I welcome the APRA investigation into the enormous transfer of funds between super funds and unions.
A ‘formal investigation’ as announced at Senate Estimates today is exactly what is required.
$13 million was sent from super funds to unions in the 2020-21 financial year. This is set to balloon to $30 million by 2030.
These payments are not solely for ‘directors fees’.
This is an illegal scheme designed to syphon retirement savings from super funds to the unions.
The lack of enforcement action has become a joke.
The payments are a contravention of the Best Financial Interest Duty for super funds.
Labor wanted to weaken this test but knew the Senate would never allow it. The strong law stands.
I look forward to the regulatory enforcement actions of the APRA investigation.
[Ends]
