That’s bonza! Australian pension fund commits £8bn to UK in pre-budget boost

Australia’s supreme pension fund is speak to pump one other £8bn into the UK in the coming years in a boost to Jeremy Hunt forward of the funds this week.

In an announcement this evening, the Treasury talked about that the recent injection will steal AustralianSuper’s investment into the UK to over £18bn by the finish of the final decade.

The deal comes after Hunt, who has previously praised the scale of Australia’s nice pension funds, met with the executive of AustralianSuper in London this afternoon to focus on the plans.

“This principal investment from AustralianSuper will promote progress and reinforce the UK’s speak as a leading financial centre, creating wealth and helping to fund public services,” Hunt talked about in a press initiate.

“Britain continues to be Europe’s leading hub for investment, and it’s far thru commitments worship this that we are going to funnel billions into our brightest, burgeoning businesses to scale up and develop.” 

AustralianSuper has around £150bn in resources below administration and has had a presence in the UK since 2016. It has invested some £8bn into the UK, with holdings of around £2.5bn in UK listed equities, according to the Treasury.

Amongst its UK investments are a stake in Heathrow Airport and Kings’ Scandalous redevelopment initiatives. The company was once reportedly eyeing up a £23bn investment spree across the UK and Europe assist in 2022.

 The cash commitment comes as the most up-to-date investment pledge from down-below in the past twelve months after Australian funds IFM Investors and Mindful Enormous dedicated to pumping a cumulative £15bn into the financial system forward of the global investment summit in November.

Hunt is looking to overhaul the guidelines around pension investment in the funds on Wednesday in a present to support more investment from home funds.

In a slew of planned modifications on Saturday, Hunt talked about the authorities would roll out guidelines to force pension funds to inform how noteworthy of their cash is invested in the UK.