Why is Anthony Albanese meeting Larry Fink in California!
For those who don’t know who is Larry Fink, he is the CEO of Blackrock.
BlackRock is the world's largest asset manager, with US$9.42 trillion in assets under management as of June 30, 2023. That’s about 3 times Australia’s GDP.
Many superannuation funds pay Blackrock to manage assets owned by them.
It’s worth noting that S128B(3)(jb) of the 1997 Tax Act gives a tax exemption to foreign super funds on income derived here in Australia as per these conditions: “Interest income and dividends received by foreign superannuation funds are exempt from interest and dividend withholding taxes if this income is exempt from income tax in the country in which the foreign superannuation fund resides and if the superannuation fund has a portfolio-like interest in the entity that pays the interest or dividends to it.”
Albanese should be in Australia, dealing with the cost of living crisis not rubbing shoulders with worlds elites.