Upfront I am sceptical of the claimed benefits of the Voice. The costs are yet to be disclosed. For me this comes down to a trust me exercise by the Albanese government, one I have no reason to trust.

That being said the industry funds, being in an unhealthy co-dependent relationship with the ALP, promoting a Labor policy is no surprise. Why they or any fund managers think they are better placed than other voters to make a call on support is puzzling to me. Wesfarmers has done itself no favours by using shareholders' funds to promote the Yes vote. I would have no issue with well-paid company directors and executives using their own funds and expressing their own opinions but in an age when company donations to political parties are being downsized or proscribed I can see no justification for large donations to promote a position that probably the majority of their shareholders oppose. Particularly when the arguments in favour are so flabby. And woolly on top of that.

I struggle to see the upside in taking a position here. Why antagonise the strong believers in either camp? Stick to making your clients money. Industry fund managers may face less of a backlash with their members paying less attention to their doings than people actively managing their investments perhaps.