Super Funds Can Be "Win-Win" Solution to Housing Crisis, Says Ex-Treasurer Swan

Former Australian treasurer Wayne Swan has called on the nation's superannuation funds to play a "substantial role" in tackling the housing affordability crisis by investing in the construction of 40,000 homes.

Speaking at the Community Housing Industry Association (CHIA) summit, Swan, who now chairs super fund Cbus, argued that social and affordable housing could be a part of a "win-win" investment strategy for super funds and their members.

"It's absolutely critical for enabling greater social and economic participation, driving increased productivity, and creating a fairer society," Swan said. "It's about fulfilling the full potential of our superannuation system and contributing to a stronger economy overall."

He emphasized that super funds wouldn't engage in such investments unless they offered a "commercial return" for members.

Swan stressed the importance of addressing the housing shortage, stating, "Without the right mix of housing stock, Australia can't continue to be a productive and cohesive society. We need to do better on housing policy and reassess our priorities."

His comments come amidst news of four major industry super funds and IFM Investors joining forces to invest in community housing, indicating a potential shift in the industry's approach.