Australia’s biggest superannuation funds say the Trump administration’s decision not to impose a punitive new tax that would have dramatically increased their costs will not change plans to reassess their investments in the United States.
Under US President Donald Trump’s flagship “big, beautiful bill”, super funds and members faced a new tax designed to retaliate against what they believe was unfair levies on American firms by other countries. The so-called “revenge tax” could have seen the returns of major Australian superannuation funds slashed by $3.5 billion over four years, according to some estimates.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
