Industry super pays millions to ALP associated entities

Industry superannuation funds paid about 2.2% of all funds to political associated entities in the 2015-16 financial year.

Figures released by the Australian Electoral Commission show that industry super funds paid more than $4.8 million to associated entities of the Australian Labor Party.

These payments were, however, not donations but payments that the AEC defined as " 'other receipts' [that may be] interest on investments, dividends on shares, market rate rent received on properties owned".

They may also include payments for contracted distribution services and arrangements on commercial terms.

Of the largest top 20 industry super funds (by assets), HOSTPLUS made the largest payment in 2015-16 being more than $850,000 to United Voice, an ALP associated entity. HOSTPLUS was followed by CBUS ($628,829) and AustralianSuper ($553,869).

Parties and associated entities are required to provide details on receipts from all sources where the total is above $13,000. The data published by the AEC includes all receipts (whether labelled as a 'donation' or not) reported by associated entities.

These payments may also include super fund director fees passed to the associated entities.

Due to the nature of AEC reporting, it is unclear whether retail superannuation funds made any political donations - especially bank aligned super funds.

The full list of payments and donations can be found on the AEC website.

* This article has been amended. It was originally published as Industry super donates millions to ALP associated entities. This was incorrect as it inferred some payments to ALP associated entities were donations rather than 'other receipts' as classified by the AEC.

Read more: Australian Electoral CommissionAustralian Labor Party
Editor's Choice
Australian fintech investment in 2016 remained strong despite a 47.2% global slide in fintech investment, according to KPMG International's The Pulse of Fintech report.
Almost one in five Australians believe it is extremely important for their investments to be in sustainable companies.
Life insurance ranks the lowest of all insurance types, according to Roy Morgan research.
Northern Trust is working with multiple key stakeholders to launch the first commercial implementation of blockchain technology for the private equity sector.
Brought to you by
31 JAN 2017
Achieving the 7% return targeted by most pension funds is a far more complex and riskier process than it was 10 years ago, according to State Street Global Advisors' head of investments for Asia-Pacific ...
Get it Daily
Keep up to date, don't be the last to know! Get the Financial Standard Daily Newsletter.
Pocket investment guides featuring adviser case studies and a glossary.
Investing trends and strategies from the industry’s thought leaders.
Putting the spotlight on investment products that matter.
Expert Feed
Alex Dunnin
Taking the risk out of insurance reform
Dysfunctional arguments Americans have regarding their Affordable Care Act remind us how poorly most people understand insurance. Following ...
David Gallagher
When 'independence' depends on one's political philosophy
I have been struck this past week by the politicisation of the term 'independence' when it is used in the context of superannuation ...
Christopher Page
Redefining the family office
While the family office model has traditionally been the preserve of the ultra-rich, this may be changing very soon. Last week, Findex ...
Michelle Baltazar
When the disruptors are getting disrupted
2017 is going to be another year for the disruptors, including managed accounts providers - but their challengers, too, are not too ...
Featured Profile
Professional Subscription for $295
(inc GST) for 1 year.
FS Advice
The Australian Journal of Financial Planning.
Get the free iPad app
Download the Financial Standard iPad app for FREE.
Link to something ZEP6dvpY