Consumers and businesses will continue to struggle as global policy makers battle to get inflation under control, the head of Australia’s largest pension fund told a media forum.

“Our view is that there are some pretty tough times ahead,” Paul Schroder, chief executive officer of the A$260 billion ($182 billion) AustralianSuper Pty, said on Tuesday.

“We think we are in a continually tight environment. The question now is what is the rate of that tightening and is there a pivot around the corner,” Schroder told a Reuters event. “Inflation is the main, and could be the only, game and the policy settings that respond to it.”

AustralianSuper, which has 2.7 million members, last month posted its first annual loss since the global financial crisis as rising inflation, geopolitical tensions and fears of an economic slowdown roiled markets.

Despite the tough environment, the business has ambitious expansion plans, according to Schroder, who has been CEO for almost a year.

He aims to grow AustralianSuper to A$1 trillion within a decade. The pensions specialist is ramping up hiring internationally as it seeks more investment opportunities globally. “We’re too big for Australia,” he said.

“We have absolutely nailed ourselves to the mast of scale because size and scale and skill bring benefits for members,” Schroder said. The business has completed several mergers, including last year’s agreement with Australian industry pension fund LUCRF Super, but has also turned down some merger offers with other super funds, Schroder said.

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