The Coalition is today calling on the CFMEU administrator to engage with APRA on investigating millions of dollars of superannuation fund payments to the militant union.

 

Data released by APRA today has shown that in 2023 alone, superannuation funds made approximately $3.9 million in payments to the CFMEU.

 

The asserted purpose of payments from super funds First Super, CBUS, MineSuper, and BUSQ range from sponsorship, conferences, cost for premises to administration and other. 

 

APRA has already launched one action to de-register First Super directors for allegedly using their position to direct contracts to the CFMEU.

 

Shadow Treasurer Angus Taylor said it was essential the payments be investigated to ensure they were in the members’ best financial interest.

 

“This is Australians money - not the fund managers, not the government’s, and certainly not the union movements.

 

“Given the significant criminal allegations against the CFMEU, it is essential that these payments be investigated to ensure they comply with the rules.

 

“Australians trust super funds to save their earnings for their retirement – not to see it channelled to possible criminal purposes.

 

“It is essential for the social license of superannuation for the CFMEU administrator and APRA to get to the bottom of the purpose of these payments.

 

“The trustees of these funds must provide immediate clarification about the purpose of these payments and how they are consistent with the best financial interests duty.

 

Shadow Minister for Employment and Workplace Relations and Shadow Attorney General Michaelia Cash said that it was essential the CFMEU administrator investigate the payments.

 

“The CFMEU Administrator needs to ensure that none of these funds paid to the CFMEU from employee superannuation funds were used inappropriately or ended up in criminal hands, given that union's documented links with organised crime.

 

“The Albanese Government has an opportunity to show it is serious about cracking down on the unions by supporting Peter Dutton’s legislation to re-establish the ABCC and to ensure those with criminal records are permanently removed from construction sites.

 

“Labor cannot continue to turn a blind eye to union lawlessness by some of their biggest donors.”

 

Shadow Assistant Treasurer and Shadow Minister for Financial Services Luke Howarth said this is money that should have ended up in super fund members' pockets, not the CFMEU's.

 

"Assistant Treasurer Stephen Jones’ first action in Government was a failed attempt to roll back super fund disclosure rules which would have left consumers in the dark about super fund donations, marketing and sponsorship expenditure.

 

“Now, with the latest data released by APRA, we can see why attempting to roll back transparency measures and hide these payments was Labor's first order of business."

 

 

ENDS.