RBF Should Invest In Tasmania

ALDERMAN PHILIP COCKER
Hobart City Council Alderman Philip Cocker today called on the Retirement Benefits Fund to reverse it’s decision not fund the development of the Hobart Myer site.

“The RBF is a fund of Tasmanian’s superannuation money. That money should be invested in Tasmania to support the local economy, to create wealth in Tasmania and to create jobs in Tasmania.

“I am calling on the RBF to proceed with this critical local project. By investing those funds with a focus on benefiting Tasmanian as well, as gaining a strong direct financial return, those Tasmanians with their super funds invested in Tasmania will receive a double benefit. The multiple effect of local investment is considerable and I believe has not been factored into their decision.

“This is an opportunity to do something significant for it’s members and the Tasmanian community”. I am asking them to reverse their decision and take the funds of Tasmanians and to invest those monies in a positive Tasmanian project,” Alderman Cocker said.

“What proportion of RBF funds are invested in Tasmanian investments? What proportion is invested in mainland ASX listed companies? Every dollar that is invested outside Tasmania weakens our economy.”

“Will the funds that would be realised by selling the Myer site be invested in markets and investments outside of Tasmania?” , Alderman Cocker said.

“The RBF should have a greater awareness of the huge economic good they can do for the Tasmanian economy with Tasmanian funds. “There is a significant multiplier effect from using local money for local projects that has positive flow ons particularly for the small business sector and the community overall”, Alderman Cocker said.

Alderman Cocker said “I am urging the RBF board to take a broader more focussed economic and community minded approach, to invest Tasmanian monies in the Myer site project and immediately stimulate the economy and improve the economic conditions for their members and all Tasmanians”.
“It is more important than every that we use our local funds to support the local economy.”

Alderman Cocker said “If the RBF would reconsider it’s decision and invest in this site the flow on effects to the business community would be extremely positive and it would using Tasmanian members funds to fund the economic prosperity of Tasmania.”