QIC's Role Raises Concerns Among Unions
The United Firefighters Union of Australia Aviation Branch (UFUAV) has called on union-linked industry superannuation funds to closely examine their investment connections to the Queensland Investment Corporation (QIC), amid plans to privatise Australia’s Aviation Rescue Fire Fighting Service (ARFFS). Aviation firefighters are opposed to this privatisation, viewing it as the commercialisation of a crucial emergency service.
Revelations about financial ties between these super funds and QIC have prompted this call for scrutiny. QIC is pursuing the acquisition of ARFFS assets under a proposal by Airservices Australia, which is opposed by the UFUAV. The appointment of former Opposition Leader Peter Dutton to the QIC board has intensified concerns, raising questions about who influences the use of retirement savings in these investments.
Funds with publicly reported financial relationships with QIC include Australian Retirement Trust, Brighter Super, Hostplus, and HESTA. These funds have longstanding connections to unions such as the Australian Workers’ Union, Australian Services Union, Electrical Trades Union, United Workers Union, and others.
Union Concerns Over Investment Decisions
UFUAV Secretary Wes Garrett stated, “Workers would be deeply concerned if their retirement savings were in any way associated with supporting the privatisation of an emergency service that exists to save lives.”
Garrett questioned the alignment of union values with the privatisation efforts, commenting, “If Union-aligned capital can be linked to the privatisation of aviation rescue firefighting, what does that say about the values underpinning so-called responsible investment?”
The UFUAV urges unions associated with these super funds to question fund trustees and QIC about the potential implications of their investments in the privatisation proposal. They emphasise the importance of maintaining emergency services outside the realm of commercial interests.
A recent survey revealed that a significant majority of Australians oppose the privatisation of aviation firefighting services. the UFUAV believes it is crucial for unions and workers to re-evaluate their stance and ensure their investments align with their core values.
Following these developments, workers and their unions are encouraged to engage in dialogues about the potential impact of their retirement savings being used in this manner. The ongoing debate highlights the broader implications of privatisation efforts in essential services.
