Labor won`t `raid` super funds: Swan

Treasurer Wayne Swan says the federal government can't force superannuation funds to
invest in infrastructure projects, but that hasn't stopped the opposition accusing
Labor of undermining Australians' retirement savings.
Labor plans to tap into almost $1 trillion worth of superannuation savings by
offering incentives to fund managers to invest in major rail, road and port
projects, News Ltd reported on Saturday.
It said auditing firm KPMG believed the total cost of the government's
nation-building program, budgeted at $22 billion, was closer to $80 billion, leaving
a $58 million shortfall.
But, Mr Swan denies the government wants to raid super savings to plug that gap.
"If superannuation funds wish to invest in infrastructure, that's a great thing for
Australia," Mr Swan told reporters on the Gold Coast.
"How superannuation funds invest their money is up to their trustees and their
members."
However, the treasurer refused to rule out offering incentives as a way of
influencing funds.
Asked whether the government might offer inducements in the future, he replied:
"They (funds) take their decisions independently and that is the way it should be".
The coalition is worried.
It says the 15 major projects announced in Tuesday's budget should stand as
investments on their merits.
"Artificial incentives and pressure on superannuation funds to invest poses great
risks, with the already hugely diminished value of these hard-earned superannuation
savings further undermined," opposition infrastructure spokesman Andrew Robb said in
a statement.
He was more blunt when speaking to reporters in Melbourne.
"This is going to put at risk the savings of Australians if these superannuation
funds are forced to put money into what they see as less commercial projects," Mr
Robb said.
"It will undermine the savings of Australians."