Interview with Chris O’Keefe on 2GB Drive

Subjects: Bill to ban Cbus/CFMEU from the Housing Australia Future Fund

E&OE………

Chris O'Keefe

Well, speaking of Canberra, there's a new bill that's been introduced to ban Cbus, the superannuation giant, from Labor's Housing Australia Future Fund. So effectively, the Coalition do not want to allow the CFMEU and the Cbus super fund to use taxpayer funds invested in the Housing Australia Future Fund for housing developments. Why? I don't know. Do they just not trust them? Andrew Bragg is a Liberal Senator and he's on the line for us. Senator, thank you for coming on.

Senator Bragg

How are you going?

Chris O'Keefe

I'm not too bad. Why the ban?

Senator Bragg

Well, we don't think that the Cbus and the CFMEU organisations are appropriate people to be doing business with. The Housing Australia Future Fund, which is a massive boondoggle, which has built no houses, wants to work with CFMEU and Cbus to build houses. Now, these are the people that are making housing a nightmare in Australia because they're imposing a 30% tax on construction. So these are not people that we want to have anywhere near housing in Australia, let alone taxpayer funds.

Chris O'Keefe

If people don't know, what is the Housing Australia Future Fund?

Senator Bragg

Well, it's Mr. Albanese's housing policy where he's put a $10 billion figure into a fund which hasn't built any houses yet. I can't work out what it's trying to do. But even though we don't like the idea, we want to make sure that we protect the integrity and the probity of the funds in there.

Chris O'Keefe

So what, that $10 billion fund manager wants to go to Cbus and CFMEU by extension and ask them to invest in it?

Senator Bragg

Co-invest. And we think it's a bad idea because the Cbus fund has three CFMEU trustees on its board. One of them is a lady called Rita Mallia, who's been on the board for 13 years. Dave Noonan who has been on the board for 16 years and six months. The super regulator, APRA has a guideline that says you can only be on the board for 12 years. So I'm not sure what they're doing there. But this is an organisation, the CFMEU that should not be anywhere near taxpayer funds.

Chris O'Keefe

You've also got Stephen Dunne on the board. He's from the Master Builders Australia. Michelle Beveridge, who's from Master Builders Australia...

Senator Bragg

It doesn't make me feel any better about it...

Chris O'Keefe

Denita Wawn from Master Builders Australia. Ray Sputore, who's from Master Builders Australia. What have these people done wrong?

Senator Bragg

It doesn't make me feel any better about it because this is the IR club in business. The CFMEU is the organisation which is on the board receiving money from the Cbus fund. Its involvement in this super fund should rule it out of being involved with any Government money. Now, the Labor Government has now moved to put the CFMEU into administration. It seems to be shocked that the CFMEU was undertaking corruption. No one believes that. So if it's good enough to put the CFMEU into administration, surely it's good enough to protect taxpayer funds from the CFMEU.

Chris O'Keefe

So the bill itself, it would prevent Cbus or any housing-related entities financed by Cbus to have any involvement in the Housing Australia Future Fund. Is that correct?

Senator Bragg

That's right. They could not work with the HAFF in any way.

Chris O'Keefe

What are you concerned about? What are your major concerns other than just the good character test?

Senator Bragg

Well, I mean, it's a corrupt organisation, and it has been...

Chris O'Keefe

Cbus or the CFMEU?

Senator Bragg

The CFMEU. They're on the board of Cbus and they own the Cbus fund. They own the trust company that owns the super fund. And these are the people that are inflating construction costs. They appear to be exempting Cbus property from certain developments in Sydney. I think it's a thoroughly bad organisation for taxpayer funds to be exposed to.

Chris O'Keefe

Have you had any support from the Crossbench or the Government?

Senator Bragg

I've had some discussions with the Crossbench today. I've introduced a bill this afternoon. I'm optimistic of getting the support. I think people on the Crossbench want to talk about integrity a lot. This is a chance to vote for integrity.

Chris O'Keefe

Andrew Bragg, appreciate you coming on.

Senator Bragg

Thanks, Chris.

[Ends]