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Category: Government and Politics / Federal Government / Superannuation / Business, Economics and Finance / Scott Morrison

Morrison 'frustrated' super funds not investing more in Australian assets

Monday, 22 Aug 2016 09:34:26 | Jane Norman

Scott Morrison responds during a press conference in Canberra, on August 13, 2012. (AAP: Alan Porritt)

Federal Treasurer Scott Morrison is urging local superannuation funds to invest more of their $2 trillion in savings in major Australian assets being coveted by Chinese investors.

Mr Morrison has blocked the sale of the New South Wales power network, Ausgrid, to Chinese interests and has indicated the proposed sale of the S Kidman and Co cattle empire would be contrary to the national interest.

He said he was "frustrated" that local super funds had not been as keen to invest, but was hoping they would now reconsider their position and "appear in the next round of transactions".

"I think Australians, the Prime Minister and I, are frustrated that we're not seeing more of that $2 trillion in capital which is there in Australian superannuation savings not lining up on these transactions," he told Sydney's 2GB.

"For example on the Ausgrid sale, or those other properties like Kidman where there are some bidders who will price everyone else out of the market, well clearly based on my decisions they're not in that race."

Australia's defence and intelligence agencies are growing increasingly uneasy about the level of Chinese Government influence in Australia, but Mr Morrison insists the Coalition remains open to foreign investment.

He said while the proposed sale of Ausgrid in its current form was "finished", he believed the S Kidman and Co cattle empire was "just too large" to be held by foreign owners.

AustraliaPlus


 

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