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Super funds in rural and regional Australia.



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MEDIA ALERT

SUPER FUNDS IN RURAL AND REGIONAL AUSTRALIA

The Senate Select Committee on Superannuation and Financial Services has become aware of the concerns of some rural and regional communities that monies paid into super funds by employers under the superannuation guarantee provisions, are flowing out of local regions, rather than being invested in the local region. The figures involved are apparently quite substantial, as it is estimated that country Australians contribute more than $5 billion in super every year.

The Chair of the Committee, Senator John Watson (Liberal, Tasmania) today announced that the Committee will be visiting Bendigo, Victoria, on Tuesday 4 December.

Given its key role in servicing areas of rural and regional Australia, the Committee will hold discussions with representatives of the Bendigo Bank to explore issues associated with investing super funds in local regions.

Contact:

For comment: Senator John Watson 03 6331 4544

Chair

For information: Sue Morton, Secretary 02 6277 3433

30 November 2001