Interestingly, it's the Australian Greens, not the Federal Opposition, that are pressing APRA for more transparency. Historically, this line of questioning has been predominantly carried out by the Federal Opposition during Senate Estimates.
Led by South Australian Greens Senator Barbara Pocock, the latest push seeks to unveil the depths of APRA's investigations and expenditures. Pocock’s line of inquiry traces back to past questions posed by New South Wales Liberal Senator Andrew Bragg, along with responses from APRA during previous Senate committee meetings. According to those instances, APRA has had an "ongoing investigation in relation to payments of a superannuation fund to another party" for around two years.
The timeline mentioned by APRA’s deputy chair, Margaret Cole, further kindled the need for clarity. In this context, Senator Pocock has demanded specific details regarding the investigations.
Pocock's primary questions to APRA include:
- For the financial years 2022-23 and 2023-24:
- How much has APRA allocated for external legal advice on the matter?
- What are the total hours logged by the internal investigation team?
These queries emerged from a Senate estimates hearing on June 17 and await APRA's response.
This wave of scrutiny on APRA's methods and expenditures aligns with broader allegations currently surrounding entities such as the Construction, Forestry, Maritime, Mining and Energy Union (CFMMEU). Furthermore, the Federal Opposition has voiced accusations that the Cbus, a prominent construction industry fund, may be "compromised."
The pressure on APRA from the Australian Greens underscores a broader concern about the transparency and accountability of financial oversight bodies in Australia. This development marks an unanticipated turn, highlighting bipartisan concern over superannuation fund governance.
