Bill Shorten wants to talk about super, but he prefers to discuss how it could be better invested to help our economy and not how “very wealthy individuals” can simply make more money.
Speaking at Parliament House at the Industry Super Australia conference on Monday night, Mr Shorten said he wants a national debate about how Australia’s $2. 1 trillion combined superannuation funds can be better invested in the country’s high-end infrastructure needs and how best to prepare for the influx of 5 million over 65s expected in the coming years.
“The conversation we ought to be having is how we clear away the blockages and impediments that prevent superannuation funds from investing in high-quality, productivity-boosting, nation-building infrastructure that creates good jobs,” he said.
Mr Shorten wants elected officials to take a visionary approach to super investment.
“Let’s extend ourselves a little bit,” he said. “Let’s look beyond the next election and focus on the next generation.”
“Not just investment in infrastructure but greater investment in private equity, to help build the companies and jobs of tomorrow,” he said. “And greater investment in affordable housing and other ‘impact investing’ – providing good returns for members and contributing to a more just society.
“The conversation we ought to be having about super is how we address the massive gender gap in retirement savings.
“If we stay true to that promise, if we keep faith with that ideal, then we’ll be much better placed for the challenges that lie ahead.”
Concluding his speech, Mr Shorten defended industry super funds, claiming that all Australian cities and towns benefit from industry fund investment and that the Government needs to treat them with the same respect as other financial institutions.
Read more at The New Daily.
How would you feel about your superannuation being invested in Australian infrastructure? Are you happy with how your super is invested? Is this based on financial or ethical factors?