Trade union comrades who linger in the corridors of power probably don’t spend too much time researching asset managers’ fact sheets for portfolios of retirement funds. If they did, they just might be impressed – a forlorn expectation – by the nature of these and the extent to which retirement funds commit serious money to investment in infrastructure.

So long as there’s a populist ring for “monopoly capital” to be vandalised, the putative threat of prescribed assets will shroud in diversion and distortion the optimal means for the growth “flywheel” of infrastructure to be triggered. What the mobilisers of savings need from the government are investable projects, not regulatory pushes...

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