Stop gambling superannuation balances and build national infrastructure: Katter

Feb 25, 2023

Stop gambling superannuation balances and build national infrastructure: Katter

Feb 25, 2023

SUPERANNUATION should be invested in government-guaranteed endeavours to ensure security of retirement funds for Australians, while also contributing towards nation-building projects, Kennedy MP Bob Katter says.

The North Queensland MP said he supported the Federal Government’s proposed changes to super which included restricting withdrawals or “early access” to ensure balances remained for retirement.

“I strongly back the Government’s initiative here otherwise there is going to be no money for people when they retire,” Mr Katter said.

Mr Katter said he wanted to see the majority of superannuation contributions go into government guaranteed securities, “where people know it will be there when they retire.”

“When it was first introduced, 60 per cent of all superannuation went into government securities.

“So your rail lines into the mines were built with that superannuation money, the power lines – all government guaranteed.

“The last time I checked, 52 per cent of your money was going into the stock market. Which is simply speculation. To quote the great economist John Maynard Keynes, ‘the stock market is a roulette wheel’. Well I’d call it a Ponzi scheme.”

Mr Katter instead suggested superannuation money could be invested in shovel-ready projects which would boost both North Queensland and the country’s economies. These included the CopperString Townsville to Mount Isa transmission line which would power mines producing minerals “of the future,” and the Revised Bradfield Scheme which would create new agriculture industries and help provide food security.

“We should also be investing in facilities that turn urban waste into fuel through the process of pyrolysis, and investing in grain and sugar mills which would produce ethanol. We can switch from fossil fuels to renewables, and with these alternative forms of fuel, we’ll be filling up at the petrol station for $1.29, the same as they do in Brazil.”