Construction and Building Unions Superannuation (Cbus) is an Australian industry super fund. It is one of Australia's largest super funds. It is open to all members of the public as a public offer fund. Due to its mutual fund structure, Cbus retains all profits to members.
The fund was established in 1984 by the Building Workers' Industrial Union of Australia to provide a retirement savings vehicle for workers in construction and other affiliated industries.[citation needed]
In August 2024, the Australian Prudential Regulation Authority (APRA) mandated that Cbus commission an independent review into the role of CFMEU-appointed directors on the fund's board, following the decision of the federal government to place the majority of the CFMEU's into external administration.[2] The APRA review found that the fund "lacked proper systems, processes and frameworks for documenting and assessing if spending was in members' best financial interests". It was subsequently reported that Cbus had hosted a 40th anniversary event in July 2024.[3]
In November 2024, the Australian Securities and Investments Commission (ASIC) took Cbus to court for failing to process more than 10,000 death and disability claims in a timely way. Cbus was fined $23.5 million in November 2025. It also paid $32 million in compensation to 7402 people in relation to the case.[4]
Features
There are over 136,000 employers that have made Cbus the default fund for their employees, and the fund manages roughly $85 billion in retirement savings.[5]
Governance
United Super Pty Ltd is the Trustee of Cbus Superannuation Fund. The Directors of United Super Pty Ltd are appointed in equal number from member and employer associations in the construction and building industries. Two independent directors sit on the board.[6]
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