Ditch ‘tainted’ Cbus from HAFF says Federal Opposition
The Federal Opposition has sought to link construction industry superannuation fund Cbus into the controversy surrounding the Construction Forestry and Maritime Energy Union (CMFEU) by citing their involvement in the Federal Government’s Housing Australia Future Fund (HAFF).
NSW Liberal Senator, Andrew Bragg has issued a statement declaring that Cbus must be axed from the HAFF claiming the superannuation fund to be “tainted”.
He issued a statement saying the CFMEU and “its affiliate Cbus super fund” would play a key role in the HAFF and intended to finalise organisation and funding arrangement under the scheme.
“Three current officials from the CFMEU are on the board of Cbus Super, including the Deputy Chair of Cbus,” Bragg’s statement said. “The HAFF should n ot 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 in 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’,” Bragg said.
“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,” he said.
“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,’ Bragg said.
“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 (Victoria Branch) of the CFMEU. I urge APRA to investigate these payments.”
Compare the pair.
ALP, Unions and Industry Super are the modern day Mobsters.
Frothing and giggling at MCG Industry Super sports boxes as they charge their drinks to multitudes and conflicted and related party deals, donations and flat out rorts.
The Mobsters in pin stripe suits in control of $1.6 Trillion$$$$$$ and climbing of Industry Super Funds.
The Unions represent 12% of workers yet control over 40% of Australians Super $$$$$$$.
Rorts, thugs and scams abound and Regulatory Capture Corrupted APRA & ASIC do NOTHING.
So let me get this right – Canberra spends an awful lot of time and effort focusing on consumer protection/compliance of financial advisers to protect public retirement savings and give confidence to consumers. Financial advisers pay toward this.
And then I read over in super fund land –
“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 (Victoria Branch) of the CFMEU. I urge APRA to investigate these payments.”
Yeah, no worries…
Seriously this system we have is a joke sometimes. There has to be an investigation to ensure integrity and provide confidence for super fund members.
This is nothing new ! It has been going on for decades ! How can giving over $1,000,000 to a corrupt union be of benefit to those clients funds the money came from ? Regardless of what expense they dress it ip as
Labour will investigate and find nothing as they are deeply involved too.
Allegedly ha