I agree with you that the Australian super schemes could be told to include junk government bonds in the portfolio. The reason given will be that these bonds will provide "stability and security". This is what already happens in the dear old USA, even though some states and cities are manifestly bankrupt and have no chance of repaying the bonds. The best they can hope for is to keep the bonds rolling and not be called to pay out.
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Who do you think will be repaying the Government?, page-26
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