Cbus 40th birthday knees-up cost members $387k, fund admits

Cbus spent almost $400,000 on a party earlier this year, after the industry superannuation fund had allegedly mishandled $20m in insurance money and in some cases took more than a year to pay out death benefits or disability payments.

Wayne Swan (R) with protegee and now-Treasurer Jim Chalmers. Picture: Instagram

Cbus spent almost $400,000 on a party earlier this year, after the industry superannuation fund had allegedly mishandled $20m in insurance money and in some cases took more than a year to pay out death benefits or disability payments.

This party fell just days before damning allegations of criminal links were levelled at the Construction Forestry and Maritime Employees Union, which controlled three seats on the Cbus board.

Then CFMEU Victorian branch boss John Setka was reportedly one of the attendees at the July 1 Cbus party.

In answers to a question on notice from committee chair Andrew Bragg, Cbus said it spent “approximately $387,000” on the event.

CBUS Super chairman Wayne Swan appearing via video conference before the Senate Economics References Committee on November 29. Picture: NewsWire / Martin Ollman

It was previously known the party had taken place but the six-figure cost had not previously been publicised.

“The event involved over 750 attendees, including employees, stakeholders, and industry representatives,” Cbus said.

“The objective of the event was to secure alignment across employees and key stakeholders on strategies to ensure Cbus remains one of Australia’s largest, fastest growing, and best performing super funds for members.

“The cost of the event was approximately $387,000 and was met using pre allocated budget for professional development of staff.

“The cost comprises of delivery of strategic planning content, venue hire, food and drink, audio visual and production delivery cost.”

In an appearance before a Senate committee last month, Cbus chairman Wayne Swan confirmed the “40th birthday” had been held at the Regent Theatre in Melbourne.

At the time, Mr Swan – also the Labor Party’s national president – appeared only after resisting demands by the Senate economics references committee.

Mr Swan refused Senator Bragg’s requests but caved after being threatened he could be found in contempt of the Senate.