Release date: 05/05/2022

The Malinauskas Labor Government is moving to divest $60 million worth of South Australian workers’ super held in Russian assets by Funds SA, under laws to be introduced to State Parliament.

The laws will deliver on Labor’s election promise and address an important moral and ethical issue. The policy was announced in February at an Advertiser Leaders’ Debate, with Peter Malinauskas pledging to take the matter to parliament as a priority.

The State Government is introducing amendments to the Superannuation Funds Management Corporation of South Australia Act.

The changes will effectively end State Government funds and the superannuation of the state’s public sector workers being invested in Russian assets.

The move brings South Australia in step with the Queensland and NSW Governments and is an effective solution to this important moral and ethical issue.

As the manager of State Government investments and workers’ superannuation, Funds SA has $43 billion under management.


Quotes

Attributable to Premier Peter Malinauskas

This is an important move and one that’s in line with community expectations.

We cannot continue to invest South Australians’ money in Russia given their disgraceful
conduct in Ukraine, which we have all watched in horror.

It would be unacceptable for State Government funds and public sector workers' superannuation to continue being invested in Russian assets.I hope this bill can be passed expeditiously with bipartisan support.

Attributable to Treasurer Stephen Mullighan

Funds SA has already commenced divesting itself of Russian assets in line with sanctions imposed by the Australian Government.

These changes will ensure that superannuation members and public authorities are not earning investment returns from Russian assets.