AustralianSuper and Cbus in spotlight over political influence

Mike Taylor

Managing Editor/Publisher, Financial Newswire

7 October 2022

The Federal Opposition has honed in on the degree of influence which may have been exerted on Government policy by big industry superannuation funds, AustralianSuper and Cbus together with key superannuation industry associations.

A Freedom of Information (FOI) request lodged by NSW Liberal Senator, Andrew Bragg, specifically names the two mega-funds in relation to the Government’s decisions around amendments to the operation of the Your Future, Your Super legislation.

In particular, the Opposition has been concerned at changes announced by the Assistant Treasurer and Minister for Financial Services, Stephen Jones, which have the effect of reducing the level of detail required of superannuation funds when they report to members.

Bragg is suggesting that the Government acted to reduce the level of detail as a response to lobbying by elements of the superannuation industry.

Under his FOI request, the Liberal Senator has asked for “any correspondence received by the Assistant Treasurer and Minister for Financial Services, the Hon. Stephen Jones MP, between 22 May 2022 and 24 August 2022 relating to the Superannuation Annual Members’ Meeting Notices reforms from Industry Super Australia, the Association of Super Funds of Australia, Industry Funds Management, AustralianSuper and Construction and Building Unions Superannuation”.

The itemised reporting required under the YFYS legislation was a signature initiative on the part of the former Morrison Liberal Government and was aimed at identifying specific payments made by superannuation funds and, in particular, the level of political donations, if any, made by the funds.