APRA documents detail super fund payments to political entities surged in election years.
’s Treasury review in 2020 as having “several shortcomings”, particularly that its forecasts were based on what the top 20 per cent of earners would allegedly need for a comfortable retirement.
Nevertheless, we digress. According to Jones, he made it “very, very clear that any donation would have to be specifically declared, that any expenditure in funding to a business or a union or industrial association would have to be specifically declared”. The prudential regulator is investigating super fund payments to parties and, thanks to some nifty freedom of information work by our Wealth Editor, we got one of 81 documents that form the Australian Prudential Regulation Authority’s inquiries.
Curiously, there is little rhyme or reason to the scale of payments. AustralianSuper, the biggest fund, made $8 million of payments, while the much smaller Cbus, now chaired byMichael O’Connor, recorded $5 million in payments, while LUCRF Super, recently chaired by United Workers Union national secretaryOddly enough, the 2018-19 financial year ranks the highest in terms of gross payments of the most recent five financial years. The $40.
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