The royal commission asked for CBUS documents, examined them, and decided to leave it there.
For people wanting a searing examination of industry funds, which have long had better financial returns to customers than the for-profit funds, the disappointment got worse.
Australian Super, Australia’s biggest fund, sailed through its examination.
The level of discussion, debate and analysis the $140 billion fund put into preparing for a $2 million investment in a news website, The New Daily, was both exhaustive and debated at board level.
After all that, it was revealed that the investment was less than the cost of mailing a letter to every member, once.
Further, the fund’s chief executive Ian Silk was examined about the political nature of a series of TV advertisements called “Fox in the henhouse” about how retail funds are a bad deal for consumers.
The question was how it was in members’ best interests to spend the money.
Mr Silk defended the campaign as a way to safeguard the broader system of industry funds.
Best interests? Commissioner Kenneth Hayne will make up his own mind.
But forget 30 seconds of pictures of foxes, emotive music and a scary voiceover about retail funds. We just sat through four days of evidence about them that was truly terrifying.
While News Corp boosts Sudanese “crime gangs” that don’t exist. Lebanese mafia, and bikies,. While it focuses on dole bludgers and pilfering of petty cash it ignores the systematic damage and criminal theft done to all of us by what they revere as our fundamental and respected institutions that reflect the foundation of how a neoliberal society should operate. We have become the 51rst state of America and out of sync with the values of the rest of the world. We are drowning but not even waving (ODT)
The biggest financial swindle in Australian history was not masterminded by a smooth-talking shyster in silk tie and fancy loafers.
It didn’t involve complex money shifting to the Bahamas, the establishment of sham companies or falsified documents.
The biggest financial scam ever perpetrated against ordinary Australians unfolded – and continues to unfold – in plain sight.
The government knows it’s happening. Regulators know it’s happening. The people responsible for safeguarding the money being effectively stolen know it’s happening.
And no one is doing anything significant to stop it.
Dylan Voller, who’s been at the centre of the Northern Territory Royal Commission investigating mistreatment of youth at Darwin’s Don Dale Youth Detention Centre, today appeared in the NT Supreme Court via video link from Alice Springs. Voller’s supervision conditions were changed to allow him to occasionally spend the night at his brother’s house in Alice Springs while transitioning out of BushMob. “I’ve been really looking forward and am re-integrating back into the community like a normal person.”
A former Don Dale Youth Detention Centre guard says the security climate was “spiralling out of control” in the lead up to an incident where boys were tear-gassed. Ex Youth Justice Officer Leonard De Souza told the Northern Territory juvenile justice royal commission that Don Dale was struggling with overcrowding, increased lock-downs, dismal training and staff shortages. He said new guards only received three days of training in assault responses and never learnt skills in suicide prevention, cultural awareness or dealing with emergency situations.
A former Northern Territory youth prison guard who was on duty when some boys were tear gassed at a youth detention centre has told an inquiry he was used as a scapegoat. Ben Kelleher worked at Darwin’s Don Dale facility in 2014 when boys were shackled, spit hooded and tear gassed after one escaped from solitary confinement and began trashing an exercise yard. The youth had been held in isolation for 17 days straight, for up to 23 hours per day, and had complained of being treated “like a dog”, the royal commission was told.
Exclusive: Dylan Voller is being “made an example of”, claims an organisation that works with disadvantaged young people.
A key witness to the NT child protection royal commission is giving evidence today.
Cardinal George Pell’s testimony to a child abuse royal commission has been delayed until next year because he is too unwell to travel to Australia.
Bill Shorten’s office rejects an apology from the trade union royal commission for its decision to clear him of wrongdoing late on a Friday night.
Those puzzled by the Heydon Gang’s decision to clear Bill Shorten of all criminal hypotheses months ahead of schedule need only look at the timing, writes Bob Ellis.
The trade union royal commission insists it meant no disrespect to Opposition Leader Bill Shorten by waiting until late on a Friday night to reveal it had effectively cleared him of wrongdoing.
Trade union royal commission delivers Kathy Jackson heads-up