Top super funds hold $33 billion stake in big fossil fuel companies
Luca Ittimani
Australia’s top 30 super funds have invested a combined $33 billion in global companies with major fossil fuel expansion plans, new analysis shows.
green advocacy group market forces Found that investment declined from the $39 billion recorded in December 2023, partly due to holdings. bhp And woodside The value is declining, and is still well above the $19bn total in the group’s 2021 report.
According to the latest report released Tuesday, nearly $6 out of every $100 in average investment options in those super funds were supporting major fossil fuel producers.
Only one of the country’s 30 largest super funds had no investments in any major global coal, oil or gas producers: australian moralWhich actively excludes companies with substantial fossil fuel revenues.
The funds have maintained their exposure to fossil fuel investments despite the underperformance of major stock market indices over the past seven years. According to Market Forces estimates, funds have collectively invested less than $10 billion in clean energy companies, despite these companies delivering high returns.
The Australian National University has backed down from music and humanities cuts.
Caitlin Cassidy
The Australian National University has walked back a major restructuring of its College of Arts and Social Sciences after facing opposition from staff, students, politicians and stakeholders over its handling of its controversial $250m cost-cutting plan.
The ANU has today released its updated implementation plan for the college, after the initial proposal released this July was widely criticized. This included the closure of the Australian National Dictionary Centre, the Center for European Studies, the Humanities Research Center and the ANU School of Music, in addition to job cuts.
In September, a few days before the resignation of the then vice-chancellor of the university, Professor Genevieve BellAbout 30 employees walked off the job after an internal report related to the restructuring warned of psychological dangers in their workplace.
Interim Vice Chancellor, Professor Rebekah Brownstated, “Due to greater voluntary separations, staff layoffs, retirements, and vacancy management than expected, the university’s financial position has improved” and the humanities schools could be saved.
its dean, Professor Bronwyn ParrySaid that the Dictionary of Biography and the Australian National Dictionary Center had secured their futures through philanthropic generosity, while no structural changes would be made to the School of Music, which would house a new performance centre.
Parry said the updated plan “reflects the extensive feedback received during the consultation and shows that we have listened and responded”.
One nation threatens not only citizens but also liberals: Canavan
Luca Ittimani
matt canavanA National backbench MP has warned that the growing popularity of One Nation is threatening the Liberal Party as well as the National Party.
The junior coalition partner faced the departure of its former leader last week, barnaby joycewho has indicated that he may be involved Pauline Hanson’s Increasingly popular right-wing small party.
Canavan said One Nation was threatening the Coalition not only in rural seats but also in outer suburban Australia, which is generally better represented by Liberals than the Nationals. He told the ABC at 7.30:
Pauline Hanson began her career in the outer suburbs of Brisbane. There is a misconception that somehow One Nation is just or only a regional, country phenomenon… The discontent we are seeing across Australia is very much concentrated in our outer suburbs and, yes, our larger regional cities.
Canavan also praised his colleague and former employer as an effective politician and lamented his departure from the National Party.
I am disappointed by this, I expressed that disappointment to Barnaby, but to no avail.
Read more about Joyce’s move from political editor here Tom McIlroy,
Welcome
Good morning and welcome to our live news blog. I am martin farrer with the top stories overnight and then it would be Nick Visser With the main verb.
Matt Canavan, A National backbench MP told ABC’s 7.30 last night that One Nation’s growing popularity is a threat to the Liberal Party as well as the National Party as it could take outer suburban seats from the former and regional seats from the latter. More details coming.
The Australian National University has made a U-turn on its unpopular decision to dismantle its College of Arts and Social Sciences. The university says that “staff reductions” and donations have enabled the humanities schools to save. More coming.
And the Bureau of Meteorology has defended the cost of an IT upgrade at a Senate hearing, including a revamped website that has been criticized by users. More on that soon.
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