This comes from Treasurer Josh Frydenberg:
“Superannuation is a massive pool in savings that should be harnessed more for domestic investment,”
“And I don’t care if they are industry funds or retail funds, I would like to see them both put to work on domestic infrastructure assets more than they have been.
Does the return on investment matter? Does the benefit to the fund members matter? Apparently not in both cases.
If the Government wants Australian superannuation investors to invest in Australia, perhaps they give mind to the disincentives to investment in Australia.
You know, little things like red tape, green tape, ASIC, APRA, ACCC … the regulatory and compliance industrial complex that leeches of Australia’s productivity.
As Andrew Liveris said, we need a red carpet economy and not a red tape economy. Unfortunately Mr Liveris overstates it when he says Australia has a red tape economy. We have a red light economy.
Making such pronouncements from the top of Canberra Hill, about investing in Australia, is really easy. Actually doing the work to make Australia more investment attractive, including cutting taxes, cutting red tape and getting the regulators under control … well that requires work and doing the work of governing takes time away from our political masters’ ability to front the ABC and SkyNews.