Tonight’s Federal Budget addresses the pressing challenges of housing affordability and the stock of social housing, said the Association of Superannuation Funds of Australia (ASFA).
The measures announced bring together the necessary stakeholders across federal, state, financial institutions and superannuation, to address the obstacles to supply side accommodation.
The commitment solidifies the involvement of superannuation funds, banks and institutional investors to play a role in addressing Australia’s social and affordable housing challenges.
"Funds have been active participants in investing in affordable and essential worker housing as well as participating in community-based impact investment opportunities in the social housing space," said ASFA CEO, Dr Martin Fahy.
“ASFA has long advocated for policy settings that will allow funds to deploy capital to drive innovation and productivity including through housing, energy transition and digital infrastructure, while delivering in the best financial interest of members.
“Tonight’s announcement will give superannuation trustees greater certainty with respect to the inclusion of these types of investments in their strategic asset allocations.
“Australian superannuation fund trustees will continue to assess individual investment opportunities on their merits and in the best interests of their members’ long-term retirement outcomes.”
ASFA notes the previously announced measure to allow more people to make downsizer contributions to their superannuation by reducing the minimum eligibility age from 60 to 55 years of age.
ASFA supports the Government’s decision to extend the paid parental leave scheme from 18 to 26 weeks over the next four years as a step towards addressing workforce participation and the gender superannuation gap.
For further information, please contact:
ASFA Media team, 0451 949 300.
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system, so all Australians can enjoy a comfortable and dignified retirement.
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