Australia’s $200 billion sovereign wealth fund got ahead of the curve by taking a big helicopter view of how the world had changed after the pandemic.
The fund pored over hundreds of years of economic cycles and took a big helicopter view of the world.The framework considered history, economics, politics and sociology.
The stimulus fuelled cyclical inflation, but the fund also saw structural forces that would add to price pressures over the medium term.Populism fuelled by discontented Millennials, an expensive transition to clean energy and deglobalisation of trade and technology would all be inflationary, among other factors identified in the fund’s investment framework.
Price caps on coal and gas will reduce prices down in the short term. But the unintended consequences are likely to be less investment in coal and gas projects and higher prices in the medium term.Treasurer Jim Chalmers is talking about remaking capitalism and being less beholden to free markets.
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