Australia’s largest pension fund sees the global economy struggling for about two more years as businesses and households adjust to tighter monetary and fiscal policies. Investors have been conditioned to think that market pullbacks are a short-term phenomenon but the current crisis is different, according to Mark Delaney, chief investment officer of the A$260bn ($175bn) pension giant AustralianSuper Pty. “It takes 12 months to two years for tighter monetary policy to impact on the economy – and monetary policy is just getting tight now,” Delaney said in an interview with Bloomberg in London. “That would tell you that the downturn is coming in 18 months’ time.” AustralianSuper this month
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