Adopting a successful French initiative that invests superannuation contributions into social programs could provide tens of thousands of new places in public housing, the Community Council of Australia says.
The council's head David Crosbie says the French 90/10 super program that was established in 2001 gives all French workers the opportunity to have up to 10 per cent of their super invested in organisations that have a strong social impact.
While the program was slow to be adopted, by 2008 $700 million of super was being put into social projects before it surged to $5.5 billion by 2013.
And it is still growing.
Mr Crosbie believes it would be just as easy to apply in Australia while providing a clear financial return.
"We are talking about very small commitments that add up to huge money," he said.
If two per cent of Australia's MySuper products were invested in social projects, then a massive $8.5 billion could be instantly created, he says.
"This would be money to make a huge difference to many people's lives and none of the funds would be coming from government."
If $8.5 billion went into public housing, at least 50,000 new places in affordable housing could be created in one year.
"The prime minister and treasurer have clearly said nothing is off the table. Let's move now because this is a clear template for a revolution that Australia desperately needs," Mr Crosbie said.
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