Australia’s 20 biggest superannuation funds have almost $15 billion invested in gambling-related companies, despite growing concern about the social harm caused by the industry. Source: SBS News.
A report released yesterday by the Alliance for Gambling Reform found the sector holds $14.8 billion in gambling stocks.
Australia’s largest fund, Australian Super, has the biggest exposure at $4.9 billion — more than double any other fund — while Australian Retirement Trust, Colonial First State, UniSuper and Aware Super round out the top five.
Gambling company Aristocrat Leisure is just one of the companies into which retirement funds are flowing.
Despite many funds having responsible investment policies, approaches to gambling-related risks remain “limited, inconsistent and largely inadequate”, according to chief executive of the Alliance for Gambling Reform, Martin Thomas.
He said many Australians would be shocked to learn how much of their money was being invested into the industry.
“There’s starting to be a realisation just of how socially damaging gambling is,” he told the Australian Associated Press.
“We see bankruptcies, mental health issues, marriage break-ups.”
Harms from gambling are not consistently treated the same way as harms arising from other industries such as tobacco and alcohol, he said, with the latter routinely screened out of superannuation investments.
Australians are losing more money per capita to gambling than any other country — about $32 billion a year.
A spokesperson for Australian Super said apart from its Socially Aware option, the fund does not apply investment screens to gambling companies.
Gambling reforms and government support for affected Australians were announced earlier this year.
Prime Minister Anthony Albanese has confirmed his government intends to table laws to limit gambling ads across various forms of media, including on online platforms unless users have been verified to be over the age of 18.
FULL STORY
The superannuation ‘blind spot’ funding Australian gambling companies (SBS News)
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