The Building Unions Superannuation scheme (BUS) was launched on 1 July, 1984. Established after lengthy negotiations with unions and employers in the building, construction and allied industries, it became a template for the establishment of other industry superannuation funds. Its Board of Trustees is appointed by unions on behalf of members, and by employer organisations. There are no shareholders and all profits belong to the members.
By 1985 membership reached nearly 55,000, and by 1992 when compulsory superannuation (the Superannuation Guarantee (Administration) Act 1992) came into effect, BUS had 189,000 members and 18,416 participating employers.
In 1993 Allied Unions Superannuation Trust (AUST) merged with BUS, and the fund changed its name to the Construction and Building Unions Superannuation fund (C+BUS).
In 1994 fund assets reached $1 billion.
In 1995 Union Super (US) merged with C+BUS, bringing the fund’s membership to 308,000. In 1996 C+BUS became a full public offer fund, allowing persons in any industry to join the fund.
C+BUS changed its name to Cbus in 2001, and the logo was changed to the present design, created by The Shannon Company (formerly Shannon’s Way).
Cbus today is one of Australia’s largest industry funds with more than 723,000 members, 100,000 participating employers and assets over A$32 billion. It is a national fund covering the entire construction, building and allied industry workforce.
Cbus has remained loyal to its membership and sponsoring organisations, and is proud of its investments in the building and construction industry, its record of performance, and its modest investment in the Australian works of art which are reproduced here.