Treasurer, on 23 June during question time, you stated that the Housing Investment Fund could get $65 million in that fund. I am hoping you can clarify what is the nature of the fund’s investments and why so much more has been generated than initially projected?
I would refer the honourable member to the answer to question on notice No. 1 which I provided to this committee which sets out the returns received through a fixed note arrangement that we have.
From the Estimates Questions on Notice:
As stated in that response, I am advised that the Housing Investment Fund, the Carbon Reduction Investment Fund and the Path to Treaty Fund are part of the Long Term Assets held by Consolidated Fund through a Fixed Rate Note with Queensland Treasury Corporation (QTC). QTC has invested the assets transferred to it in 2021 in underlying investment trusts managed by QIC Limited. The market value of the assets in the underlying trusts and the returns achieved by specific investments may fluctuate from time to time, but this does not impact the return on the Fixed Rate Note for the General Government Sector, which is currently set at 6.5 per cent per annum.
Amy: What will those additional funds now be used for, Treasurer?
They will be used for housing. All of the returns for each of those funds, and all of which I hope will be supported by the Greens political party, are for housing, Path to Treaty and protection of the environment. I would hope that all of those returns on those funds for those purposes would be supported by the Greens. We have leveraged additional funding now through the Australian Retirement Trust, one of the largest superannuation funds in the country, to put back into social and affordable housing through those mechanisms that we have established. We are now leveraging superannuation funds to put into housing, too.