Farrell's plan to use super for US lamb faces fierce backlash
Trade Minister Don Farrell proposed using Australian super to invest in US lamb supply chains. This was meant to stop Trump tariffs and sparked outrage.
At a G20 meeting in Milwaukee, Trade Minister Don Farrell proposed using Australian super funds to invest in the US lamb industry. The goal was to stop Washington from putting new tariffs on Australian lamb exports.
The Association of Superannuation Funds of Australia said no one had raised the proposal with the sector. They rejected the plan.
Super funds are legally required to put member returns first, not support national policy. Opposition Leader Angus Taylor called it a harebrained scheme.
The red meat industry wants to stick with formal trade procedures. Both major super bodies warned against treating retirement savings as a solution to government problems.
- 4.8 trillion dollars
- Super funds under management
- Don Farrell
- Trade Minister
- Milwaukee
- Meeting location
Why it mattersSuper funds manage $4.8 trillion of Australian workers' retirement savings. Using them for politics could cut into member returns and set a dangerous precedent.
AustraliaThis proposal would have redirected Australian retirement savings to an American competitor of local lamb producers, angering farmers and retirees alike.
✓ Claims checked against the source and corrected before publish. checked 1 h ago
Open this story in InSnip →
