Ken O'Dowd (Flynn, National Party) Share this | Link to this | Hansard source

Today I would like to talk about a new idea for a superannuation fund to help regions: get super funds to invest a percentage of the funds they take out of the regions and return it to the regional and remote areas of Australia. This would boost the local economy, boost jobs in local communities, build better infrastructure and, furthermore, breathe life back into rural Australia.

Based on figures over the last 10 years, Flynn, my electorate, has pumped $2 billion into superannuation funds. This money ends up in all sorts of places. Probably 35 per cent goes overseas and is invested in other countries' infrastructure. Only $600,000 is returned to the regions. If only 10 per cent of super was invested back into rural areas, they would be much better places. Flynn would benefit by $60 million over three years and increase by $6 million each year. It is estimated it would create 670 jobs. There is a lot of money going out of the regions but very little coming back in. This has got to stop.