Retirement
$28bn economic boost earmarked by super funds
Industry super funds are set to invest in Australian business, equities, property and infrastructure in a bid to support the economy, drive growth and enable job creation.
$28bn economic boost earmarked by super funds
Industry super funds are set to invest in Australian business, equities, property and infrastructure in a bid to support the economy, drive growth and enable job creation.
A statement from Industry Super Australia (ISA) has outlined how industry super funds are collectively set to invest tens of billions of dollars in Australia’s economic recovery post-COVID-19.
Owning $80 billion in Australian infrastructure, property and other assets, ISA reported how more than $28 billion has been earmarked for super funds “to expand their infrastructure and property holdings and to invest in Australian business, driving further job growths”.
The announcement comes alongside the milestone of more than $10 billion in payments being provided to members through the government’s early access to superannuation scheme.
The money will reportedly fund solar farms at Darwin Airport, other airport terminal expansions and rail upgrades, as well as the building of shopping centres, commercial premises and residential developments.
According to the ISA, not only do such infrastructure holdings generate jobs, but it means that workers, through their super funds, get profits from the roads, buildings, airports and seaports they built and use daily.
It also alluded to such infrastructure commitments being “just the start”, highlighting how at the end of the GFC, the superannuation funds provided a significant portion of the $120 billion of capital that was raised by local businesses back then.
“Since the COVID-19 downturn, industry super funds have poured hundreds of millions into the balance sheets of good Australian business,” the ISA stated.
According to ISA chair Greg Combet, industry super funds “have been helping members through the tough times and we stand ready to help get them safely back to work and the economy growing again”.
“We’ve got significant funds available and plans to provide capital to solid Australian businesses and bring forward large investments in major projects and essential infrastructure that will create new jobs and sustain many more,” he commented.
At present, industry super funds collectively own 10 per cent of the ASX – inclusive of debt markets, infrastructure, property and the wider financial system.
Mr Combet added that the ISA is “determined to play a key role in helping Australia’s economic rebuild, because that gets some members working again and delivers long-term returns for all”.
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