CBUS SUPER has announced a 19.34 percent return for its Growth (Cbus MySuper) option, the largest annual return in the fund’s 37-year history.

Cbus Super chief investment officer Kristian Fok said the outstanding result was a demonstration of the fund’s strategic approach to markets during Covid-19 volatility.

“I’m proud of the way that our investment teams have negotiated market volatility over the last 18 months,” Mr Fok said.

“Cbus was one of a small group of funds to achieve a positive result (0.75%) during the previous 2019/20 financial year. To then have the confidence to get back in the market is testament to the people and structures that we have put in place over the last five years.

“We managed our cashflow exceedingly well during the initial Covid-19 volatility which meant that we could invest for our members on the upswing.” 

Cbus Super now manages 35 percent of assets in-house. Mr Fok said building up this internal capacity has provided the fund greater insights into markets and allowed for a significant reduction in investment fees.

“We have reduced investment fees by $400 million since 2017 which has helped add to our returns,” he said.

“We have seen the cost of managing a dollar of savings fall by 8 percent compared to last year which is a really strong outcome. Results like this are strong indicator of the significant benefits of being involved in a fund of this scale.”

Mr Fok said the fund’s focus on increasing scale and reducing fees should serve members well as market conditions become more difficult.

“Obviously we would love to see strong double-digit returns like this every year but indications are that conditions will become tougher,” Mr Fok said.

“That’s why increasing scale and reducing investment costs is so important. Superannuation is a long-term game and the gains members see from fee savings will compound over time.”

Cbus Super CEO Justin Arter said the fund’s expertise in property and the built environment benefitted both members and the wider economy as the country struggled with Covid-19 lockdowns.

“There were stages last year where quality developments were struggling to get the finance they needed,” Mr Arter said.

“As banks were tightening lending, Kristian and his team were able to support successful developments to keep going at pivotal time for the construction industry. Cbus Property has also been able to commit to new projects during the height of the pandemic.

“Our lending enabled the delivery of 862 new residential units, which is a really important contribution given some of the supply constraints we are now seeing.

“On top of that, Cbus Property released 471 apartments to market during the last financial year, continuing their significant pipeline of work.

“We are proud of the record result we have achieved for members and of the way we have supported construction jobs and property supply at such an important time for the country.”

www.cbussuper.com.au

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THE Australian Charities and Not-for-profits Commission (ACNC) welcomes reforms that will further reduce the red tape burden for charities fundraising in New South Wales.

From July 1, charities registered with the ACNC can access a more simpleapplication process when applying to NSW Fair Tradingto receive or renew an authority to fundraise in that state.Registered charities that are fundraising authority holders will not be required to submit a separate annual returnto NSW Fair Trading - they will only need to report to the ACNC.

This reporting arrangement applies from the 2021 Annual Information Statement.

Acting ACNC Commissioner Anna Longley praised these reformsas "yet another step in reducingthe regulatory burden for charities". 

“These reforms will make it easier for charities to fundraise in New South Wales, allowing them to focus on their charitable purposes,” Ms Longley said. 

“One of our main goals is to reduce the regulatory burden for charities by minimising duplication and harmonising reporting.”

NSW Fair Trading website.

ACNC website

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THE Minerals Council of Australia will discuss its perspectives on cultural heritage protection and insights into improvements that could be made in the sector with the Northern Australia Committee at a public hearing tomorrow.

As well as this second appearance by the Minerals Council, the committee will also be hearing from Glencore/McArthur River Mine, Australian Archaeology Association, Australian Indigenous Archaeologists Association, Northern Land Council and Kokatha Aboriginal Corporation.

Northern Australia Committee Chair Warren Entsch noted that it would be interesting to hear the perspectives of archaeologists working in the area of Indigenous cultural heritage.

Mr Entsch stated he was "keen to engage with the Northern Land Council and the Kokatha Aboriginal Corporation in order to discuss their perspectives on issues that have been raised by other stakeholders".

The Australian Archaeology Association, in its submission, conveyed that situations comparable to Juukan Gorge, where Aboriginal sites having cultural significance to Traditional Owners, as well as scientific archaeological significance, are destroyed all too often.

A key issue for the Australian Indigenous Archaeologist’s Association is the dumbing down of Australia’s National, State and Territory Indigenous heritage legislation since the adoption of the EPBC Act in 1999.

A program for the public hearing is available on the committee’s website.

Public hearing details

Date: Tuesday, 6 July 2021
Time: 9am to 3pm AEST
Location: by video/teleconference

The hearings will be broadcast live at aph.gov.au/live.

Further details of the inquiry, including terms of reference, can be found on the Committee’s website.

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THE Accommodation Association has applauded National Cabinet’s four phase pathway out of the pandemic.

The international travel ban has significantly impacted metropolitan hotels particularly those in the international hubs of Sydney and Melbourne. Sydney hotels are currently at sub-2 percent occupancy and facing at least 50 percent cancellation rates all the way through to August as a result of the most recent state and territory border closures and restrictions. 

“The Accommodation Association along with the Australian Chamber of Commerce and Industry and several other peak bodies have been calling for National Cabinet to release its roadmap to recovery and we welcome the common-sense approach outlined in today’s four stage plan," Accommodation Association CEO Dean Long said.
 
“We look forward to continuing to work with government at all levels as we work towards establishing key milestones in learning to live safely with COVID within a more normal framework.
 
“Our sector more than most has been heavily hit as a result of the international travel ban and the ongoing domestic border closures and restrictions. Our people and our properties, especially those hotels and accommodation providers in Sydney and Melbourne, have been under immense pressure and today’s announcement means we can all breathe a little easier because an end is now in sight," Mr Long said.

“Hotel quarantine has been critically important to allow thousands of Australians return home. Our members look forward to working with the government to ensure all Australians that wish to return home can.
 
“We welcome the enhanced vaccination rollout, and we encourage all Australians to get vaccinated so that we can all get back to living and travelling sooner rather than later.”\

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