Liberals push to keep financial graduates in SA

FINANCIAL managers will need to employ South Australians if they want to secure lucrative work for the state’s Government-owned superannuation fund, if the Liberals are elected.

FINANCIAL managers will need to employ South Australians if they want to secure lucrative work for the state’s Government-owned superannuation fund, if the Liberals are elected.

In a bid to boost jobs in the finance sector, Liberal treasury spokesman Rob Lucas said the move would help keep more local university graduates in the state.

He said fund managers would be required to set up an SA office and employ local staff.

Liberal MP Rob Lucas. Picture: AAP / David Mariuz

“For too long, this sector has been neglected, resulting in many of our talented people and investment dollars heading interstate or overseas,” Mr Lucas said.

“Our universities are producing well-trained graduates in related fields. This will create more jobs here in SA, and attract and retain talented people to fill them.”

Mr Lucas said many of the more than 50 fund managers contracted by Funds SA — which invests more than $30 billion worth of assets on behalf of the Government — did not run SA offices.

He said small and niche investments would be exempt.

The Liberals also would provide up to $250,000 in grants each year to grow the number of postgraduate research opportunities in the sector.