Labor must axe tainted Cbus from HAFF

As it stands, the disgraced Construction, Forestry and Maritime Employees Union (CFMEU) will play a key role in Labor's Housing Australia Future Fund (HAFF).

The CFMEU and its affiliate Cbus super fund intend to finalise organisational and funding arrangements under the HAFF.

Three current officials from the CFMEU are on the board of Cbus Super, including the Deputy Chair of Cbus.

The HAFF should not be doing business with a disgraced union and their affiliate super fund.

The dual hatted Wayne Swan, who is both the Chair of Cbus and the Federal President of the Labor Party, has been heavily involved with this matter.

In November 2022, Mr Swan committed $500 million of Cbus to Labor’s HAFF. This is despite them telling the Treasury that the design of the HAFF in the exposure draft of the Bill would ‘jeopardise our ability as institutional investors to get involved.’

As revealed via a heavily redacted FOI, Cbus was in contact with the Treasurer’s office the day before this funding announcement, but the Treasurer has refused to reveal what supposedly commercial-in-confidence information was transmitted to his office from Cbus.

It is very murky. We cannot have bikies and underworld figures involved in a government agency like the HAFF.

I call on the Housing Minister, Julie Collins, to show leadership and maintain integrity over taxpayer funds by banning Cbus from any involvement in the HAFF. Labor must axe Cbus from the HAFF.

Meanwhile Cbus has paid $1.25 million to the CFMEU during the 2022-23 FY according to their disclosures. This included $233,000 to the Construction and General Division (Victorian Branch) of the CFMEU. I urge APRA to investigate these payments.

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