Targeted reforms to streamline regulation and cut duplication would reduce compliance costs for superannuation funds, and allow a better and more productive allocation of resources, helping members, according to the Association of Superannuation Funds of Australia (ASFA).
Ahead of attending the Albanese Government’s Economic Roundtable in Canberra, ASFA CEO Mary Delahunty warned that regulatory duplication and outdated rules are driving up costs for the $4.1 trillion superannuation sector. This is putting a handbrake on what super can deliver in terms of productivity and investment returns to members.
In the past seven years, compliance and risk management costs for APRA-regulated funds have almost doubled – from $550m in 2017–18 to $1.05b in 2024–25.
“Regulation is vital for trust, but when it overlaps or is outdated, it can become a drag on member returns and it impacts productivity,” Ms Delahunty said.
“The changes we are proposing are small, and importantly don’t water down member protections, but they could make a big difference for fund members and the country.”
“It will mean more funds for investible opportunities in the productive capacity of Australia, such as housing or clean energy, and that in turn helps economic growth, jobs and returns.”
ASFA’s reform priorities include:
- Introducing a ‘tell us once’ reporting system across APRA, ASIC, ATO, ABS and RBA, eliminating the need to tell each regulator similar things in a different way
- Removing outdated non-digital disclosure requirements
- Improving coordination between regulators to cut policy overlap
- Streamlining contributions and retirement access rules
ASFA will also propose to the Economic Roundtable that the important work of the performance test needs to be built upon to ensure there is a genuine member outcome approach.
“It’s pleasing to see ASIC looking at the unintended consequences that RG97 has had on institutional housing investment,” Ms Delahunty said.
“Now is the time to explore further ways to modernise the performance test so it doesn’t constrain investment opportunities and in turn member outcomes in the future.”
Ms Delahunty will represent the superannuation sector alongside AustralianSuper chief executive Paul Schroder in session 3 of the of the Roundtable (‘Capital attraction and business investment’) on Tuesday 19 August 2025.
ENDS
For further information, please contact:
Scott Roberts, ASFA Media Lead: 0437 295 087
ASFA media team mediaunit@superannation.asn.au
About the Association of Superannuation Funds of Australia (ASFA)
ASFA, the voice of super, has been operating since 1962 and is the peak policy, research and advocacy body for Australia’s superannuation industry. ASFA represents the APRA regulated superannuation industry with over 100 organisations as members from corporate, industry, retail and public sector funds, and service providers. We develop policy positions through collaboration with our diverse membership base and use our deep technical expertise and research capabilities to assist in advancing outcomes for Australians.
We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement. We promote effective practice and advocate for efficiency, sustainability and trust in our world-class retirement income system.