Tuesday, November 24, 2020
Politics

Investors and corporations to reap the benefits of the pandemic

Crikey
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The pandemic is likely to exacerbate existing trends toward highly concentrated markets and investment, changing the nature of economic and political power as it does so.

(Image: AAP/Private Media)

The new era of big government that Australia entered in 2020 will soon be matched by bigger, more dominant corporations and a consolidated investment sector that will wield power in the hundreds of billions.

The implications of the government’s push for superannuation funds to merge — the creation of a new set of super-powerful investment behemoths, led by the government’s most loathed sector, industry super — are beginning to become apparent to people beyond those of us who’ve been pointing them out for a while.

The emergence — at the government’s behest — of mega-super funds controlling investments worth hundreds of billions of dollars, and pursuing their own environmental, social, and corporate governance agendas separate from whatever pro-fossil fuel goals the government has, is surely alarming to the Liberal Party, which includes a number of backbenchers who not merely want to destroy industry super but end compulsory superannuation altogether.

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