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.

History

The fund was established in 1984 by the predecessor unions of the CFMEU, to provide a retirement savings vehicle for workers in

construction Construction are processes involved in delivering buildings, infrastructure, industrial facilities, and associated activities through to the end of their life. It typically starts with planning, financing, and design that continues until the a ...

and other affiliated industries. In August 2024, the

Australian Prudential Regulation Authority 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 recom ...

(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. 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.

Features

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.

Governance

United Super Pty Ltd is the

Trustee Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, refers to anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the ...

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. The current

Chair A chair is a type of seat, typically designed for one person and consisting of one or more legs, a flat or slightly angled seat and a back-rest. It may be made of wood, metal, or synthetic materials, and may be padded or upholstered in vario ...

of the board is Wayne Swan, former

Treasurer of Australia The Treasurer of Australia, also known as the Federal Treasurer or more simply the Treasurer, is the Federal Executive Council (Australia), minister of state of the Australia, Commonwealth of Australia charged with overseeing government revenu ...

. The prior chair to Swan was the former Victorian Premier Steve Bracks.

References

External links

* {{Official website, http://www.cbussuper.com.au/, Cbus Super official website Companies based in Melbourne Superannuation funds in Australia Australian companies established in 1984