Stephen Jones must be the bravest man in Canberra.
The regulations made by Minister Jones today will mean that by 2030, $30 million in payments from super funds to unions will be aggregrated and not separately disclosed. It is hard to imagine a more brazen legislative initiative.
The losers will be Australian workers who can no longer see the details of the considerable payments from super funds to unions. That this initiative occurred this week should be no surprise.
The Labor Party’s meetings in Canberra may have been well intentioned, but they have been dominated by their paymasters at the super funds and unions.
These are not trifling sums. In 2020-21, according to AEC data, almost $13 million flowed from the super funds to the unions.
This will balloon to $30 million by 2030.
These payments would have been disclosed under the Coalition.
They will be hidden under Labor. If the Minister was serious about improving disclosure, he would have waited until the disclosures were made.
He chose not to wait. The Minister is free to make a regulation under the Act.
Now it is up to the Senate to decide whether it will stand for transparency and integrity in compulsory superannuation.
Office of NSW Senator Andrew Bragg —— Media contact: 0401 392 624