Michaelia Cash (WA, Liberal Party, Minister for Women) Share this | Hansard source

Thank you, Senator Duniam, for your question. Yes, I am. Senators will be aware that it was recently revealed that unions in Australia have now amassed assets in excess of $1.5 billion and have an annual income of $900 million. Colleagues, as we know, this has actually been achieved whilst, at the same time, union membership has been in freefall. As a result of an article in TheAustralian today by Simon Benson, we now have a much better understanding of just how unions have managed to amass this wealth. Employee entitlement funds, designed, for example—I don't know—to cover redundancy payments or ensure that sick workers are not disadvantaged by their circumstances, have been funnelling approximately $25 million each year back to unions.

Colleagues, unfortunately it won't come as a surprise to you that the CFMEU over the last four years has received $75 million from these employee entitlement funds. That is $75 million that should have gone to the workers but has instead been sent to Australia's most militant union. But there is a very, very serious issue that the Leader of the Opposition himself needs to answer. When he was leader of the AWU, we saw a cosy deal flourish between the AWU Victoria and income protection fund IUS Holdings. IUS provided income protection insurance to workers signed up to AWU agreements. Evidence shows that, between 2004 and 2007, payments worth in excess of half a million dollars were channelled to the AWU. Mr Shorten needs to explain how this occurred. (Time expired)