The superannuation peak-body, ASFA, has welcomed changes announced by the government at the conclusion of this week’s Economic Reform Roundtable.
“The government’s announcement it will be introducing ‘tell us once’ legislation to reducing regulatory duplication is a significant win for all Australians, and will benefit everyone with a superannuation account,” said ASFA CEO Mary Delahunty.
“ASFA’s core message to the Roundtable when we spoke on Day 1 was that regulation is vital for trust, but when it overlaps or is outdated, it drags down member returns and that impacts productivity,” Ms Delahunty said.
“We are delighted the government has heard our key message and is taking action.”
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.
Funds can find themselves reporting the same information in five different ways to five different regulators and agencies in a clear duplication of effort.
ASFA presented tangible ways to cut down on this duplication when Ms Delahunty attended Day 1’s session on Captial Attraction and Business Investment on behalf of the super sector, including recommending a ‘tell-us-once’ principle of reporting.
ASFA has also welcomed the Treasurer’s announcement there will be a review of the performance test for superannuation.
“The performance test is important for our sector, it works to keep funds accountable. The challenge for us is how to keep all the good and future-proof the test.” said Ms Delahunty.
“Regulation isn’t ‘set and forget’ and shouldn’t be when members’ returns are at stake. In a fast-evolving investment landscape it’s appropriate that there is due examination of whether the regulation fits the times.”
The government’s announcement relating to removing investment barriers is also welcomed by the sector, and ASFA looks forward to seeing the full details.
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.