Interview with Chris O’Keefe on 2GB Drive

Subjects: Retirement System Inquiry Hearing, Cbus

E&OE………

Chris O'Keefe

And surprise, surprise, the President of the Australian Labor Party, the former Treasurer of Australia, and Cbus' Chairman, Wayne Swan, has called the Senates scrutiny, political. That's his answer. Senator Andrew Bragg is on the line. Senator, it's all a stitch up, he reckons?

Senator Bragg

Chris, how are you going? I mean, this is a ridiculous position for him to take. It is the job of the Senate to undertake scrutiny. And this fund has a number of exposures which are of great public interest, including their engagement with the Housing Australia Future Fund, their ownership by the CFMEU, and of course, now their failure to deliver for people who are dealing with bereavements.

Chris O'Keefe

Can we talk about that? So ASIC has taken them to court now. What more do you know on that?

Senator Bragg

Well, we've known for a long time, and we've discussed this previously, Chris, that the super funds are very bad at helping out people in their hour of need. Often, they don't pay these death benefits because they want to keep the money themselves. And we know that Cbus is one of the major funds that has been terrible here. So it's a tactic to win their case now in court, but we'll be asking Cbus about this when they come to the hearing.

Chris O'Keefe

Why? So Wayne Swan, do you think it's a bit cowardly?

Senator Bragg

Well, Cbus has been playing ducks and drakes all week. And then once we threaten them with a summons, they've now said just late this afternoon that they would now actually attend tomorrow. But it shouldn't have to come to that. We should be able to undertake normal scrutiny of major funds. The super funds are the luckiest organisations in Australia. They open the door and the money falls in. The least they can do is to show up and answer questions from the parliamentarians who are in charge of running this scheme in part, because super wouldn't exist without Canberra.

Chris O'Keefe

One thing I would say, Alan Joyce did the same thing, remember? He dodged, he dodged, he dodged. He only finally cooperated. It didn't go very well for him?

Senator Bragg

Yeah, but at the end of the day, PwC, Qantas, Cbus, they have to come and explain themselves. They have a number of exposures across housing, industrial relations, and of course, in relation to the treatment of their own members. And the parliament is never going to give up on these issues. So I think, look, Mr. Swan is a spokesperson for the fund. He commits money on behalf of the fund, which is very strange as the Chair, he's not the CIO. And I think he really needs to consider how he's going to be able to wear these two hats as the head of the Labor Party and as the head of this fund.

Chris O'Keefe

Andrew Bragg, appreciate you coming on.

[Ends]