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Clamp down on super funding unions: Bragg
Significant law reform is needed to clamp down on superannuation payments to trade unions, according to Senator Andrew Bragg.
Data from the Australian Electoral Commission, $12.9 million was paid from super funds to unions in the 2020/21 financial year. This was a record sum and up from $11 million in the previous year.
This data was often not voluntarily disclosed in financial results or annual reports.
“Super funds are becoming the biggest political donors in the country. This is a disgrace”, said Bragg.
“Superannuation is supposed to be for workers but it has turned into a sinkhole for unions and banks.
“Union advertising during the upcoming election will be underwritten by superannuation. That is, retirement savings will pay for political advertising.
“It is hard to think of another policy which allows political and private interests to directly benefit at the expense of Australian workers.”
He highlighted the fact construction-focused Cbus was currently raising $63 million from its members to pay fines because trustee CFMEU refused to pay the finds.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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