Australia increasing investment into the United States by almost US$1 trillion (AU$1.54t) via the superannuation sector has sparked claims the nation is “going back to the past”, as a vow by Labor raises eyebrows.

Prime Minister Anthony Albanese and US President Donald Trump on Tuesday revealed a $13b rare earth minerals deal.

A White House fact sheet about the agreement also mentions Australia’s investment into US defense and says there will be a massive uptick in local superannuation funds investing in America.

“Australia’s superannuation funds will increase investments in the United States to US$1.44 trillion (AU$2.22t) by 2035 — an increase of almost $1 trillion from current levels,” the fact sheet reads.

The investment will “create tens of thousands of new, high-paying jobs for Am

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