The UK government has turned to Australia’s $2 trillion superfund sector as a key avenue for unlocking major bilateral investment and growth opportunities, with a ministerial visit placing superannuation at the centre of trade and economic talks.
Catherine West, UK Minister for the Indo-Pacific, has begun a visit to Melbourne, Sydney, and Brisbane to deepen commercial and defence ties between the two nations.
The trip is set to focus primarily on economic collaboration and includes meetings with government officials, investors, and leaders of Australia’s largest superannuation funds.
“The Indo-Pacific is central to our Plan for Change and vital to the UK’s growth ambitions, with the region projected to deliver half of global growth by 2050,” West stated.
“Australia presents major investment opportunities for the UK, including through its superfund sector and the redevelopment of a new consulate in Melbourne. I am here to unlock these opportunities through engaging with government and business leaders.
“Our partnership is at the heart of our commitment to a free and open Indo-Pacific, working together to build a peaceful and prosperous region.”
The visit has coincided with the announcement of a new British consulate in Melbourne, which will serve as a hub for diplomacy and trade in Australia’s business capital.
The project aims to serve as a catalyst for fresh growth opportunities for both Australians and Britons.
Also on the agenda, West has advanced the UK-Australia Clean Tech Partnership during her meetings, which aims to help both countries accelerate progress towards net zero.
The UK’s outreach highlighted Australia’s superfund sector as a critical source of long-term capital that can be channelled into sectors like renewables, infrastructure, and emerging technologies.
In addition to economic priorities, the minister’s itinerary has included defence talks to strengthen cooperation under the AUKUS agreement, and cultural diplomacy with representatives of the British Council to promote global creative collaboration.
The visit follows the recent trip by UK Defence Procurement and Industry Minister, Maria Eagle, and comes as the HMS Prince of Wales and her Carrier Strike Group prepare for deployment to the Indo-Pacific.
The UK government has framed Australia as a gateway to the wider Indo-Pacific, with superannuation funds emerging as a key part of its strategy to drive mutual economic growth and investment in the region.
