Industry SuperFunds will invest tens of billions in Australia’s economic recovery with the aim to create or support many thousands of jobs in the years ahead.
Not only has the superannuation sector paid out about $10 billion to members who need to access their super now, they plan to invest tens of billions more in Australian business, equities, property and infrastructure, investments that support the economy and drive growth and job creation.
Collectively Industry SuperFunds own $80 billion in Australian infrastructure, property, and other assets. One year’s capital expenditure on infrastructure created or supported 46,000 jobs.
Industry Funds have more than $28 billion earmarked to expand their infrastructure and property holdings and to invest in Australian business, driving further jobs growth. This money will fund solar farms at Darwin airport, other airport terminal expansions, rail upgrades, build shopping centres and commercial and residential developments.
With the confidence of stable superannuation policy settings and partnerships with state and federal governments these infrastructure commitments could be just the start.
Not only do these infrastructure holdings generate jobs – but means that workers, through their super funds, get the profits from the roads, buildings, airports and seaports they built and use daily.
Since the Covid-19 downturn Industry SuperFunds have poured hundreds of millions into the balance sheets of good Australian business, this helps them to rebuild and to expand operations.
Funds have participated in the capital raising for NAB, Reece Plumbing and Ramsay Healthcare.
And there could be billions more to come, at the end of the Global Financial Crisis the superannuation funds provided a significant portion of the $120 billion in capital raised by local businesses.
Industry Super Australia Chair Greg Combet said our 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.”
“We’re 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,” said Mr Combet.
Industry SuperFunds remain committed to supporting technology start-ups, SME businesses, social housing and aged care, as well as providing finance to the major banks.
Industry super funds hold a major stake in Australia’s economic life through investments in Australian listed companies – collective owning 10 per cent of the ASX – debt markets, infrastructure, property and the wider financial system.
The super system needs a strong Australian economy to deliver for members, and the economy needs a strong super system to support its recovery.