Frustrated chair Bragg accuses Swan, Cbus and SMC

Federal Opposition front-bencher Senator Andrew Bragg has used the final report of a key Senate Committee to take one last swipe at the Super Members Council (SMC), big industry fund Cbus and former Federal Treasurer and current Cbus chairman, Wayne Swan.

The vehicle for Bragg’s swipe is the final report of the Senate Economics Reference Committee inquiry into Improving Consumer Experiences, Choice and Outcomes in Australia’s Retirement System which carries just one recommendation – that ‘the committee recommends that the Senate establish an inquiry into the sanctions available to the Senate where witnesses fail to act in good faith or do not answer questions”.

The one recommendation is justified in Senator’s Bragg’s final report as chair of the Senate Committee on the basis of a lack of cooperation on the part of the SMC, Cbus and Swan which “impaired the committee’s efforts to gather evidence” and “undermined the committee’s ability to scrutinise key issues”.

Unsurprisingly, both Government and Australian Greens members on the Senate Committee disagreed with Bragg’s analysis and his recommendation publishing dissenting reports which accused him of politicising the process by targeting industry funds.

Both dissenting reports described the Senate Committee inquiry as a lost opportunity with the Labor Senators stating that “despite the broad terms of reference covering the development of retirement products, consumer outcomes, innovation opportunities and the impacts of climate change and insurance, he Chair has focused solely on on undermining and discrediting Australia’s successful profit-to-member and equal representation model of superannuation, in a political move that discounts the inquiry”.

Bragg’s final report said that while many witnesses had provided substantial evidence to assist the committee to undertake its inquiry, “some witnesses have frustrated the committee’s efforts to obtain clear and complete evidence”.

“Where the committee agreed it was necessary, the committee formally liaised with those witnesses to obtain substantive responses to questions on notice. However, responses provided by some witnesses in particularly those representing SMC and Cbus Super, show persistent willingness to obfuscate by providing incomplete and unhelpful answers,” it said.

“Quite simply, the committee should not have to go to the lengths it has to obtain relevant and basic information from witnesses. The committee is deeply concerned that the instances outlined in this report reflect a willingness to undermine the Senate inquiry process.

“Taken together, the lack of cooperation by SMC and Cbus Super with the inquiry process has impaired the committee’s efforts to gather evidence and has undermined the committee’s ability to scrutinise key issues relevant to the inquiry terms of reference set by the Senate.”