Super working hard for unions - not people

Today's Senate hearings into Retirement Outcomes have raised more questions than answers.

Testimony from Cbus’ CEO revealed:

• Cbus Chair, Wayne Swan, makes announcements on housing funding without the CEO’s knowledge;
• Cbus pays millions of dollars to the CFMEU each year which they appear comfortable continuing;
• Three CFMEU trustees remain on Cbus’ board;
• Regulatory fines committed by Cbus trustees for insurance failures will be paid by members - not shareholders; and
• The CEO had no knowledge of the discussions between Mr Swan and Treasurer, Jim Chalmers, regarding Cbus’ $500m commitment to Labor’s HAFF, or Cbus’ request to amend ASIC Regulatory Guide 97.

We still don't know what conversations the Treasurer, Jim Chalmers, had with Mr Wayne Swan about Labor's HAFF. Given the litany of issues and the Treasurer’s past concealment of matters concerning Cbus, we have more questions - now including for Mr Swan.

Extraordinarily, every super fund appearing today stated they would use their members’ money to pay regulatory fines.

Many of these trustees are current union officials. Three CFMEU officials sit on the Cbus board because Cbus remains 21% owned by the CFMEU.

If super funds want to keep paying dividends to the CFMEU, the CFMEU and all the shareholders should pay the fines.

Members should not pay for the sins of the trustees.

Meanwhile, super funds continue to fund unions and related parties to the tune of over $40 million per annum.

Clearly, super funds are also heavily involved in the opaque Housing Australia programmes. They want to invest in housing but stop their members from buying their own home.

The Inquiry continues.

[Ends]