Revelations today of APRA investigations into allegations union-appointed super fund directors breached their director duties should raise alarm bells for all Australians.  

Allegations of directors using their position to direct contracts to the CFMEU highlight the need for rigorous consumer protections in the super industry, as well as better governance.  

This comes a week after CFMEU appointed directors were belatedly cleaned out from the Cbus board.  

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

It is important that members’ funds be subject to the most stringent protections and governance that put consumers in charge of how their money is spent.  

These allegations highlight the need for the government to retain the Coalition’s Your Future, Your Super reforms that delivered for Australians and strengthened safeguards for Australia’s $3.7 trillion in retirement savings.  

Any changes to these reforms would require substantial improvements in superannuation governance. 

Labor must reveal what action they plan to take to ensure this behaviour is not systemic.  

Rather than focusing on these issues, Assistant Treasurer Stephen Jones’ first action in Government was to attempt to roll back super fund disclosure rules which would have left consumers in the dark about super fund donations, marketing and sponsorship expenditure.  

Labor’s approach to super has since followed a theme of protecting their union affiliated, industry super funds and donors with ideologically driven reforms. 

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. 

ENDS.