Cbus 40 years on: created by workers, for workers

Cbus

1 July 2024 marked Cbus Super’s 40^th anniversary since its establishment in 1984.

In the 1980s our founding members and unions, of which included chief amongst them the Australian Council of Trade Unions (ACTU), saw inequality in the retirement system and were determined to change it. They had a better idea: giving workers a say in the way that capital was invested for their futures to achieve an adequate retirement free from worry of going without. They fought for this reform, from the shop floor, site by site, workplace by workplace – to benefit union members and working people generally.

Cbus, or BUSS as it was known back then, was established after a decisive advance by the building unions to convert a wage increase into superannuation. Building union leaders and ACTU officials negotiated for BUSS to be overseen by a board comprising equal numbers of employer and employee union representatives, establishing the consensus based Trustee structure, which is at the heart of industry super funds. In those early days, a group of visionaries including Tom McDonald, Garry Weaven and Mavis Robertson AM worked tirelessly with others to create something better for building workers.  

From our first members contributing $9 a week in 1984, 40 years later Cbus has grown to 910,000 members with $90 billion funds under management, as at 31 January 2024, and the default investment option, Growth (MySuper), averaging an annual return of 8.89%* since inception.

Protecting what really matters

Despite our size today, we haven’t forgotten where we came from and why we are here. We are proud to be one of Australia’s leading industry super funds for building and construction workers, providing superannuation and income stream accounts to our hard-working members. We are a fund tailored to our members’ circumstances and needs. Our insurance model was considered innovative in 1984, because it provided affordable insurance for workers in a dangerous industry – insurance that was otherwise prohibitively expensive. To this day, it continues to be an affordable scheme that takes account of the nature of the building and construction industry.

Investing heavily in the building and construction industry

We have a proven track record of investing back into our communities – supporting industries that are important to our members and creating better retirement outcomes. A wholly owned entity of Cbus Super, Cbus Property^# is a national integrated property investor and developer, with major investments and developments in the commercial office, residential and retail sectors across Australia. By investing in the building and construction industry through Cbus Property, we have delivered strong long-term returns for members and created thousands of jobs^§. Our continued commitment to investing in the real economy means we believe we’ll be an active participant in affordable housing and the decarbonising economy.

In this anniversary year, we thank our founding members, unions and leaders such as the ACTU for their vision, hard work and lasting legacy. Their collaboration improved, and continues to improve, the lives of working people in this country. We will continue to evolve, lead, advocate and create value from the strong foundation and vision that was created four decades ago.  

To find out more, visit cbussuper.com.au

* Performance as at 31 December 2023. The Growth (MySuper) investment performance is based on the crediting rate, which is the return minus investment fees, taxes and until 31 January 2020, the percentage-based administration fee. Excludes fees and costs that are deducted directly from members’ accounts. Past performance isn’t a reliable indicator of future performance. The inception date is 1 July 1984.

^#Cbus Property Pty Ltd is a wholly-owned entity of Cbus Super and is responsible for the development and management of a portfolio of Cbus Super’s property investments.

^§Estimated jobs since 2006 to June 2023 based on inductions for completed and committed developments. Past performance is not a reliable indicator of future performance.

Insurance is issued under a group policy with our insurer, TAL Life Limited ABN 70 050 109 450 AFSL 237848.

This information is about Cbus Super. It doesn’t account for your specific needs. Please consider your financial position, objectives and requirements before making financial decisions. Read the relevant Product Disclosure Statement (PDS) and Target Market Determination to decide if Cbus Super is right for you. Call 1300 361 784 or visit cbussuper.com.au.  

United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as Trustee for the Construction and Building Unions Superannuation Fund ABN 75 493 363 262 offering Cbus Super and Media Super products (Cbus and/or Cbus Super).