Kevin Rudd reveals Sydney’s trump card to lure global investors

Renowned Labor policy wonks – former prime minister Kevin Rudd and NSW Treasurer Daniel Mookhey – have taken centre stage at an elite gathering of international investors and local business leaders to promote Sydney as a global financial hub.

Australia’s ambassador to the United States Kevin Rudd and NSW Treasurer Daniel Mookhey at the Citi A50 Sydney Investment Summit.Credit: Photo: Janie Barrett

Rudd, now Australia’s ambassador to the United States, and Mookhey had a “fireside chat” at the high-powered Citi A50 Sydney Investment Summit at the Sydney Opera House on Thursday. It follows a comparable “super summit” hosted by Rudd in the US this year that aimed to boost US-Australia investment.

The pair agreed Australia could do much more on the international stage to leverage its vast pool of superannuation savings which now totals more than $4.5 trillion. 

“The story of Australian super is not well known,” said Mookhey.

Rudd said Australian super funds already invest about half a trillion dollars in the US and that is projected to rise to $1.5 trillion by 2035. He argued this could form a “whole new pillar” to the Australia-US relationship.

“The bottom line is this financial services relationship is large and getting larger,” Rudd said. “So how do we therefore, together as federal government and state governments ... leverage the scale of that relationship to Australia’s greater advantage,” Rudd said.

Mookhey said Sydney’s highly educated population, sophisticated financial sector, world-class universities, stable political system and strong public institutions underpinned its credentials as a global financial centre and investment destination. The city’s strong links to Asia, including through its large diaspora communities, was another important advantage.

“We’ve got a very good story to tell,” said Mookhey.

Rudd has been in the spotlight after copping a light-hearted scolding from US President Donald Trump during a visit to the White House with Prime Minister Anthony Albanese this month.

Trump was asked about criticisms of him made by Rudd before becoming Australia’s ambassador to the US. The president addressed Rudd, who was in the room, saying, “I don’t like you either, and I probably never will”, causing laughter among those in the meeting.

But Rudd also played a key role in a $13 billion critical minerals deal signed at the Trump-Albanese talks.

Rudd told the Sydney summit that growing co-operation on critical minerals was another “pillar” strengthening Australia-US relations.

He had the reputation for being a public policy wonk during his political career, and Mookhey has forged a similar style over a decade in NSW politics.

NSW Premier Chris Minns launched the summit and announced a first round of expressions of interest to the state’s new Investment Delivery Authority had received 48 major investment proposals worth $136 billion.

The submissions included 23 projects for data centres and technology valued at $72 billion, 22 projects in renewable energy and energy security valued at $63 billion and three projects for hotels valued at $860 million.

Minns claimed the billions in “potential deals” received by the authority was a sign of confidence in the NSW economy. But he acknowledged planning system in NSW had been “too cumbersome”. The authority aims to accelerate the delivery of large-scale commercial projects.

“We want to fast-track investment in Australia’s largest state,” Minns said.

Minns also lavished praise on Rudd saying he was “doing an amazing job” as Australia’s representative in the US.

“He’s pulled off an incredible deal, dealing with one of the most complicated administrations Australia has to deal with,” he said.

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