Story perspectives

Trump Orders Aussie Super Fund Study, Cruz Backs Retirement Plan

7/13/2026

Summary

Story summary

U.S. President Donald Trump ordered Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to study Australia’s $3.1 trillion, 12 % superannuation system after meeting BlackRock CEO Larry Fink on July 6.
He will present the proposal to Congress.
Senator Ted Cruz endorsed the plan on July 8 and announced legislation to give all workers a retirement-wealth option.
Retirement scholars warned that copying Australia’s sovereign-wealth-fund model would be complex and could trigger business backlash.

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Story summary

U.S. President Donald Trump ordered Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to study Australia’s $3.1 trillion, 12 % superannuation system after meeting BlackRock CEO Larry Fink on July 6.
He will present the proposal to Congress.
Senator Ted Cruz endorsed the plan on July 8 and announced legislation to give all workers a retirement-wealth option.
Retirement scholars warned that copying Australia’s sovereign-wealth-fund model would be complex and could trigger business backlash.