New data from the Australian Prudential Regulation Authority has revealed unions, including the controversial CFMEU, benefitted from about $14 million drawn from the retirement savings of every day Australians.
Data released by financial watchdog APRA has found unions, including the CFMEU , benefitted from millions in funding drawn from every day Australians' retirement savings.
Between them, AustralianSuper, Australian Retirement Trust, Aware Super, BUSSQ, CBUS, First Super, and Mine Super handed $14 million to various unions over the period, with $3.8 million given to the CFMEU and CFMMEU. The funding was provided before the Albanese government forced the controversial union into administration after serious allegations of corruption and links to organised crime surfaced in July.
Elsewhere, several other powerful unions have benefitted from the backing of superfunds, including The Australian Workers Union, United Workers Union and the Australian Manufacturing Worker's Union. Speaking to the Australian Financial Review Business Summit on Wednesday ahead of the data being released, APRA deputy chair Margaret Cole warned the financial regulator would continue to apply greater scrutiny to how funds used member's savings.
Australiansuper CFMMEU The Australian Workers Union Superannuation United Workers Union Health Services Union Margaret Cole CFMEU Mine Super TAWU Australian Prudential Regulation Authority UWU Albanese Government First Super AMWU HESTA Aware Super Australian Manufacturing Worker's Union Hostplus
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