END OF THE ROAD FOR JONES

The Senate has delivered a massive defeat to the Labor Government for Vested Interests.

Today in the Senate, the attempt by Minister Stephen Jones to cover up payments from super funds to unions was blocked.

The great super cover up is over.

The Lambie disallowance means $30 million of retirement savings each year will now be disclosed to workers in their annual statements.

The Coalition introduced strong disclosure requirements for super funds to disclose all payments from super funds to unions and related parties.

In his first act as Minister in 2022, Jones sought to cover up these payments as a result of lobbying by his friends.

Freedom of information requests have shown how Jones conducted a secret consultation before making a dodgy Regulation.

In perhaps the most embarrassing development of all, only last week, the Electoral Commission released the same data that Jones had hidden from workers!

It showed that one particular super fund paid $2.5 million to the CFMEU in the past year.

We will probe this matter with APRA. For now, the reinstatement of the Liberal Party’s Regulation requiring full transparency is a great development for transparency in super.

Back to the future.