Unusually for a Liberal Treasurer, Josh Frydenberg has found himself target practice for Australia's business elite, outraged by his call that they should stop handing back cash to shareholders and start investing more. Headlines like "Business leaders angrily push back against Treasurer on investments", "CEOs and fundies challenge Treasurer on investment" and "Business doesn't need Frydenberg's advice on capital management" greeted the Treasurer after he told the Business Council that companies should be more like CSL and Cochlear, rather than paying out dividends and engaging in share buybacks.
Particularly impressive was Boral's Mike Kane, who thundered "I don’t wait to be told by politicians as to what we’re supposed to do. What we're doing is what's in the best interests of Boral and its shareholders in the long run." As if to illustrate that, Boral was dropping a cool 20% from its share price as he was speaking.