Economy

Mar 7, 2018

Turnbull lures Trump with Aussie retirement savings — but would it be a win for Australians?

Turnbull is dangling a sizeable fiscal carrot in front of Trump. But will it attract a bite, and what will it mean for your retirement money?

Elisa Sylva

Freelance writer

Malcolm Turnbull seems to have figured out how to get Donald Trump’s attention -- show your Goldman Sachs stripes and talk about ways to finance big, beautiful things. Like sewer systems.

During his recent sojourn to Washington, Turnbull wasn’t above bragging about how much retirement money we’ve all got tucked away under our mattresses. He was there to push the Australian agenda for trade and investment, with high hopes of dazzling the world’s most mercurial leader after an awkward start to their relationship. For reinforcement, the PM arrived with more than 20 other powerful finance and political leaders in tow.

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14 comments

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14 thoughts on “Turnbull lures Trump with Aussie retirement savings — but would it be a win for Australians?

  1. gjb

    Invest in US steel manufacturing??

    1. EG

      Holy super savings Batman!
      Whatever will Mal the invincible think of next to bilk Australian taxpayers.

  2. zut alors

    ‘ Airports are not built every day, and particularly not in industrialised nations. When the world’s largest developed economy has a crumbling infrastructure network in need of a cash injection, Australian investment managers spy opportunities.’

    Where were these canny (& often overpaid) managers when Toowoomba’s Wellcamp Airport was being built in 2013, privately funded by the Wagner family at a cost in excess of $100M?

    1. Dog's Breakfast

      True Zut, but wasn’t aware of that one. Too often the problem is that our superannuation funds too rarely go to direct investment, and just end up on share markets around the world, which isn’t really investment at all. Let me just clip that ticket while I pass on your money to the next ticket clipper.

  3. Dog's Breakfast

    “One of the key focuses was the potential for Australian superannuation funds to increase their investments in American infrastructure assets.”

    And yet, as I comment on the lead story of the day, we are constantly in need of foreign investment. Again, surely an issue of quality rather than width, unless like global shucksters we are trying to attract overseas investors to pour their money into non-viable projects that never make a cent to be repatriated. Actually, now that’s a thought!

  4. AR

    As noted here by many, Oz is said to be in desperate need of foreign investment whilst seeking to invest our lazy & otherwise homeless super funds O/S.
    Does. Not. Compute.

  5. old greybearded one

    Why bother Trump is as likely to say yes today and no next week. He is a corporate shonk.

  6. Wayne Cusick

    The old genius Hockey spruiking asset recycling again.

    I think it is a dumb idea – you very soon run into the law of diminishing returns. Each new asset you build from the sale of an old asset will surely be a lower value asset?

    1. Mary Canary

      As soon as I saw his name pop up in the article I realised how dangerous it is to recycle poor politicians into men on government money doing overseas government jobs

  7. klewso

    He’s always been Liberal with other people’s money…. “Plebiscite and ARC anyone?”

  8. Rocky Horror

    I know. Let’s buy back Australia’s electricity supply industry.

    1. Peter Wileman

      With the money that they’ll get back from the sale of Snowy II when they sell that to the Chinese

  9. Norm

    Instead of selling off our family jewels, to the worlds ‘one-percenters’, and ‘recycling’ the money into the coffers of the world’s global corporations, why aren’t we investing our super trillions into our own children’s and grandchildren’s future? Because of greedy ideological bullshit, perhaps.

  10. Anniejean

    Just hope his investments are a bit more astute than those of his fellow Libs at Woollahra council whose foray into US prime mortgages proved to be a disaster.

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