A Queensland Government mandate will see more local retirements savings pumped into state-based projects.
State Treasurer David Janetzki said the $50 million mandate would apply to a new partnership between Brighter Super and Queensland Investment Corporation (QIC).
“With QIC as investment manager, the mandate will generate investment in innovative Queensland companies across a range of sectors, particularly those leveraging rapidly developing artificial intelligence technology, digitisation, agtech, healthtech and frontier tech,” Minister Janetski said.
He said the mandate was part of Brighter Super’s Queensland Investment Strategy which would see an additional $500 million invested into Queensland assets in the next three to five years, on top of the $1 billion already invested in the State.
“Brighter Super and QIC are both giants of the financial services sector with a shared commitment to Queensland, its people and economic growth.”
Treasurer Janetzki said initial investments would include Attekus, Australia’s leading booking and event management platform provider tailored to local councils, and autonomous agriculture pioneers SwarmFarm Robotics.
State Finance Minister Ros Bates said Queenslanders made up the majority of Brighter Super’s membership.
“This new mandate simply makes good financial sense – it supports members where they live, putting retirement savings to work locally and meaningfully,” Minister Bates said.
Brighter Super Chief Executive Officer Kate Farrar said the partnership followed a longstanding relationship between QIC and Brighter Super.
“This partnership reinforces Brighter Super’s commitment to investing in Queensland under our Queensland Investment Strategy to support our local communities and members by allocating capital to meaningful Queensland-based opportunities,” Ms Farrar said.
“We believe investing in these businesses can produce strong returns for Brighter Super’s members whilst contributing positively to Queensland’s economy and productivity.”
QIC Chief Executive Officer Kylie Rampa said the partnership with Brighter Super connected capital, capability and a commitment to Queensland.
“Since 2016, QIC has invested in more than 85 local businesses, enabling exceptional founders to create over 1,300 jobs building real-world solutions within a thriving, sustainable ecosystem,” Ms Rampa said.
“Now, leveraging this capability and a dedicated local team, QIC is proud to manage this mandate on behalf of, and for the benefit of, Brighter Super members.”
