UniSuper members have started a mass divestment campaign against the fund, citing investments in weapons companies and organisations complicit in Israel’s ongoing genocide and occupation. Stephanie Tran reports.
UniSuper, which manages approximately $166B on behalf of more than 680,000 members, is the industry superfund for employees in Australia’s higher education and research sector. The ‘Divest from Death‘ campaign is run by a group campaigning against UniSuper’s unwillingness to divest from weapons manufacturers and other companies involved in genocide, war crimes, occupation and apartheid in Palestine.
As of June 2025, the fund holds over $771m worth of investments in companies named in databases compiled by the UN Human Rights Office and the American Friends Service Committee, which track businesses complicit in the illegal occupation of Palestinian territories and the genocide in Gaza.
Analysis of portfolio data shows that UniSuper has significantly expanded these investments in recent years. Its shareholding in Elbit Systems, Israel’s largest weapons manufacturer, has more than tripled over the past two years, based on the number of shares held.
The fund also has hundreds of millions of dollars invested in companies involved in weapons production, including Lockheed Martin and Boeing, and maintains smaller holdings in Israeli financial institutions linked to settlement activity.
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Open in new tab Other super funds, including HESTA and Vision Super, divested from these corporations last year.
Australian super funds in showdown for Israel war crimes investments as member meetings loom
A report by the Australia Institute previously identified UniSuper as one of only four major superannuation funds not to exclude controversial weapons, including nuclear weapons, from its investment screens.
Palestine Land Day
March 30th has been marked Palestine Land Day since the 1976 killing of six Palestinian citizens by Israeli police during protests against the expropriation of thousands of dunams of land in the Galilee.
Alison Gibberd, an organiser of the campaign, said members had raised concerns with the fund over several years, including through petitions, direct correspondence and questions at annual meetings.
UniSuper has increased its investments in weapons and companies involved in the occupation of the West Bank in the past two years.
“A large number of members are not happy with these investments – many hundreds of members have petitioned them and written to them in the past few years, and the union has passed pro-BDS motions, driven by members, nationally as well as locally,” Gibberd said.
“Despite this, there does not appear to have been a change in UniSuper’s policy and they state that they are not an ‘activist’ fund. This refusal to act is why members have left in the past for more ethical funds and why a group will leave on 30 March.”
Tamara Kayali Browne, Adjunct Senior Research Fellow at Charles Sturt University and Palestinian activist, said the divestment action had been “driven by university staff who will not tolerate their money being invested in genocide”.
“Many of us refuse to have our money invested in companies that are fuelling, or complicit in, the Gaza genocide,” she said. “Since UniSuper has refused to divest from these companies, we are left with little choice but to leave and put our money in more ethical superannuation funds.”
She said the campaign was intended to send a broader message to the superannuation sector.
“A retirement built on blood money cannot possibly be enjoyed,” Browne said. “Even if those who work at UniSuper are not bothered by the fact that they are investing in a genocide, many people are and are happy to put their money elsewhere.”
UniSuper response
In response to questions posed at its annual members’ meeting last year, UniSuper said it held “small investment holdings” in companies identified in the UN database of companies involved in illegal settlements, including Elbit Systems and “a small number of Israeli banks”. The fund said it had no holdings in Israeli government bonds.
“UniSuper is satisfied that our investment holdings are in accordance with law and with the investment strategies and objectives of our investment options,” the fund stated.
“If their investments are indeed small, then it should not be much trouble to divest from them. And it is not as though a little bit of genocide is okay,” Browne said.
UniSuper was contacted for comment. A spokesperson for UniSuper provided the following response:
“Our role as a superfund is to manage the life savings of our members and to act in their best financial interests. We take a risk-based approach to identify and integrate material ESG factors into our investment decisions across our portfolios.
“As at 31 December 2025, UniSuper had small investment holdings relative to the size of our Fund in companies domiciled in Israel (according to our third-party data provider). We offer a wide range of investment options, giving members the flexibility to select options that align with their personal circumstances and preferences including options that don’t hold these investments.
“Members write to us about a number of investment-related issues. We aim to provide timely information to allow our members to make an informed investment choice. Members can access our holdings on our website as well as our How we invest your money document for information about what our options invest in.”
Your money, their rules. Super funds support Israel war machine
Stephanie is a journalist with a background in both law and journalism. She has worked at The Guardian and as a paralegal, where she assisted Crikey’s defence team in the high-profile defamation case brought by Lachlan Murdoch. Her reporting has been recognised nationally, earning her the 2021 Democracy’s Watchdogs Award for Student Investigative Reporting and a nomination for the 2021 Walkley Student Journalist of the Year Award.