As we showed on Thursday, over the last 10 years, industry super funds have transferred $50 million to unions.
The growth tracks the growth of the funds under management by industry superannuation
How will the future look without reform?
If this rate of growth continues over the next ten years, industry funds will be paying unions $22 million a year by 2027.
This is a low estimate, as we don’t know the full amount paid to unions. Our calculations are only based on payments the super funds have had to disclose to the Australian Electoral Commission by unions affiliated with the Australian Labor Party (ALP).
What about all the payments to unions that are not affiliated to the ALP? The true amount of the already sizeable cash transfers from super funds to unions would be even bigger if we included unions which aren’t affiliated with the Labor Party.