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Palmer pushes govt for investment mandates in super

Palmer pushes govt for investment mandates in super

Miranda Brownlee
25 January 2016

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.”

Palmer pushes govt for investment mandates in super
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