The fund was established in 1984 by the predecessor unions of the CFMEU, to provide a retirement savings vehicle for workers in construction and other affiliated industries.

In August 2024, the Australian Prudential Regulation Authority (APRA) mandated that Cbus commission an independent review into the role of CFMEU-appointed directors on the fund's board, following the decision of the federal government to place the majority of the CFMEU's into external administration.

[2] The APRA review found that the fund "lacked proper systems, processes and frameworks for documenting and assessing if spending was in members' best financial interests".

It was subsequently reported that Cbus had hosted a "40th birthday" party in July 2024 at a cost of nearly $400,000, "attended by staff, stakeholders and industry participants, including the controversial then-boss of the CFMEU’s Victorian branch, John Setka", which had been classed as a "staff professional development" expense.

The Directors of United Super Pty Ltd are appointed in equal number from member and employer associations in the construction and building industries.