Super Review understands that Cbus will be appearing at tomorrow’s Senate economics committee hearing.
Following speculation regarding Cbus’ appearance at Senate economics, Super Review 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 APRA 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.”
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
Rest has joined forces with alternative asset manager Blue Owl Capital, co-investing in a real estate trust, with the aim of capitalising on systemic changes in debt financing.
The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO.