Industry superannuation funds are helping create more than 200,000 estimated new jobs by investing billions of dollars to build a future for Australia.
As the nation’s economy reels from the impacts of COVID-19, there have been calls for the federal government to focus on nation building to stimulate growth.
It’s estimated Australia will suffer a shortfall of $226 billion in public infrastructure by 2040 unless significant money is spent.
Industry superannuation funds and their asset managers have stepped up to the plate to help plug the gaping infrastructure hole.
The sector has earmarked a staggering $19.5 billion to invest in Australian public infrastructure projects over the next three years, equating to about 9 per cent of the nation’s funding gap.
The projects would create more than 200,000 jobs during the construction phase, supporting the livelihoods of thousands of families.
Such investments stimulate the economy and create jobs while maximising the retirement savings of more than five million industry super members.
But the economic benefits also save taxpayers almost $3 billion a year in higher tax receipts (1) and lower interest repayments alone.
Construction has been one of the hardest-hit sectors during the coronavirus pandemic as restrictions stalled new housing, development and projects.
This much-needed spending comes on top of the industry superannuation sector’s investments over the past financial year (2018-19) which already generated at least 111,257 jobs. (2)
In the uncertainty of COVID, the sector’s commitment to growth is just another way industry superannuation funds are investing in Australia and looking after Australians.
Such forward-thinking planning shows why industry super members continue to benefit from good returns and increasing retirement balances.
Industry SuperFunds are investing in projects that strengthen our economy and your retirement savings. Find out more.
Pretty soon, the amount of super paid on top of our wages will go up, all the way to 12 per cent by 2025. Guaranteed.
This means Industry SuperFunds can continue to invest in projects that strengthen our economy and your retirement savings.
What difference will that make for you in retirement?
See www.industrysuper.com/assumptions for more details about modelling calculations and assumptions. Consider a fund’s Product Disclosure Statement (PDS) and your personal financial situation, needs or objectives, which are not accounted for in this information, before making an investment decision.
Source: Super in the Economy 2020 (1) Page 2, (2) Page 46