Coalition seeks to ban Cbus involvement in housing fund
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The news: The Liberal-Nationals coalition says it will introduce a new bill to ban the involvement of construction industry super fund Cbus in the federal government’s Housing Australia Future Fund (HAFF).
The numbers: The bill would prohibit the government’s $10 billion HAFF from making any payments to Cbus or housing related entities financed by Cbus, shadow Assistant Minister for Home Ownership, Senator Andrew Bragg, said in a statement.
The prohibition will operate while the embattled Construction, Forestry and Maritime Employees Union (CFMEU) is under administration.
The context: “The Coalition will act to protect taxpayer funds invested in the Housing Australia Future Fund being plundered by the CFMEU,” Bragg said, adding that three of the 14 directors on Cbus Super’s board are CFMEU officials.
However, Cbus said only one of the directors was a CFMEU official while two others were CFMEU nominated and not officials from the union.
The announcement comes just days after the Coalition agreed to back the federal government's bill to place the scandal-plagued construction union into administration after recent allegations the union had been infiltrated by bikie gangs.
HAFF, which passed the Senate in September 2023, is a dedicated investment vehicle to provide additional funding for social and affordable housing.
Earlier this month, the prudential regulator ordered a spending review for two super funds, including Cbus, with links to the CFMEU.
The source: Statement from Senator Andrew Bragg
