From New York to Australia: A Global Perspective on Investment

As Citi marks 100 years in Australia, we are also looking ahead to the opportunities that will shape Australia's next chapter of growth and investment.

Australia is increasingly attracting global attention as a stable, innovative and resilient economy. From the rise of artificial intelligence, to the growing influence of our financial services sector and superannuation system,¹ the nation is well placed to play an increasingly important role in the global economy. Yet realising these opportunities requires thoughtful discussion between business leaders, investors, policymakers and global capital.

That is the purpose of the Citi A50 Australian Economic Forum. Established by Citi and in partnership with the Australian Government, A50 brings together leaders from government, industry and finance to explore the trends, challenges and opportunities shaping Australia's economic future. 

Few people are better placed to discuss these issues than Heather Ridout AO. As Australian Consul-General in New York, Heather has spent the past several years helping strengthen economic ties between Australia and the United States while championing Australia's interests on the global stage. With her term concluding in February 2027, she brings a valuable perspective on how Australia's reputation has evolved internationally and the opportunities that lie ahead.

I recently sat down with Heather to discuss Australia's investment outlook, the importance of forums such as Citi A50, and her reflections on Australia's place in an increasingly interconnected world.

Citi's A50 forum was established to bring together leading investors, policymakers and business leaders to discuss Australia's future economic opportunities. Why do forums like this, and the conversations they facilitate, matter in today's global environment?

Forums like the A50 matter hugely. Investors from around the world are here because they see the opportunity Australia presents. We have a resilient economy, trusted institutions and strong growth opportunities in our traditional areas of strength like energy, resources, infrastructure and health, but also in new frontier sectors like AI, quantum, defence and biotech. 

But attracting capital is not simply about telling our story. It is also about listening. Forums like the A50 create an opportunity for investors, business leaders and policy makers to engage directly and better understand Australia's investment environment and our policy settings that make us a stable and predictable destination for capital. 

In the current global environment, those conversations build confidence and help ensure we remain a destination where investment can grow and thrive.

Which emerging trends or opportunities do you believe Australia is particularly well positioned to capture over the next decade?

There are opportunities right across the economy, but I think three opportunities stand out.

AI infrastructure is an obvious one. We have the land, the renewable energy resources, and the connectivity that digital infrastructure investors are looking for. And we’ve got deep, trusted relationships with international partners looking for certainty and scale. That’s why we’ve become such a sought-after destination for data centre and other AI infrastructure investment.

Then there’s quantum. Australia is extremely well positioned to be a global leader in quantum technologies, which will be huge. We’re building on decades of world-class research and breakthroughs that pioneered the field. With the right investment and support, we can translate scientific excellence into commercial applications across computing, communications, defence, biotech and materials science.

Finally, Australia's space industry presents another significant opportunity for growth. The global space economy is expected to reach something like US$18 trillion by 2035. We’ve got incredible natural advantages in geography: we’re in the southern hemisphere, which is important for tracking; we’re sparsely populated which helps with launches; and we have regulatory alignment with the US, the most important space economy. We also have companies developing world-class capabilities in rockets, satellites, robotics and advanced manufacturing. 

Australia and the United States share one of the deepest economic partnerships in the world. Where do you see the greatest opportunities for that relationship to grow over the next decade?

I see four big opportunities: superannuation, energy, critical minerals and defence.

Our Superannuation system is a global success story. We have a deep pool of patient, trusted capital that is increasingly being deployed in the United States. The savings of everyday Australians are supporting economic growth in America and also delivering diversification benefits and returns to Australian retirees. These Australian investments reinforce our long-standing partnership built on shared prosperity, creating lasting benefits for both countries. 

We are also undergoing one of the fastest energy transformations in the world. In just six years, Australia has doubled the share of renewable energy in our electricity system, with households leading the way. One in three Australian homes now has rooftop solar, and more than half a million batteries have been installed across the country. That's helping Australians access cheaper, cleaner energy while putting downward pressure on prices. And with some of the world's best renewable energy resources, we are an attractive destination for US investment and business.

Australia is also home to some of the world’s most important critical minerals, many of which are essential to the defence, technology and clean energy industries of the future. Few countries can match our mining expertise, resources, or reliability. As the US seeks to strengthen critical supply chains, we are uniquely positioned to be a trusted, reliable long-term partner. 

And finally, in defence, through AUKUS, we are building not just submarines but also a deeper partnership in advanced technologies such as AI, quantum and cyber. Real success will require private capital alongside government investment, creating new opportunities for businesses and innovators in both countries. These investments will help strengthen our collective security while also creating high-value jobs, supporting research partnerships and driving economic growth across all three countries.

Together, these opportunities, show we are not just a destination for investment. We bring capital, resources and expertise to the United States and there is a lot more that we can do together.

As someone who has spent years helping strengthen Australia's economic relationships abroad, what conversations do you hope leaders leave the Citi A50 forum continuing after the event concludes?

I want leaders to leave this forum energised by Australia's potential and thinking about the opportunities we can realise together. From clean energy and critical minerals to biotechnology and advanced manufacturing and defence, Australia has enormous opportunities ahead. This forum is where those conversations happen and where new partnerships can take shape.

As you approach the conclusion of your term in New York, what are the achievements or moments you are most proud of?

I am proud of how much we have broadened and deepened the Australia-US relationship. Our superannuation funds have been a big part of that. They’re one of the world’s great pools of long-term capital, and they help enhance Australia’s influence in the United States.

But a lot of this role has also been about bringing people together beyond business.

One of the highlights was hosting Australia at the Met, bringing 400 prominent Australians and friends of Australia together in New York to celebrate First Nations art having a permanent home in one of the world’s most prestigious cultural institutions, an extraordinary moment.

Another highlight was lighting up the Empire State Building with Kylie Minogue to celebrate Australians in New York as 300 Australians packed a bar in midtown Manhattan.

Ultimately, what I am most proud of is helping strengthen connections between people, businesses and institutions, and showcasing Australia as a contemporary, innovative and ambitious nation.

¹ Australia’s pension system is the 4th largest in the world with A$4.8T, US$3.36T