Super has had a long and productive history to become today’s broad-based system worth $3.9 trillion*
In the 1970s and 80s, the early super system was supporting schemes for white-collar workers and those working in the government sector. Then, the creation of Cbus in the mid-1980s transformed our retirement system.
On 1 July 1984, the Fund was created as the Building Unions Superannuation Scheme, also known as BUSS. Its origin goes back to a dispute in the building and construction industry where building union leaders and Australian Council of Trade Union (ACTU) officials agreed to settle the dispute, converting an agreed wage increase into super.
They also negotiated for BUSS to be overseen by a board comprising of equal numbers of employer and employee union representatives, establishing the consensus-based trustee structure that remains at the heart of industry super funds and our member-first focus.
It was an immediate success. Within the first six months, the desire to sign up to the new retirement saving fund saw 30,000 members join.
Employers started out contributing $9 a week for their employees as well as $1 for administration and $1 for insurance. Our founding employers were supportive of contributing to a general scheme super fund for workers and recognising the benefits of a dignified retirement for all workers.
Many of the innovations from the foundation of Cbus stand today; simplicity of information, portability between workplaces, tailored death and TPD cover, low administration fees and investing into our members’ sectors.
“It was a very visionary model. It allowed both employers and employees involvement in the superannuation funds. In the long term this model really worked.” Mavis Robertson, First Fund Secretary
In just one generation, working Australians have gone from retiring with the aged pension only, to having a supplementary pool of retirement income savings built by employer contributions, invested by a team of highly experienced investment professionals.
Forty years later, we support over 225,000 employers and 920,000 members with retirement savings totalling $94 billion†. And, while we’ve had a few names (BUSS, C+BUS, Cbus) along the way and merged with other funds like Media Super and EISS Super, we’ve never forgotten where we came from and why we do it.
Thank you for your continued support so your employees – our members – can enjoy the retirement they’ve worked so hard for.
* ASFA, 2024, Super statistics, superannuation.asn.au/resources/super-stats/, accessed on 9 July 2024
† As at 30 June 2024
"Before compulsory super in the building and construction industry, someone who’d been in the industry for 35 years would be stood down at age 60 without a cent to live on. Now, people will retire with a reasonable amount of money."
John Bavich, director of J.G.B. Contracting Services, contractors for Kalgoorlie gold and nickel mines, November 1995.
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July 2024
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