ASK ANDREW: On AI, Trump, Global Warming, Asia, Debt and Fraud
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What topics will Andrew Irvine address in this episode?
AI and job losses, Donald Trump and global warming, our place in Asia, the global rise in private debt, and fraudulent loans. This week we get the views of NAB CEO on a lot of the hot topics that we're struggling with in an increasingly uncertain world. That's this weekend. The morning call from NAB with Phil Dobby.
The weekend
edition. Well, always good to talk to Andrew Irving, part uh part POM, part Canadian, increasingly Australian, 100% NAB CEO. Uh we've got a bunch of questions for you from morning call listeners. Before we do that, though, you've been traveling, you're always traveling, of course. Every time I talk to you, you've just been somewhere. But you've been spending a lot of time in Asia lately. So are you seeing is that because you're seeing lots of opportunities there for inward and outward investment? Which one more so? And and how much of this can We thank Donald Trump for
Well it's actually a really pertinent question, Phil. Uh yeah, in the last uh few weeks I've been in Japan, uh Vietnam and India. So three uh Asian economies that all have uh a big nexus to Australia. I think one of the things that you're seeing for our Asian investors, they're taking some money off the table with regard to US uh assets and US investments. Uh many uh Asian um managers of money were frankly overindexed in US uh at the time of the Trump inauguration. And with what's happened over the last uh few months over the course of this year, they're looking at that and and Pulling money and looking at other places to put it. And what's interesting is that Australia is very high on the list uh as a destination to deploy some of that cash.
And that was particularly the case when I was in Japan talking to uh Japanese uh businesses and investors. They like Australia, they've got good um experience here. Uh And they're looking to deploy more capital. Um, obviously they continue to be attracted to minerals and resources, energy, uh, but I would say there there's also emerging uh and great interest in things like real assets, property. Uh and so we are seeing more Asian money coming to Australia and I think that's really good news.
Yeah, well it yeah, but I can see a lot of people's ears flapping and going, What more Asian money going into Australian property, it's gonna push prices even higher Which sort of relates to my next question was when we were you know, Asia's a big place where only of a certain size, however many opportunities we've got, it's gonna be limited by the you know, perhaps what the appetite is for this investment.
Yeah, but there's a I think there's all sorts of asset classes where Australia provides uh a good opportunity. You know, we've got a housing crisis. Uh so we actually need more dwellings, we need more construction, we need more uh shopping centres, we need more infrastructure. And I think uh Asian money can help play a part or in uh building Australia's infrastructure and and and housing. Yeah.
That well that makes a great deal of sense, doesn't it? If it's if it's investing in building, not just investing in what's already been built. I mean there's a big d big difference between the one one will help to keep prices uh down, the other one obviously is just gonna add to that spike that we've been seeing.
How is Asian investment activity influencing Australia’s economy?
No, look, Australia's got a really important role to play in in the world economy. We've also got lots of resources that the world needs to decarbonize. Uh, you know, minerals, uh uranium, lithium, uh copper, uh and so, you know, uh uh getting uh foreign capital uh to help uh add to domestic capital to bring those things out. It's all I think good news for our cost.
ESG if we use that generic term. I mean Australia seemed to be leading the way in many ways on that. Um it seems to be a bit of a risk now, doesn't it? Embracing it. I mean APA in its handbook, it said super funds need to be aware of the risk of not responding to ESG. But you know, we've got a a president, the supposed leader of the free world, who's calling uh climate change the the biggest hoax known to man.
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