Bank super turf battle nothing new

"There is a growing level of scale and expertise within the industry funds to move into investment territory once the exclusive domain of the banks - namely debt and greenfield infrastructure finance and broader direct 'corporate financing'," David Whiteley, Industry Super Australia chief executive, told the National Press Club yesterday.

Whiteley gave the example of AustralianSuper underwriting part of the Queensland Motorway financing in April "when banks backed away."

Effective investment in "long term assets such as infrastructure, which have historically delivered better long term returns" are associated with a particular governance model for superannuation, he said.

"Default funds" providing "undivided loyalty to their members" is a core of Whiteley's pitch.

"Super funds also have a competitive advantage over banks in the provision of debt finance with their long-term investment horizon, which can have a material impact on refinancing and total project risk," he said.

"With regard to infrastructure, industry super funds have also been leaders in 'social privatisation'.

"Our well-invested super savings acted as an anchor that helped to keep Australia steady when the world economy was swept onto the rocks," Whitely said.