KPMG outcome positive for BUSSQ

Mike Taylor

Managing Editor/Publisher, Financial Newswire

2 July 2025

Queensland-based building industry superannuation BUSSQ has received close to a clean bill of health in an independent review ordered by the Australian Prudential Regulation Authority (APRA) and conducted by KPMG.

The review, ordered earlier this year, related to the fitness and propriety of board members in the context of the fund’s relationship with the Construction Forestry and Maritime Employees Union (CFMEU).

The review summary said that KPMG “has concluded that BUSSQ’s current directors and officers are fit and proper and that, with the exception of an area where recommendations have been made, the CFMEU connected expenditure decisions, are consistent with the sound and prudent management of BUSSQ’s business operations”.

The review noted that it was undertaken “with strong cooperation and support from BUSSQ’s Board and Management”.

“The flow of requested information and supporting documentation was timely and complete,” the KPMG report said. “APRA was appropriately involved as part of establishing the Review Scope as well as being updated with progress along the way.”