This article needs additional citations for verification .(September 2023) |
Company type | Mutual fund |
---|---|
Industry | Industry Superannuation |
Headquarters | Wesley Place, Level 22, 130 Lonsdale Street, Melbourne, Victoria, Australia |
Key people | Kristian Fok, CEO Wayne Swan, Chairman |
Products | Superannuation |
Revenue | A$90+ billion [1] (funds under management) |
Members | 900,000 |
Number of employees | 800+ |
Website | cbussuper |
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 predecessor unions of the CFMEU, to provide a retirement savings vehicle for workers in construction and other affiliated industries.
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 birthday" party in July 2024 at a cost of nearly $400,000, "attended by staff, stakeholders and industry participants, including the controversial then-boss of the CFMEU’s Victorian branch, John Setka", which had been classed as a "staff professional development" expense. [3]
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. [4]
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. An Independent Director also sits on the board. [5]
The current Chair of the board is Wayne Swan, former Treasurer of Australia.
The prior chair to Swan was the former Victorian Premier Steve Bracks.
A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.
The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the recommendations of the Wallis Inquiry. APRA's authority and scope is determined pursuant to the Australian Prudential Regulation Authority Act, 1998 (Cth).
Wayne Maxwell Swan is an Australian politician serving as the 25th and current National President of the Labor Party since 2018, previously serving as the 14th deputy prime minister of Australia and the deputy leader of the Labor Party from 2010 to 2013, and the treasurer of Australia from 2007 to 2013.
Australian labour law sets the rights of working people, the role of trade unions, and democracy at work, and the duties of employers, across the Commonwealth and in states. Under the Fair Work Act 2009, the Fair Work Commission creates a national minimum wage and oversees National Employment Standards for fair hours, holidays, parental leave and job security. The FWC also creates modern awards that apply to most sectors of work, numbering 150 in 2024, with minimum pay scales, and better rights for overtime, holidays, paid leave, and superannuation for a pension in retirement. Beyond this floor of rights, trade unions and employers often create enterprise bargaining agreements for better wages and conditions in their workplaces. In 2024, collective agreements covered 15% of employees, while 22% of employees were classified as "casual", meaning that they lose many protections other workers have. Australia's laws on the right to take collective action are among the most restrictive in the developed world, and Australia does not have a general law protecting workers' rights to vote and elect worker directors on corporation boards as do most other wealthy OECD countries.
The Construction, Forestry and Maritime Employees Union (CFMEU) is Australia's largest union in the construction, forestry, maritime, textile, clothing and footwear production industries.
Superannuation in Australia, or "super", is a savings system for workplace pensions in retirement. It involves money earned by an employee being placed into an investment fund to be made legally available to members upon retirement. Employers make compulsory payments to these funds at a proportion of their employee's wages. From July 2024, the mandatory minimum "guarantee" contribution is 11.5%, rising to 12% from 2025. The superannuation guarantee was introduced by the Hawke government to promote self-funded retirement savings, reducing reliance on a publicly funded pension system. Legislation to support the introduction of the superannuation guarantee was passed by the Keating Government in 1992.
KiwiSaver is a New Zealand savings scheme which has been operating since 2 July 2007. Participants can normally access their KiwiSaver funds only after the age of 65, but can withdraw them earlier in certain limited circumstances, for example if undergoing significant financial hardship or to use a deposit for a first home.
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Sunsuper Superannuation Fund (Sunsuper) was an Australian public offer industry superannuation fund based in Brisbane, Queensland, Australia. It was established in 1987 as a multi-industry superannuation fund open to all workers and is profit-for-members. Sunsuper was the largest superannuation fund by membership in Queensland, with 1.3 million members and over 100,000 default employers. As at December 2020, it had more than A$79 billion in funds under management.
ME Bank, also known as ME, is an Australian direct bank based in Melbourne. It became a subsidiary of Bank of Queensland in July 2021.
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AustralianSuper is an Australian superannuation fund headquartered in Melbourne, Victoria. It is an industry super fund, and so operates through a mutual fund structure.
MySuper is part of the Stronger Super reforms announced in September 2011 by the Gillard Labor government for the Australian superannuation industry to replace the previous default funds system with a new default system using low cost and simple superannuation products. MySuper compliant products may be provided by industry super funds, as well as retail super funds. Funds that do not operate as default funds, such as self managed superannuation funds (SMSFs) or choice products, are not subject to MySuper standards.
Padraig "Paddy" Crumlin is an Australian trade unionist. In addition to his leadership of the Maritime Union of Australia since 2000, he has been the President of the International Transport Workers' Federation (ITF) since 2010 and the National President of the Construction, Forestry and Maritime Employees Union since 2021.
The New Daily is an online Australian newspaper founded in 2013, and owned by Industry Super Holdings, which represents industry superannuation funds.
John Setka is a former Australian trade unionist and family violence perpetrator.
Industry Super Australia (ISA) is peak body for industry super funds in Australia.
In Australia, the term 'Retail superannuation fund' refers to a superannuation provider that is not an Industry superannuation fund, and so weren't established by a trade union as a method of managing worker retirement savings.
TWUSUPER is an Australian industry superannuation fund.