A week after the inaugural Australian Superannuation International Summit, hosted by U.S. Ambassador Kevin Rudd in Washington and New York, the New South Wales (NSW) government has announced it will host a similar event in Sydney later this year.
Treasurer Daniel Mookhey said he will host global superannuation leaders in Sydney to build on the NSW capital’s steadily growing position as the financial hub of the Asia Pacific.
“Half of Australia’s business unicorns were born right here in NSW. They’ve been able to grow because of the high value we place on innovation and technological development,” Mookhey said.
He further added that Sydney ranks in the top five most popular investment destinations worldwide.
Sydney: The Heart of Aussie Finance
NSW Treasury Corp Chief Executive David Deverall said Sydney’s economic strength is underpinned by a strong investment pipeline, a large skilled workforce, and advanced digital infrastructure.“Sydney is home to the country’s biggest banks and dominates Australia’s venture capital and private equity activity,” Deverall said. “Nearly 60 percent of Australian venture capital is in NSW.”
Mookhey also said the city “is a world leader in research output per capita, a strength reflected in its financial and tech workforce, and a steady supply of qualified graduates from its universities.”
Superannuation Summit Opens Global Doors
The inaugural summit in Washington and New York highlighted Australian funds investing $631.6 billion (US$392 billion) into the U.S. economy.Financial leaders addressing the summit included U.S. Treasury Secretary Scott Bessent and Australian Treasurer Jim Chalmers.
On his return from the summit, Chalmers noted that attending super funds manage about $1.5 trillion, while U.S. firms present have a market cap of nearly $3 trillion. In total, Australian super funds manage $4 trillion in assets.
“While most of Australians’ super is invested domestically, we have a lot to offer by way of investment in American industry and we have a lot to gain by way of bigger and better returns for Australians through this diversification,” Chalmers said.
He discussed investment opportunities with business leaders, including Blackstone CEO Stephen Schwarzman, Citigroup CEO Jane Fraser, and JPMorgan CEO Jamie Dimon.
According to Chalmers, they all “recognised the mutual benefits” of increased investment between the two nations.
Governors and congressional representatives from key U.S. states, including California, Illinois, Florida, Tennessee, and Connecticut, accounting for over a quarter of U.S. GDP, were also in attendance.
