Super funds chase asset sales

Super funds are pushing for governments to press ahead with asset sales.

Australia’s largest superannuation funds are pushing for governments to press ahead with asset sales worth tens of billions of dollars, according to The Australian.

Among the interested parties are Industry Super Australia, which is set to outline a plan to triple the super sector’s outlay on local infrastructure, and Cbus Super.

Former Victorian premier Steve Bracks, who serves as chair of Cbus, said there was a need to lift the pace of privatisations to offset rising budget deficits.

"There are some assets that states don't need to hold on to any longer," Mr Bracks told The Australian. "It's hard to make the case for states continuing to own a port or infrastructure like the Snowy Hydro scheme.

"There's no reason why assets like those can't be offered for sale via an initial public offering or a private equity investment."

The most heavily publicised deal in the works is the likely divestment of Medibank Private, but ports, electricity assets and Australia Post are also part of a potential $92 billion worth of options for state and federal governments.

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