Tony Sheldon (NSW, Australian Labor Party) Share this | Hansard source

Conflicts of interest and bias are very good finishing points, because Senator Bragg's job for virtually his entire career before being elected to the Senate was being policy manager at the Financial Services Council. That means his job was to develop and push out policy ideas on behalf of the Financial Services Council members. Who are those members? They are big retail super funds like AMP and Colonial First State. That really tells you all you need to know about this motion. When we talk about vested interests in this place, it doesn't get any more vested than that. The massive for-profit super funds who have consistently charged their members higher fees and generated lower returns sent their chief lobbyist into the Senate via the Liberal Party, of course.

Now he comes in here every week and makes the same comments on the same policy initiatives. It's worth remembering that, while Senator Bragg was managing policy at the Financial Services Council, its members engaged in some of the most disgraceful corporate misconduct ever seen, as was revealed in the banking royal commission: billing the dead for financial advice, deliberately misleading regulators, lending to people with no capacity to repay, charging fees for no service and pushing dodgy financial advice and insurance products onto vulnerable people. Somehow being the policy officer for these companies qualified him to be put at the top of the Liberal Party's New South Wales Senate ticket, which tells you all you need to know about the cosy relationship between the Liberal Party and the biggest rip-off merchants in this country.

Listening to Senator Bragg talk about what is best for your superannuation is like listening to Alan Joyce talk about what's best for aviation policy. Let's talk about Cbus. The Chant West Super Fund Awards are one of the most prestigious awards for the super industry in Australia. Earlier this year, at the 2024 awards, Cbus Super was recognised as the best fund for responsible investment, named the best fund for member services for the second year running and named the best specialist fund of the year for the fifth year running. It was also shortlisted in the top three for Super Fund of the Year. I noticed something else interesting in the shortlist for Super Fund of the Year. Of the 10 funds shortlisted, there was not a single retail fund. It almost makes you wonder if the retail for-profit funds charge higher fees, deliver worse services and generate inferior returns. In fact, we know that it's true because modelling by independent body SuperRatings has consistently found this to be the case.

On one hand, industry super funds, including Cbus, are consistently recognised as delivering better outcomes for members, charging lower fees and generating higher returns. On the other hand, you have retail super funds consistently delivering worse outcomes for members, charging higher fees and generating lower returns and being exposed by a royal commission as grossly extorting and ripping off their members with ridiculous fees while deliberately misleading regulators. So why does Senator Bragg hate industry super so much? Why does he lobby so hard for retail super? Could it be because of his previous employment as their policy manager, or maybe he just hates the idea of unions and employers working together jointly managing super funds and delivering better returns for members?

And lastly, there was an important announcement yesterday made by Cbus titled 'Independent review confirms Cbus Super directors fit and proper'. It goes on to say:

All existing and new directors on the Cbus Super board have satisfied a 'fit and proper persons test' as part of an ongoing independent review being conducted by Deloitte at the direction of APRA.

…    …    …

After applying a comprehensive 'fit and proper persons test' the Cbus Board confirmed the appointment of three directors nominated by the CFMEU.

They are Paddy Crumlin, Jason O'Mara and Lucy Weber. I'd like to congratulate the new board appointments because it's critically important that construction workers have representation on the construction industry super fund. Anyone who tells you otherwise might be looking out for their own vested interests in the banking industry.