Jim Chalmers woos the giants of Wall Street, Scott Bessent up next

Jim Chalmers has met with the leaders of global financial powerhouses on the sidelines of the Australian Super Summit in Washington.

Treasurer Jim Chalmers in Washington, DC.

Jim Chalmers has met with the leaders of global financial powerhouses on the sidelines of the Australian Super Summit in Washington as part of a push to expand investment opportunities in America, and was due to speak overnight with US Treasury Secretary Scott Bessent.

The Treasurer was also due to meet overnight with US ­National Economic Council ­director Kevin Hassett, with Dr Chalmers saying there was “lots to discuss” – including the ­advancement of talks to secure an Australian exemption from Donald Trump’s proposed steel and aluminium tariffs scheduled to commence on March 12.

Dr Chalmers said Australia’s relationship with the US was “strong and enduring, and one that benefits both sides”. He said trade and tariffs would be “part of the conversation, but not the whole conversation”.

“I won’t pre-empt the talks on steel and aluminium, except to say they are ongoing discussions and I don’t expect to conclude them while I’m there,” he said.

The Albanese government is encouraging Australian super funds to deepen investment partnerships in the US, with Dr Chalmers speaking with Blackstone chief executive Stephen Schwarzman and Citigroup chief executive Jane Fraser on the margins of the Super Summit. He is also to speak with JPMorgan chief executive Jamie Dimon.

Mr Bessent is due to address the Super Summit and will be introduced by Dr Chalmers, with the pair scheduled to hold talks before. It will be their second meeting – but the first since Mr Bessent was confirmed as Treasury Secretary.

It will also be the first time that Dr Chalmers will have met with Mr Hassett, with the Treasurer expected to use the meeting to reinforce Australia’s role as a trusted ally and partner of the US. He will also remind them that America enjoys a long standing trade surplus with Australia dating back to the Truman administration, as well as Australia’s position as one of the top ten foreign investors in the US.

Governors or members of congress from five American states are expected to attend or address the summit, with Australian super funds represented at the summit accounting for $1.5 trillion in funds under management.

The Super Summit is aimed at bringing to the attention of the US congress, the Trump administration and corporate America the scale of Australia’s $US2.6 trillion pool of retirement savings.

Nine months in the making, the summit is aimed at identifying possible strategies that could maximise a return for policy holders while creating opportunities to boost investment in strategic sectors of both the Australian and US economies.

A report released this week by economic and research advisory firm Mandala found Australian super fund investments in US private markets alone could ­exceed $378bn by 2035 if deeper financial partnerships with America can be forged – a major increase on the $140bn forecast on current trends.