The recent trend of government intervention in Australia is adding to volatility in the market and making it even more difficult for investors, according to a top investment manager.
Anton Tagliaferro, a rich-lister and investment director at Investors Mutual, told TICKY that Australians are being hit by both global policy intervention and local.
“It’s a difficult market. Not just because of volatility overseas in the US and high US interest rates, but also because in Australia, there’s a policy void,” he said.
“It’s a terrible thing for the country,” he said, when asked about the recent government intervention.
“It’s unfortunately made a huge mess out of the telecommunications industry,” he said.
“We’ve got this NBN being rolled out which is going to cost the tax payer 50 or 60 billion and will never make money,” he said.
“In the utilities space, we’ve got all the resources in the world here but we can’t use them because it’s being used as a political football in terms of the carbon emissions scheme.
“Now we’ve had the royal commission on the banks, which was warranted as we found out, but it’s put a dampener on the banks lending money.”
He said with the aged care sector royal commission coming up and talk of a supermarket commission, it’s hard to invest in any sector at the moment.