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Federal Treasurer Jim Chalmers has told the annual Superannuation Lending Roundtable that he believes that Australia’s $3.4 trillion superannuation sector should play a bigger role in building the nation. He said that with governments heavily laden with debt, energy and housing are two obvious areas that super funds should look to invest.
Former prime minister Paul Keating was also at the event, and called for super funds to look at ways of facilitating access to housing.
From The AFR:
“We see trillions of dollars in workers’ capital, we see government budgets heaving with debt, and there are obvious needs for investment, particularly in areas like housing and energy,” Dr Chalmers told the annual Superannuation Lending Roundtable…
Dr Chalmers pointed to a lack of spending in the aged care sector and said he would “contemplate what, if any, further role for super there is in that”…
“This is a society that can’t house its own children,” Mr Keating said. “If super funds just think they can go buy tech stocks in America and highways in Italy, they’re going to run into trouble. Without being heavy-handed, there is a requirement of the funds to look at social opportunities.”
https://www.macrobusiness.com.au/2022/08/superannuation-is-not-play-money-for-the-labor-party/
Robert Barwick is the Research Director – Australian Citizens Party.
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