25 November 2022
The Assistant Treasurer, Stephen Jones, looks set to be humiliated by the Senate.
Following Senator McKim’s statement today, it is possible that the Senate now has the resolve to cancel Stephen Jones’ super cover up.
The Liberal Party introduced strong disclosure requirements for super funds, so members could see the destination and quantum of related party transactions.
It is only fair that the members can see how their money is being spent. It is their money. It does not belong to unions or banks.
In his first act as Minister, Jones brazenly removed these requirements in order to support his favourite vested interests: the unions and super funds.
In particular, we know Jones wanted to conceal the ballooning payments from super funds to unions which is due to exceed $30 million by the end of the decade.
During the three month period in which Jones’ new regulation has applied, super funds have covered up hundreds of millions in related party transactions and millions in payments to unions. This is a disgrace, and the Senate should not have allowed this to happen.
I look forward to the reinstatement of disclosure requirements so that members of all funds can see how their money is being spent.
0401 392 624