Cbus used nearly $400,000 earmarked for staff professional development to host a 40th birthday bash for the fund for more than 750 guests, but deemed this spending to be in members’ best financial interests.

The construction industry superannuation giant said it ran an all-staff strategy day before the party, but used the professional development budget for the combined event. As Cbus is a profit-to-member fund, these funds were taken from workers’ retirement savings.