NAB Morning Call Weekend Edition: Super investments and the Aussie dollar
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Nov 21, 2025 In this engaging discussion, Mike Symonds, Director of NAB's Currency Overlay Solutions Group, and Rodrigo Catril, part of the FX strategy team, delve into the findings of NAB's Super Insights survey. They reveal that over 50% of Australian super assets are now invested overseas, highlighting a strong shift towards international markets. The conversation touches on emerging themes like AI and infrastructure driving investment decisions, the complexities of currency exposure, and the implications for the Australian dollar amid increasing offshore allocations.
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Majority Of Super Assets Now Overseas
- Australian super funds now invest a majority of assets overseas, crossing 50.9% in 2025.
- Large funds plan further international increases, so offshore share likely rises by 2027.
US Dominance Plus Growing Private Assets
- US equities remain a large component of international allocations due to MSCI index weights and past outperformance.
- Funds are also increasing allocations to unlisted infrastructure and private credit globally.
Offshore Growth Isn’t Cannibalising Domestic Flows
- Increased offshore allocation is driven by fund growth, not a withdrawal from domestic investment.
- Domestic allocations also grew, but international allocations grew faster, aiding diversification.