The Association of Superannuation Funds of Australia (ASFA) said the passage of the Housing Australia Future Fund legislation through the Parliament today was an important step towards increasing the supply of much needed social and affordable housing.
ASFA notes the Government will introduce several measures to increase the supply of social and affordable housing across the country, including increasing the Government-guaranteed liability cap of housing bonds.
"Superannuation funds are investing in bond issuances used to fund affordable housing and an increase in the level of bonds on issue will encourage further investment," said ASFA Deputy CEO Glen McCrea.
ASFA also welcomed a report last week by the National Housing Supply and Affordability Council on the barriers to institutional investment in housing, following consultation with stakeholders including ASFA.
The report highlights several of the key barriers to increased investment in housing by superannuation funds and explores policy options to address these and develop a market for institutional housing more commonly seen in overseas jurisdictions.
"Almost twelve months ago to the day, ASFA held a roundtable with government to begin a dialogue on these important issues. We are encouraged by the progress that is being made and we look forward to continuing to work with government to create pathways for investment in superannuation fund members’ best financial interests," concluded Mr McCrea.
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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