Interview with Kieran Gilbert on Sky News

12 November 2024

Subjects: Retirement System Inquiry Hearing, Cbus

E&OE………

Kieran Gilbert

Let's look now at the Senate Inquiry into superannuation savings. I'm joined by the Shadow Assistant Minister for Home Ownership, Andrew Bragg. Senator, you're the Chair of this Inquiry. One of the super funds isn't showing up. What's happening there?

Senator Bragg

Good day, Kieran. Well, we think it's very important that we're able to examine all the ins and outs of the government's corporate housing policy. Now, the corporate housing policy is the idea that they get the big super funds to own houses and then rent them out to Australians. And that's a perversion of the Australian Dream. And one of their main funds the government's working with is Cbus, which is chaired by Wayne Swan. And for some reason, they don't want to confirm their appearance at our hearing on Thursday.

Kieran Gilbert

You can compel them. Will you do that? The Senate Inquiry, you have the power to do that, to compel a witness. Will you basically force them to show up?

Senator Bragg

Well, the reason that I think it's important they come is because the Housing Australia Future Fund is a centrepiece of Labor's housing policy. And the one big super fund, which has committed members’ money, which is Cbus, has actually said that they would put in $500 million into this Housing Australia Future Fund. So, the idea that they wouldn't come and give evidence, I think, is very concerning. And we do have a range of powers at our disposal, but that's subject to the agreement of Senate colleagues. Those discussions are happening as we speak.

Kieran Gilbert

There are links to the CFMEU as well with this fund. How many directors does the CFMEU appoint as part of this set-up?

Senator Bragg

So, the CFMEU is being put out of business by the Parliament. It's been put into administration by the Parliament. But the Cbus fund, which has three trustees from the CFMEU on its board and is 21% owned by that union, is still in business. There is an investigation by the Prudential Regulator, APRA, but I think it's very important that the Parliament look at the governance of these funds to ensure that they are appropriate parties going forward, particularly given this fund is wanting to do government business with the Commonwealth through the Housing Australia Future Fund. So, I would have thought that the last people we want help for on housing would be the CFMEU.

Kieran Gilbert

So, would you hope the administrator has a remit to look into connections with funds like this?

Senator Bragg

Well, the administrator has kicked off three CFMEU trustees but then seems to be going to allow three more to come on. So, I think the governance of the super funds is fundamentally broken. If we have a position that a defunct union can still run a major super fund's board, three board seats and own 21%.

Kieran Gilbert

It's a fair point to make. I'm wondering, just to clarify, will you compel their executives to show up?

Senator Bragg

If it's good enough for Qantas and good enough for PwC to be forced effectively to turn up and to engage with the Parliament, I think it's very important that we maintain that principle because we are looking into matters of great public interest here. There is the CFMEU overlay, but there's also the fact that this fund is seeking access to taxpayer funds through the crazy boondoggle Housing Australia Future Fund.

Kieran Gilbert

Senator Bragg, appreciate your time.

[Ends]