May 14, 2021

Industry Super Funds

Sick of pollies rorting hard-working taxpayers?  Want some share of the slush going around?

So join a union.  Become a Slush Puppy ‘n share in the slush!  Join one of them (sic) industry super funds with close ties to the unions.  Get your hands dirty in the till!

Union Hands in the Till

The dodgy valuation methods artificially inflate the investment performance to lure unwitting members.

Compare Industry and Retail Super FundsLower fees and invest in better assets?  Crapiola!

 

Consider, Industry Super Fund Cbus and its $28 billion retirement fund is very cosy with the Construction, Forestry, Mining and Energy Union (CFMEU).  Most Cbus employees are former union officials and it is commercially dependent upon the CFMEU because the union is a key negotiator in enterprise bargaining agreements, which nominates Cbus as the default super fund for its members. Opt in or else!

Superannuation is compulsory for employers to pay you see, so if the union says join Cbus or else, why choice do you have, especially when the persuasion wears a hard hat and stand over you?

CFMEU Brian ParkerOpt in, or else I’ll get Perkovic on to you, you piece of shit!

 

CFMEU NSW boss Brian Parker is accused of illegally banking $130,000 in donations from Chinese property developer, Jian Qui Zhang, to pay for a speaking tour organised by the Irish republican Friends of Sinn Fein group, $30,000 into a union “fighting fund” and $20,000 toward union picnics and payments for tickets to union dinners, among other payments.

Union officials always have fat walletsEvery wondered why union officials always have fat wallets?

 

CFMEU ­Victoria secretary John Setka is facing blackmail charges relating to an illegal secondary boycott against concrete maker Boral in Melbourne.

Maria Butera and Lisa Zanatta at Cbus followed CEO David Atkin’s instructions to leak confidential member details of more than 400 Cbus superannuation members to CFMEU’s NSW boss Brian Parker as part of the union’s intimidation tactics against builder Lis-Con.   They lied to the Royal Commission and they’re both going to gaol. Atkins should too, and the Cbus board should be sacked for systemic governance failures.

Cbus Governance“Out, damned spot! out, I say!”

There are links between the unions and violent anarchists in Brisbane and with outlaw motorcycle gangs and with Labor Party slush funds.

Australia’s industry superannuation funds sector valued at over A$1 trillion is corrupt, and the regulator Australian Prudential Regulation Authority (APRA) turns a blind eye to breaches of governance, such as the example of CFMEU dumping Cbus as the default fund for tradies as part of an industrial dispute with developer Grocon in 2012.

Coercive conduct and conflicts of interest by the unions in enterprise bargaining is tied to the enforced allocation of industry funds upon employers to contribute employer superannuation payments on to employees superannuation funds.  It’s bloody compulsory they threaten!

Unions on the Take

Industry superannuation funds pay substantial sums to the unions with which they are associated including directors’ fees, reimbursement of director’s expenses, office rental, advertising expenses and sponsorship.  The Transport Workers Union’s industry super fund, TWU Super, between 2007 and 2014 has been found to have paid in excess of $6 million directly to the TWU and its branches.

Slush or what?

It’s a bloody rort.  There are hands in tills everywhere.

Union Picnic DayUnion Picnic Day

 

No ‘limp lettuce’ laws;  Australia’s Corporations Act 2001 and the Superannuation Industry (Supervision) Act 1993 both need an overhaul to stop the rot – the missing millions, the secret payments, the shonky bookkeeping, blackmailing, bribery, money laundering, corruption, the conflicts of interest, the institutional links between trade unions and industry superannuation funds, and the slush to the Labor Party, pre-selection deals.

Sounds like Malaysian business as usual.

Bill Shorten wont do anything.  He is a slush beneficiary, like most Labor MPs and senators. No ticket, no pre-selection. No wonder Labor’s Paul Keating set it up back in 1993.

Australian workers deserve a national implementation of the Heydon Royal Commission recommendations into union governance and corruption.   This needs to extend to the superannuation industry, the finance and banking sector, to businesses, to political parties, organisations and individuals.  No one is to be immune.

 

Flying Eureka against Union Tyranny and CorruptionFlying Eureka against union tyranny and corruption

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