Palmer pushes govt for investment mandates in super
The Palmer United Party has proposed the government either introduce legislation which forces a portion of superannuation to be invested solely in Australian assets, or remove the tax benefits for investment in overseas assets.
In a statement issued to SMSF Adviser, the Palmer United Party said that Australia holds one of the highest amounts of superannuation funds of any country, currently at $2 trillion.
“This is forecast to exceed $6 trillion over the next 20 years. There is a significant pool of funds that can be used to boost investment and create jobs,” said a Palmer United spokesperson.
The Palmer United Party stated that their position is that a portion of the superannuation collected in Australia “should be spent in Australia to create jobs”.
“This could be achieved through being mandated in the legislation,” said the political party.
“[Alternatively] people can be incentivised to invest in Australian assets by not offering a tax benefit to any money that is invested from superannuation in overseas assets/interests.”
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.