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.”