By Jamie Salter
Investment in housing using Australian super funds could be a solution to the current housing crisis, according to activist Tony Fitzgerald.
Superannuation assets totalled $3.4 trillion at the end of the March 2022 quarter.
Over the 12 months from March 2021, there was a 9.7 per cent increase in total superannuation assets.
Mr Fitzgerald said there was a need for ethical investment by super funds into affordable and social housing.
“What is really required is massive investment in housing by superannuation funds and other private investors,“ he said.
The Labor Government’s $10 billion Housing Australia Future Fund plans to build 30,000 social and affordable houses over five years but Mr Fitzgerald said it wouldn’t be enough.
“There is very little to no speculative housing investment in Australia and this is one of the main reasons why housing is so incredibly expensive,“ he said.
“There’s massive demand for housing and no supply, unless you can afford to be in the market.“
Swinburne’s Centre for Urban Transitions professor of housing studies Terry Burke said the housing affordability crisis has spread from the inner city to the outer suburbs.
He said Labor’s housing fund was a welcome effort from the Commonwealth after a decade of little action.
“The challenge there is providing more housing at a level that is affordable to lower income households,“ Mr Burke said.
“The super funds solution is a good idea but it’s dependant of whether they’re willing to accept a lower rate of return rather than maximising profit.“
“One of the issues is around local government not having an affordable housing strategies in place, which could be an important step towards more affordable housing.“
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Tony Fitzgerald is a resident of Garfield North. He was a finalist in the 2015 Australian Human Rights Award for his work in disability services and social justice. During his time as Outlook chief executive officer, he was elected chair of National Disability Services (NDS) for six years. NDS is the peak body responsible for launching the campaign for a National Disability Insurance Scheme. Mr Fitzgerald also sat on the national board. He is the current president of the Bunyip Complex Fires Community Recovery Committee who have achieved considerable outcomes for the fire affected community. The CRC has lobbied and advocated for more than $5 million in funding, contributing towards direct cash payments to residents who lost property, roadside clean up, the Garfield North Community Hall, the Cultural Burn Project for fire mitigation and Federal Government disaster payments for residents.
