Cbus Attempts to Evade Senate Scrutiny

The CFMEU has helped fuel the nation’s housing catastrophe.

Yet Labor believes that the CFMEU and its super affiliate, Cbus, are suitable partners for the Commonwealth to work with on housing.

Cbus is the only super fund to have publicly committed funds to the Housing Australia Future Fund. Cbus did so through public statements by its chair, Mr Wayne Swan, who is not the Chief Investment Officer.

This fund remains under CFMEU control, with three trustees and a 21% ownership stake.

The Senate has established a special Inquiry to examine these significant housing issues.

For some months, the Senate has planned to bring Cbus before the Senate Economics Committee alongside the prudential regulator APRA, Housing Australia, and various other superannuation funds.

The hearing is scheduled for this Thursday.

Senators have questions about a range of matters related to Cbus, including ASIC’s latest allegations of failed insurance claim handling procedures.

Government agencies and multiple super funds are confirmed as attending the hearing, but not Cbus.

Cbus is yet to provide confirmation that it will make itself available to the Senate. This is an extraordinary step that could undermine the Senate's ability to inquire.

The Australian people expect the Senate to fulfil its constitutional role and examine these matters of public interest in full.

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