Union Super Funds To Bankroll New Far-Left Publication

The HR Nicholls Society has previous raised concerns about the use of superannuation funds to advance the union agenda with a special commissioned report by Barry Rafe on anti-competitive superannuation requirements in the Fair Work Australia Act and a presentation at our last conference by Paul Fletcher MP on superannuation being used to expand union power and influence. 

Now, it appears that industry super funds are preparing to use their members money to bankroll a new far-left online publication:

Some of Australia’s biggest industry superannuation outfits are using member funds to quietly bankroll a new online news venture guided by Crikey backer Eric Beecher, with plans to promote the venture to their millions of members…
The industry super funds ploughing $3 million into the venture include AustralianSuper, the country’s biggest superannuation fund, United Super, the trustee of construction industry fund Cbus, and Industry Super Holdings, a company that owns various industry fund entities…

Several Labor, union, media and industry fund identities – including industry funds stalwart Garry Weaven, former Victorian premier Steve Bracks – are believed to be, or have recently been, connected to the venture.

Documents lodged with the Australian Securities and Investments Commission show that The New Daily’s owners are AustralianSuper, United Super and Industry Super Holdings, with each holding 2 million of the company’s 6 million shares. The documents show the owners paid a combined $3 million for their shares.

The directors include former ACTU official Garry Weaven and former Labor Premier Steve Bracks. The Editor in Chief is the far-left former Age Editor Bruce Guthrie, as is Eric Beecher from Crikey.

As Andrew Bolt rightly notes:” Surely this is a highly inappropriate use of the superannuation funds of union members, especially when the market for on-line Leftist journalism is now so very, very crowded:”

The growing use of superannuation fund monies to fund far-left activism is surely further evidence that a review of the system is desperately needed.

 

3 replies
  1. John Gault
    John Gault says:

    I understand that the taxpayer owned and funded ABC is contributing “in kind” with editorial material and content to this publication. Can someone tell me where in the Charter of the ABC this is permitted?

    Reply
  2. High Treason
    High Treason says:

    I dare say the holders of these superannuation accounts will not be pleased that THEIR retirement money is used to sponsor political causes without consent or possibility of a profit. It is clearly a misuse of the funds which would have to be in contravention of the guidelines. The trustees who authorized this are clearly guilty of unlawful activity. This should be a cut and dried affair.

    Reply

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