Tue, 23rd Jul 2024

In this week's Superannuation News Wrap, we discuss the cooperation between Cbus and CFMEU, focusing on Cbus's growth despite Senate questions about union-associated super funds. We also highlight the recent partnerships with EISS Super and Media Super underscoring the impact of unions on the industry. Then, we explore Spirit Super's strategic move to entrust its $30 billion in assets to J.P. Morgan for improved fund administration and efficient asset management. We comment on the challenges faced by APRA regarding their financial investigations into the link between trade unions and industry super funds, with the Australian Greens demanding a transparent accounting of APRA's auditing resources, time and costs. Finally, we conclude noting the continuously evolving landscape of the Australian superannuation industry and the increasing demands for accountability in high-stakes financial scenarios.