Australia’s $3.4 trillion pool of super savings is the envy of the world and more of it needs to be invested right here at home to build the economy of the future.

Federal Member for Blair Shayne Neumann said a Labor Government will take the lead in supercharging our super system to invest in a better future for all Australians.

“Labor is committed to building back better from the once-in-a-century pandemic we’ve experienced,” Mr Neumann said.

“This presents a once-in-a-century opportunity to renew and refresh our economy for the challenges ahead.

“Australia’s world-leading $3.4tr super system can provide the capital to create a foundation of new projects that will serve our economy for decades into the future.”

A Labor Government will establish an all-of-government framework for facilitating partnerships between super funds and projects of national importance.

Labor’s Supercharging Superannuation framework will:

• Support the development of innovative funding mechanisms for large-scale infrastructure projects to encourage greater investment by superannuation funds
• Develop co-investment opportunities with state and local governments for super funds to back regional infrastructure projects
• Develop opportunities for super funds to invest in affordable housing
• Facilitate super funds to back innovative Australian ideas with seed investment and bring promising research to market
• Facilitate super funds to invest in leading-edge farm and manufacturing technologies to keep our agricultural and value-added manufacturing sectors at the global forefront of efficiency

Mr Neumann said these projects will provide the reliable long-term returns our super funds need to deliver members’ strong performance and a dignified retirement.

“At the same time, these projects could provide the much-needed infrastructure in places such as Ipswich and the Somerset Region, particularly as this region is the fastest growing area in Queensland.

“They will create jobs, invest in manufacturing and innovation and provide much needed funds to the State and local Councils to better prepare for the future.

“Super is one of the great Labor legacies and we believe that a strong super system will play an important role in the economy.

“It doesn’t matter which leader the Coalition had, they all sought to undermine super by cutting contributions and using it as a cure-all for its political problems.

“The Liberals have demonstrated time and time again they are incapable of working constructively with the super industry.

“Only Labor can be trusted to use this precious national resource of capital for the national good.”