SYDNEY: The Australian Investment Council welcomes the announcements made yesterday by Australia’s Treasurer, the Honourable Jim Chalmers MP, following the third Treasurer’s Investor Roundtable in Canberra.
The round table brought together leaders from the major banks, not-for-profit superannuation funds, subject matter experts and government to understand the opportunities and issues driving private capital investment in energy transition, defence and social impact.
The Council commends the Australian Government’s commitment to working with the investment community, subject matter experts and other stakeholders to build a more diverse and modern economy, realise once in a generation opportunities and address unmet community needs.
The Council also noted the Government’s commitment to consult on reforms to the superannuation performance test, welcoming it as work necessary to encourage investment in areas where capital is needed while continuing to deliver net returns for superannuation fund members.
Australian Investment Council CEO Navleen Prasad said: “We welcome the considerable investment made by the government in bringing the investment community and stakeholders together to progress pathways to realising Australia’s economic potential in energy transition and defence, and address the ever-pressing need for social impact investment.
“We endorse the Treasurer’s remarks that this is the defining decade across a number of areas of unmet need. The issues discussed at each of the investor round tables are complex and require action-oriented collaboration between public, private and non-government sectors. If done well, private and public capital working together should be able to address urgent areas of need, and support strong and future-proofed industries that generate jobs, take Australian know-how to the world and meet the needs of communities.
Private equity, venture capital and private credit collectively manage more than $61 billion of assets, invested across the economy. As the managers of superannuation, pension and sovereign wealth capital, private capital, fund managers invest financial and human capital to invest in start-ups, small-to-medium-sized businesses, and larger enterprises that collectively employ approximately 500,000 people.
Ms Prasad said: “Private capital managers have around $11 billion of undeployed capital that is ready to be put to work. The Council fully supports the eight outcomes from yesterday’s round table and looks forward to contributing to the efforts that will now take place to develop specific actions to progress investment in energy transition, defence, social impact and social and affordable housing.”
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About the Australian Investment Council
The Australian Investment Council is the peak body for private capital in Australia and has 200+ members who work to build strong businesses that support our communities, create new employment opportunities, and grow our nation’s economy. Members of the Council comprise the leading domestic and international private capital firms operating in Australia, and span private equity, venture capital, private credit, family offices, superannuation and sovereign wealth funds as well as leading financial, legal, and operational advisors. Our investment members directly or indirectly employ approximately 500,000 people across the economy, contribute almost three per cent to GDP, and support entrepreneurship and local capability by investing in Australian industries and businesses. investmentcouncil.com.au
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