The head of the Albanese government’s $15 billion industry fund has questioned why Australia’s superannuation funds aren’t willing to lean into a national innovation drive and suggested mandatory contributions may be needed.
It came a day after Australian Super chief executive Paul Schroder warned governments in search of capital for clean energy and industrial transitions against trying to direct where Australia’s $4.2 trillion retirement savings pool is invested.
Mr Schroder, whose $400 billion fund is the largest in Australia and a top 20 pension fund in the world, said the sector has a role in “national renewal” but investments need to stack up for members and funds were right to increasingly seek foreign opportunities.
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