The commencement of infrastructure projects is vital for Australia, yet we are hampered by debt and the lack of capital for long-term investments.
One way of providing such capital is by directing superannuation funds into infrastructure projects that are of long-term national interest.
Employers are required by law to contribute 9 per cent (in some cases more) of each worker’s salary to a fund – in other words a tax levied for the express purpose of self-funding retirement benefits.
These funds choose to invest the proceeds wherever, and however, they want. Much of the proceeds are invested overseas, where the risk can be much more difficult to assess and which generates no home-grown advantages.
There is no obligation to invest even part of their funds, or at least to give preference to investing part of their funds, in infrastructure projects that directly benefit the Australian economy and employment.
Further, of the many billions of dollars held by superannuation funds, very little is re-invested back into the regions.
Surely it is perfectly reasonable for people living in rural and regional Australia to desire to ensure, that the superannuation that each person contributes to, should be equitably re-invested into that part of the country that they are living and employed in?
The Democratic Labour Party believes that this is an area that merits significant consideration, and will support ways that encourage funds to invest in Australian infrastructure projects, and in regional and rural Australia.
To view the DLP’s full superannuation policy, click here.