence in the Indo-Pacific and our potential to become a renewable energy superpower and regional digital infrastructure hub.”
The renewable energy field comes despite Australia being one of the world’s three largest fossil fuel exporters.
Australia’s mining opportunities are also on the menu, with a deck that includes Australia’s vast reserves of lithium, manganese and rare earths.
As Mr Chalmers courts American investors, a report by the peak body for Australian superannuation funds shows the potential for Australian funds to be run elsewhere.
The Super Members Council believes member fund investments in the UK and Europe will double to $660 billion over the next decade.
Currently the total value of the Australian super is approximately $4.3 trillion and is predicted to reach $8.3 trillion by 2035.
“Australia’s retirement savings pool is growing at such a pace and scale that the world’s largest economies are competing for our retirement capital,” Super Members Council CEO Misha Schubert said.
“This means more money in retirement for Australians and funding to support critical infrastructure projects and jobs in the UK and Europe.”
The proportion of overseas super invested in Australia is increasing; There are about 60 cents of every new Australian dollar working overseas.
