Australia, Canada Pensions Sign First Deal to Boost Investment

More than a dozen Canadian and Australian pension giants have signed a first-of-its-kind agreement to ramp up investment between the countries, home to two of the world’s largest retirement systems.

The initiative was announced in Sydney on Wednesday during Canadian Prime Minister Mark Carney’s visit to Australia. Under a memorandum of understanding — the first between the two systems — funds will cooperate to channel more pension capital into opportunities in both markets, according to a statement from eight of Australia’s largest pension funds.