Housing Investment Probity Bill 2024

The majority voted against a motion to agree with the main idea of the bill. In other words, they voted against reading the bill for a second time. This means the bill will not be considered any further.

What does this bill do?

According to the explanatory memorandum, which is a document prepared by the party introducing the bill (in this case, the Coalition Party):

This Bill would amend the Housing Australia Future Fund Act 2023 to prohibit the Housing Australia Future Fund (HAFF) from investing in housing-related assets or entities financed by Cbus Super.

By inserting an additional limitation in the HAFF’s governing legislation, this Bill will prohibit investments into potential housing-related projects that Cbus has or will invest in.

Cbus’ formal and legal affiliation with the CFMEU has made it an untenable party with which to do government business.

Allowing Cbus and its affiliate union, the CFMEU, to participate in the HAFF further risks the integrity of taxpayer funds.

The CFMEU currently has three board members on the Cbus board. This includes CFMEU National Secretary Dave Noonan, who is also on the board of Cbus Property. Following allegations of thuggery, organised crime and corruption, no steps have been taken at Cbus to remove those board members.