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Super for infrastructure
The Labor party plan announced today to potentially realise Australia's national super savings to drive the country's infrastructure investment will build confidence in the investor community, Industry Super Australia (ISA) believes.
The body said for decades industry funds had prioritised deep investment in long-term infrastructure projects as a way of increasing productivity.
ISA chief executive, David Whiteley, said industry funds are uniquely placed to help governments close the infrastructure financing gap of $800 billion, with $32 billion already invested in infrastructure.
Whiteley noted it was likely there would be at least $8 billion in new investment over the next five years.
He said Australia's super savings set to reach $8 trillion in the next 20 years should be deployed as a unique and important source of capital that can be invested for the mutual benefit of members and the economy.
"A number of barriers to long term capital investment such as an unreliable pipeline of projects, long procurement time frames and high bid costs need to be overcome. Industry super funds have already developed a low-cost delivery model to help governments meet these challenges," Whiteley said.
"Putting the focus on nation building policies will also build confidence in the investor community and begin to reverse the current trend of unproductive short-term investment that is dogging our economy with low growth."
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