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https://theconversation.com/super-funds-should-use-their-substantial-holdings-for-public-good-194443>
"Last month Federal Treasurer Jim Chalmers unveiled the National Housing
Accord, intended to build a million new homes in Australia. Part of the plan is
to encourage superannuation funds to invest in social and affordable housing.
The proposal was met with criticism from some quarters, with critics arguing
Australia’s superannuation savings belongs to its members:
it is their money, not Labor’s play money.
These critics are forgetting it was not so long ago people’s taxes (which can
also be seen as “their” money) paid everyone’s pensions. And while in
consolidated revenue on their way to keeping us in comfort in our old age,
these taxes helped build extensive public and social infrastructure.
The transfer of retirement funding from the national government to
non-government super funds is just one example of the shift from public
provision of social goods towards individual accumulation that has defined
Australian politics for four decades. This shift, along with associated income
tax cuts, has contributed directly to the housing affordability crisis via the
emphasis on property as an investment.
Australia’s super funds now control $3.3 trillion – the fourth-largest pool of
retirement savings in the world.
Most of them invest in fossil fuels and some, directly or indirectly, in
armaments, exploited labour and old-growth logging. All of them invest
internationally where, if they are not doing actual harm, they are still not
doing any good for their members in Australia beyond delivering financial
returns."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
