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Super funds have a role in property: Keating
Superannuation funds will have to move into bank space, and take a larger role in finance and development projects, former Prime Minister Paul Keating said.
Speaking to the big four banks at MaxCap Group's Developers and Dealers Forum, Keating talked about how super funds will evolve in the future, as its assets may overtake banks.
"Superannuation funds will have to do things in the spaces traditionally left to banks, such as property development, and we will see a shift in the balance in financing this industry," he said.
Keating made the suggestion after pointing out the need in Australia to step up housing supply to meet the demand.
He said the country needs a finance system to support developers in meeting demand.
"We cannot persist with this position we are in where our children cannot afford to house themselves," Keating said.
"And there can only be a supply response if there are financing arms in place to deal with it."
The banks are looking to future partnership deals with banks in the Asia-Pacific region as Chinese investors continue to flock to Australia.
They suggest Chinese banks may be another option once banks here reach their limit.
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