Mike Callaghan says superannuation funds must focus on delivering financial returns for members and not stray into risky nation-building projects.
and packaging multinational Visy, claiming victory for Labor in pushing bipartisan support for compulsory superannuation.
“We want to facilitate positive engagement with the new government,” he said. “From some of the reports today in the, the treasurer is very mindful of the incredible pool of capital and ways in which there can be constructive engagement with the funds’ institutional investors and an alignment of interests.”But shadow treasurer Angus Taylor said the role of superannuation was to maximise retirement outcomes, “not pursue pet projects”.
Grattan Institute economic policy director Brendan Coates said the Labor government must “tread very carefully” on using super for nation-building ambitions. Mr Coates said a barrier for super funds to invest in residential rental housing was state governments imposing progressive land taxes on the total value of their land holdings, instead of lower land taxes imposed on the individual value of each property for other investors.Advertisement
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