CBUS Super Scandal

Australia's super funds have assets of over $3.9 trillion. For an industry holding so much money you would expect the highest standards of corporate governance. Investigative reporter Adele Ferguson spoke to 7.30's Sarah Ferguson about the Cbus scandal.

Cbus — the Construction and Building Unions Superannuation fund — is one of Australia's largest industry super funds, managing the retirement savings of hundreds of thousands of construction workers. But questions about its governance, its relationship with the CFMEU, and the conduct of its leadership had been mounting for years.

Adele Ferguson's investigation for ABC 7.30, broadcast in November 2024, examined the governance failures at Cbus and the broader questions they raised about accountability in Australia's $3.9 trillion superannuation sector.

The investigation drew on documents, interviews with insiders, and analysis of the fund's governance structure — raising serious questions about whether the interests of members were being properly protected, and whether the regulatory framework governing industry super funds was adequate.

The Cbus scandal was part of a broader pattern of governance failures in the superannuation sector that Ferguson had been tracking — a sector that had grown enormously in size and influence but had not always kept pace with the governance standards that such responsibility demanded.

The investigation contributed to growing pressure on regulators and the government to strengthen oversight of the superannuation sector and ensure that the retirement savings of ordinary Australians were being managed with the care and accountability they deserved.