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Govt says trustees not over-investing in property

Govt says trustees not over-investing in property

Assistant Treasurer Arthur Sinodinos has said he does not believe SMSFs are investing “too much” into property.

 

Speaking at the ANZ Central Bank and Sovereign Wealth Fund Conference in Sydney last month, Senator Sinodinos addressed ongoing public speculation concerning SMSFs and property investment.

“Our superannuation pool now is about $1.6 trillion, one third of that is held through self-managed super funds, with one, two, three, or four people acting as trustees for their own superannuation fund,” Senator Sinodinos said.

“Now that is leading to some interesting things lately around whether they are investing too much in property or not. I do not think they are.”

This statement follows Senator Sinodinos announcing that the government is not looking to conduct a specific review of limited recourse borrowing.

“There is the financial [sector] inquiry, which is looking at the overall architecture of the financial system and as part of that it will also look at the role of the superannuation sector, the savings pool… of which SMSFs are about a third,” he said at the SMSF Professionals’ Association of Australia national conference last month.

Govt says trustees not over-investing in property
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