Former Treasurer and deputy Prime Minister Wayne Swan has been appointed as chair of Cbus Super and will begin in the role in January 2022.

Swan will take over from Steve Bracks who said Swan would be “a champion for Cbus members with our single-minded focus on improving their financial security in retirement”.

“I pledge to work as hard as I possibly can for all Cbus members to build on the historic strength of their fund,” Swan said.

“It is because of the advocacy, agitation and sacrifice of building industry workers that Australia now has a $3.3 trillion pool of national savings.

“Right now, the role of Australian superannuation is more important than ever as our nation looks to rebuild from the impact of the pandemic. Just as superannuation played a vital role in responding to the global financial crisis, so too will it play a vital role in our pandemic recovery.

“Not only does superannuation allow working Australians to capture a slice of recovery growth, it will also serve as a vital source of capital to fund the jobs of the future in the industries of the future.

“Through super, every Australian worker has a pathway to a comfortable and secure retirement. I’m excited to be able to play a part in helping them get there.”