Cbus Super puts $500 million on the table to support National Housing Accord
Cbus Super, Australia’s leading blue collar superannuation fund, will commit up to half a billion dollars over five years to support the construction of new social and affordable homes through the Housing Australia Future Fund (HAFF) as part of the National Housing Accord.
Cbus Super CEO, Justin Arter said the fund is a pioneer in the financing of non-market housing and the commitment to the National Housing Accord was an extension of the fund’s leadership in the sector, “We have worked with the National Housing Finance and Investment Corporation (NHFIC) since 2018 to help develop financing models that deliver for Cbus member returns and also deliver affordable financing for Community Housing Providers (CHPs).
“NHFIC’s work has been an incredible success and we are determined to help supercharge the financing of new social and affordable housing across the country.
“Of course, Cbus Super’s commitment is subject to the finalisation of commercial terms for the HAFF, but we are confident of reaching terms that will be in the best financial interest of Cbus Super members while unleashing billions in new funding for community housing projects.”
Fund Chair Wayne Swan said Cbus Super’s commitment to the National Housing Accord aligned closely with the fund’s deep connection to the construction industry, “Our commitment to the housing sector is part of our fund’s DNA.
“Cbus Super is a seasoned and long-term investor in the property sector, and we have supported developments right along the housing continuum.
“We believe that investing through the HAFF will meet the best financial interests of our members, particularly those members requiring a steady stream of income during retirement or as part of a more conservative accumulation product.”
Cbus Super Deputy Chief Investment Officer, Brett Chatfield said Cbus Super would continue to engage closely with government and NHFIC to ensure the success of Housing Australia Future Fund, “The introduction of the NHFIC Bond Aggregator four years ago was a significant innovation in affordable housing finance in Australia.
“This new fund, if we can get the settings right, will be an even greater leap forward for the provision of social and affordable housing.
“The early work of NHFIC has shown that we can align financial returns for our members with an affordable financing stream for CHPs. We are excited to see that work built upon and supercharged.”
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This information is about Cbus Super and doesn’t take into account your specific needs. You should look at your own financial position, objectives and requirements before making any financial decisions. Refer to Cbus Product Disclosure Statement, Target Market Determination and Financial Services Guide for more information.
Cbus Super is the leading Industry Super Fund representing those that help shape Australia. As one of Australia’s largest super funds, we provide superannuation and income stream accounts to more than 850,000 members and we manage more than $70 billion of our members’ money (as at 30 June 2022). Our members include workers and retirees, their families and employers. As of April 2022, Media Super is now a division of Cbus, offering Media Super products. For more than 30 years Media Super has been the industry super fund for Print, Media, Entertainment and Arts, and broader creative industries.
Issued 28 November 2022, United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for the Construction and Building Unions Superannuation Fund ABN 75 493 363 262 (Cbus and /or Cbus Super).