‘Big end of town’ unions and the deals their leaders do benefit union coffers at the expense of workers #auspolhttps://t.co/OS6tCMxJ5m

— Michaelia Cash (@SenatorCash) September 5, 2017

Unions amass $1.5bn war chest as membership falls

• The Australian
• 12:00AM September 6, 2017SIMON BENSON
• 

  National Political Editor

  Sydney

  @simonbenson

  

The first comprehensive analysis of union financial records has revealed the real wealth of the Labor Party’s industrial wing, now largely funded through “rivers of gold” from superannuation funds and workers’ entitlement trusts.

At the same time, official data from 1990 until last year confirms the continuing decline in the number of union members, whose fees unions once relied on to fund their operations. Membership has fallen to just 10 per cent of the private sector workforce.

The stark disparity reflects a trade union movement no longer reliant on its membership base as its chief financing source. Large amounts of income now flow from various industry worker entitlement trusts, which combined are worth more than $2bn.

Financial records lodged with the Fair Work Commission reveal that the asset wealth of many of the leading unions has grown by up to 160 per cent since the mid-2000s. Incomes have more than doubled for many of the ­larger organisations to reach more than $100m a year.

The figures were compiled by Employment Minister Michaelia Cash, drawing on the unions’ ­annual returns to the FWC.

The CFMEU, now arguably the most powerful left-wing campaign arm of the Australian Labor Party, has an accumulated asset base of $206m, with a yearly income stream of $123m, putting it well within comparable fortunes of mid-ranking top 500 listed private companies in Australia.

Among the most cashed-up ­unions after the CFMEU are the Communications Electrical and Plumbing Union, the Shops Distributive and Allied ­Employees Association, the Australian Workers Union, the Maritime Union, the National Union of Workers, United Voice, and the Australian Metal Workers Union. Combined, those seven unions represent $340m in assets and $587m in total annual income as recorded in the 2015 financial year.

The CFMEU, which has seen its asset value increase from $139m in 2006 to $206m in 2016, financially outperforms the Australian operations of companies such as American Express, Ralph Lauren and Fuji Xerox.

ENDS - there's more at The Australian.