Wayne Swan accused of super funds ‘conflict’ after committing Cbus funds to ALP housing plan

The opposition has accused Cbus chairman and Labor Party national president Wayne Swan of having a conflict of interest after committing $500m to support government goals.

Wayne Swan (right) at the Albanese Government’s first investor roundtable in Sydney on Friday. Picture: NCA NewsWire/Nikki Short

The opposition has accused Cbus chairman and Labor Party national president Wayne Swan of pursuing “pet interests” and having a conflict of interest after he committed $500m of members’ money to support the government’s social and affordable housing goals.

Opposition Treasury spokesman Angus Taylor said “this is Australians’ money, not the government’s and this should be the first principle guiding all investments about Australian super”.

“The purpose of super is to support Australians’ retirement, not pursue pet projects,” Mr Taylor told The Australian. “Protecting hard-earned savings through high-quality investments must always take priority. It’s imperative Cbus are confident that this investment will provide returns to their members before, not after they commit this funding.”

Senator Andrew Bragg. Picture. Luis Enrique Ascui

Liberal senator Andrew Bragg said “I think it’s a completely warped approach: to use taxpayer funds to support super funds buying houses, but not allow people to use their own super (to buy their own homes)”.

“In terms of this particular announcement, it’s very telling that Mr Swan, who is chair of Cbus and the Labor Party, is wanting to use members’ money before the details of this scheme is even known,” Senator Bragg, deputy chair of the Senate economics committee, said. “This has got to be the greatest conflict in Australian politics right now.”

The Australian revealed Mr Swan had made the half-a-billion-dollar commitment at Jim Chalmers’ first investor roundtable on Friday, with the funds to be channelled through the National Housing Finance and Investment Corporation, which provides capital to community housing developers.

The roundtable gathered leaders of the major banks, major industry super funds and fund managers with building industry and community housing groups.

A Cbus spokesman said “this type of investment in affordable housing has traditionally enjoyed bipartisan support”.