Over $50 million in superannuation savings has been transferred to unions and related parties in the past decade.
The Fair Go has now made it easy for you to check which unions each industry super fund is supporting, using the interactive tool below.
In a time of unions campaigning against the rule of law (something the ACTU Secretary openly admitted on the 7.30 Report in March), and threats against public servants and their families (most recently by a CFMEU official at a rally in Melbourne in June this year), it is only fair these payments are known to savers.
The interactive search function will allow Australian savers to search by super fund or by union.
For example, on the superannuation search, a member of Cbus can see the millions of dollars that fund has paid to unions from their savings and the savings of many other members.
Equally, a member can search by union – search for CFMEU, for instance, and you can see which super funds have made payments to the CFMEU on a “wagon wheel”.
The bar graph shows that most of the industry funds made larger payments to the unions in the election years 2010, 2013 and 2016.
Authorised A. Bragg, Liberal Party of Australia, Cnr Blackall & Macquarie Streets, Barton ACT 2600.
Why is this important
The obvious public interest test for The Fair Go disclosing the $50 million include:
- Superannuation is a compulsory system but relies on individuals and families making informed choices – it is important that Australians know how their money/savings is used
- The information has not previously been easily searchable
- People deserve to know which causes their retirement savings are supporting or opposing
Another reason is that industry superannuation is campaigning to stop reforms which favour these payments continuing in perpetuity. Their campaign includes sandbagging changes to governance arrangements and competition rules.
- Independent directors and modern governance
Industry superannuation is against independent directors because they want to keep the payments to unions (their owners and related parties) flowing which independent directors would never support.
- More competition and choice for savers
Industry superannuation does not believe all Australians should be allowed to pick their own super fund. Industry funds are built into enterprise agreements by unions which take away peoples’ rights to select an alternative fund.
Further, industry superannuation want the Fair Work Commission to retain a $10 billion annual industry fund monopoly in place for “default” superannuation.