(Bloomberg) -- Australia’s drive to win over the Trump administration kicks off Monday in Washington, with the nation’s $2.6 trillion private pension industry hosting top US officials and executives including Treasury Secretary Scott Bessent and JPMorgan Chase & Co. CEO Jamie Dimon.
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The event begins in Australia’s embassy in Washington and runs over four days in what’s called a “Super Summit,” referring to the compulsory private pension industry known in Australia as superannuation. It then moves to New York, according to a statement from the embassy on Monday.
Other US business leaders attending include Blackstone Inc. CEO Stephen Schwarzman, Citigroup Inc. CEO Jane Fraser and Australian executives from Macquarie Group Ltd., National Australia Bank Ltd., Westpac Banking Corp. and the nation’s largest pension funds, according to an official who was not authorized to speak on the record. Australian Treasurer Jim Chalmers will also be on hand.
“The US presents a great opportunity to deliver strong investment returns for Australians in retirement,” Paul Schroder, chief executive officer of AustralianSuper, the country’s largest pension fund, said in the statement. “In the last century, the worst bet anyone could have made was against the US. That’s not about to change.”
Australia’s pension funds already invest in around $400 billion of assets in the US, which is expected to double over the next decade to $1 trillion, according to the embassy statement. The industry is one of the world’s fastest-growing, with around half of its assets now offshore as record inflows force the funds to look beyond their own backyard for returns.
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In a video advertisement that will be played at the summit, US attendees are told how Australian workers’ pension funds are helping to “repave roads and bridges across Indiana” and “export US natural gas off the coast of Freeport, Texas.”
“A pool of trusted capital from your long-term ally, ready to invest in America’s future,” Australian actors say in the video, portraying everyday workers. “Super for us and super for the US.” The video’s tagline is “Let’s super-charge America, together.”