Home Fair Go Opinions Your retirement savings are funding a campaign against the rule of law

Your retirement savings are funding a campaign against the rule of law

The Australian Union movement held its conference in Sydney this week.

Only days earlier, one of the major unions, the CFMEU, issued threats against the safety of public servants and their families for enforcing Australian laws in construction sites.

The CFMEU is aggrieved the government has managed to reinstate the Australian Building and Construction Commission.

The ABCC is a tough cop on the beat to ensure houses and workplaces are built in the community’s interests, not to line the pockets of union bosses.

The conference handbook tells delegates how terrible the government is for enforcing the rule of law in the building industry. No mention of lower construction costs by ending the union rorts and rip-offs here!

Hilariously, the handbook runs through other talking points for delegates on matters including tax, penalty rates and inequality.

Of course, there is no mention of the deals union bosses do to reduce or eliminate penalty rates for multinationals to line their own pockets.

Equally, there is a very funny section on tax where it is claimed companies are supposed to pay tax on income. Every small business owner knows you pay tax on profit which is:

Income (minus) expenses = profit.

Perhaps the most interesting page is the last one which presents the union movement’s partners (or sponsors).

No fewer than 8 industry super funds are conference partners as are three different industry associations representing industry funds:

Super funds:

  • Care Super
  • HESTA
  • Australian Super
  • CBUS
  • TWU Super
  • Host plus
  • First State Super
  • REST Super

How much money do these organisations put into unions? Over the past 10 years, over $50m of retirement savings has been transferred to unions.

In most cases, the people running the union also sit on the board of the super fund.
It is any wonder why the industry super funds fight like mad against reforms to impose independent directors!

Either way, the members of the eight super funds above deserve to know their retirement savings are funding a campaign against the rule of law in the building industry, transparency in superannuation and the Coalition government.

Source: ACTU

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