At last. The superannuation regulator APRA has launched a probe into superannuation contributions to trade unions.
This should finally derail Australia’s biggest gravy train.The most recent release of Australian Electoral Commission data shows $12.9 million was paid from super funds to unions in 2020-21.
This could balloon to well over $30 million per year by 2030.The idea that super funds, established by government regulation, could line the coffers of unions affiliated with the Labor Party is absurd.
Millions of dollars are taken from workers to pay for inflated directors fees, union conferences, union advertising and old fashioned direct transfers.Unless APRA enforces the Best Financial Interest Duty, the super funds will become the biggest political contributors in Australia.
I flagged the new probe while questioning APRA during last week's Senate Estimates. APRA said they are “starting to dig into the issues on super fund contributions to unions" and even stated on the public record that “some amounts are curious to us”.
I look forward to the findings of the inquiry. I hope this finally turns the tap off, and the gravy train is stopped in its tracks.
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