Superannuation funds can play a crucial role in improving the supply of affordable and social housing to address Australia’s housing affordability problem, according to Cbus.
Cbus said in a statement that current proposals to let first home buyers dip into their retirement savings for a house deposit is not the answer and should be ruled out immediately.
It added that the federal government should be taking immediate action by bringing forward plans to facilitate investment by super funds into the market.
Cbus chief executive David Atkin said the federal government needs to get the policy settings right to make those investments sustainable.
“If that’s done and there’s an appropriate risk and return profile, Cbus has the capacity to make meaningful investments in this space,” he said.
Mr Atkin welcomed reports that federal Treasurer Scott Morrison is seeking to harness large-scale private investment.
“We were encouraged by the Treasurer’s recent decision to establish an Affordable Housing Implementation taskforce that will consider the issues, but we are calling on the government to go a step further and make concrete commitments in the upcoming federal budget,” Mr Atkin said.
“Obviously, co-ordination across commonwealth and state and territory jurisdictions is essential to successfully address housing affordability.”
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