Following speculation regarding Cbus’ appearance at Senate economics, InvestorDaily has learnt that the fund will, in fact, be present.
We understand that the fund was initially hesitant, having received legal advice to wait for the Australian Prudential Regulation Authority to conclude its review to avoid jeopardising the outcome before it is finalised.
The Senate inquiry, looking into consumer experiences, choice and outcomes in Australia’s retirement system, is taking place on Thursday.
On Tuesday, Senator Andrew Bragg told Sky News that Cbus has yet to confirm its attendance.
“The reason that I think it’s important they come is because the Housing Australia Future Fund is a centrepiece of Labor’s housing policy. And the one big super fund, which has committed members’ money, which is Cbus, has actually said that they would put in $500 million into this Housing Australia Future Fund. So, the idea that they wouldn’t come and give evidence, I think, is very concerning,” Bragg said at the time.
He also hinted that the Senate may compel Cbus to attend.
“We do have a range of powers at our disposal, but that’s subject to the agreement of Senate colleagues. Those discussions are happening as we speak,” he said.
“If it’s good enough for Qantas and good enough for PwC to be forced effectively to turn up and to engage with the Parliament, I think it’s very important that we maintain that principle because we are looking into matters of great public interest here. There is the CFMEU overlay, but there’s also the fact that this fund is seeking access to taxpayer funds through the crazy boondoggle Housing Australia Future Fund.”
