ASX flags super infrastructure issues
The Australian Stock Exchange (ASX) has indicated it will release a key paper on infrastructure investment next month after superannuation funds were called on to bolster their exposure to the sector.
The Australian Council for Infrastructure Development (AUSCID) warns that current levels of infrastructure investment does not meet the demands of a modern economy, and argues for super funds to increase their exposure to such assets.
AUSCID chairman Dennis O’Neal, addressing the Australian Super Investment Conference on the Sunshine Coast yesterday, said Australia is living with 40 to 60 year old infrastructure assets.
This was followed by ASX chairman Richard Humphrey using his address to urge a private sector approach, while other speakers suggested that major superannuation funds were well placed to drive infrastructure investment into the future.
Humphrey said the ASX paper, to be released after the Federal Election, would seek to suggest the best way to invest in infrastructure in Australia.
“The ASX has a big role to play,” Humphrey said.
Meanwhile, O'Neal said the government has become too focussed on paying down debt and maintaining triple A credit ratings at a time when it should be thinking about accelerating investment in infrastructure.
He said a delay in such investment will carry with it a considerable economic cost.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
