Industry super funds get boost from infrastructure investment

22 November 2019

Long-term stewards of infrastructure assets will inject $25 billion in capital expenditure investment into Australian infrastructure assets which will help build the value of these investments for industry superannuation fund members, according to IFM Investors.

The expenditure is expected to generate more than 50,000 new jobs over the next decade and assets include electricity distributor, Ausgrid, and international airports for Brisbane, Melbourne, Darwin, and Adelaide, as well as major seaports such as the Port of Brisbane, Port Botany, and Port Kembla.

IFM Investors chief executive, Brett Himbury, said the investment would drive strong and stable returns for industry super fund members.

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“This ongoing capital expenditure is a result of the alignment between the long-term time horizon of superannuation money and major critical Australian infrastructure. The responsible stewardship of these assets by industry super funds and their partners protects and grows the retirement savings of members,” he said.

“These investments are an investment in the future value of these assets and will increase the productive capacity of the entire country.”

The investment will average over $2 billion per annum over the next decade, and will exceed $2.6 billion in 2020, 2021, and 2028.

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50,000 new jobs which will only available to fully paid up union members. This is part of the longer term aim of union involvement in superannuation. To reinstate declining union membership by stealth. We have already seen it with CBus's direct investment to create CFMEU controlled building projects and this announcement is an extension of that approach.

BTW job creation is not actually a purpose of superannuation under the SIS Act. It would seem that most other union funds are now joining CBus in breaching the sole purpose test as a result of this. But we all know union funds are above the law.

Politically, a good strategic move by the ISN. No Dealer Group Heads or Staff could ever claim to have built infrastructure they just ran loss making Offices hoovering up cash into the Platforms for the Bank. I have no love for the Industry Funds but you gotta hand it to them for out maneuvering the competition - so far. I wonder though if now Silky will get done for not moving the small balance accounts to MySuper (today's AFR). Over confidence is dangerous lefties.

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