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'Invest in Aus' Morrison tells super funds

AAP logoAAP 21/08/2016 By Belinda Merhab

Treasurer Scott Morrison has urged Australia's $2 trillion superannuation industry to invest in its own backyard - starting with Ausgrid.

Mr Morrison wants to see the funds appear in the next round of transactions after formally rejecting the sale of the NSW electricity grid to Chinese buyers on national security grounds.

He and Prime Minister Malcolm Turnbull were "frustrated" super funds weren't lining up to invest in Australian assets such as landholder S Kidman and Co, the sale of which was also blocked to Chinese interests.

"Whether it's those agricultural stations or whether in fact it's the electricity assets like Ausgrid - there is an opportunity now I think for them to engage in that," he told Ray Hadley on 2GB radio on Monday.

"I think all Australians would like to see superannuation funds invest more in our own country."

It wasn't uncommon for funds to make investment decisions based on politics, with some blocking investment in coal-mining shares, Mr Morrison said.

When it comes to his own controversial changes to superannuation tax concessions, Mr Morrison insists discussions with coalition colleagues are still ongoing.

He refused to comment on whether the $500,000 cap on non-concessional contributions backdated to 2007 would be lifted to $750,000.

Any shortfall as a result of amendments would need to be replaced.

"We can't just keep saying `we'll make a concession here, we'll make a concession there' and not make it up somewhere else.

"I'd find it pretty hard to look my kids in the eye and tell them they've got to saddle a higher debt because someone who had a very big income wanted to pay less tax."

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