Issue 1019
In this issue:
- Treasurer: Address to the ACCI Gala Dinner
- ATO publishes lost and unclaimed super data
- ASIC launches new breach data dashboard
- APRA Member Suzanne Smith: Speech to financial Services and ASX Sector Assurance Forum 2025
- ASIC to release markets roadmap at National Press Club on Wednesday
Treasurer: Address to the ACCI Gala Dinner
Treasurer Jim Chalmers has delivered an address to the Australian Chamber of Commerce and Industry (ACCI) Gala Dinner in Canberra, in which he spoke on a number of key issues relating to private sector momentum and progress on reform.
During the address, the Treasurer announced Treasury is starting a new round of consultation on the superannuation performance test, which will see the establishment of an industry working group in finding consensus on the reforms.
The goal of this consultation will be to refine and strengthen the performance test to make sure it isn’t creating unnecessary obstacles to investment, particularly in key areas like housing and energy.
The Treasurer also noted that in reforming the performance test, Government is open to considering responsible changes that maintain, “very high standards and the super funds’ responsibilities to members.”
ATO publishes lost and unclaimed super data
The Australian Taxation Office (ATO) has released new data showing there is almost $19 billion in lost and unclaimed superannuation waiting to be claimed by over 7 million Australians. The average amount is $2,590, which could grow to tens of thousands by retirement.
Since 2022, the ATO has reunited or paid out approximately 3.1 million unclaimed super accounts valued at almost $5.5 billion. But there is still almost $19 billion in lost and unclaimed super waiting to be found.
ATO Deputy Commissioner Ben Kelly said there could be a number of reasons why someone may have lost or unclaimed super, but finding and claiming it, is quick and easy.
“Around 4 million individuals hold 2 or more super accounts. It’s important to know how many super accounts you have, and to consider if appropriate to consolidate your super to reduce fees and make it easier to manage,” Mr Kelly said.
ASIC launches new breach data dashboard
The Australian Securities and Investments Commission (ASIC) has launched the Reportable Situations (RS) dashboard, which contains granular information about licensees’ self-reported breaches, aims to support improvements to customer outcomes, and uplift in the compliance and reporting practices of licensees across the financial services and credit space.
The public dashboard provides insights and trends relating to:
- volume and nature of breaches
- customer impact and loss
- investigation and rectification of breaches, and
- customer compensation and remediation.
ASIC consulted on its proposed approach over April and May 2025, before publishing a summary of feedback in September 2025 outlining its final approach to the RS and Internal Dispute Resolution data publications.
This publication approach was determined following consideration of 47 submissions received in response to CP 383 Reportable situations and internal dispute resolution data publication (CP 383).
APRA Member Suzanne Smith: Speech to Financial Services and ASX Assurances Forum 2025
Australian Prudential Regulation Authority (APRA) Member Suzanne Smith has delivered a speech to the Financial Services and ASX Sector Assurance Forum 2025, where she discussed a number of the regulators key focus areas and strategic priorities, including auditing, technology and cyber risk.
Ms Smith said, “One concern APRA is playing close attention to is concentration risk. Across banking, insurance and superannuation, critical operation delivery often hinges on a concentrated set of technology vendors in areas such as the cloud, processors, network, software as a service (SaaS), platform as a service (PaaS) and infrastructure as a service (IaaS). That means if one of these technology providers fails, even temporarily, they can potentially take down services at every company relying on their services.”
Ms Smith also noted that, “Entities should be undertaking their own work independently to address third-party and concentration risk. This includes undertaking service interdependency mapping and credible scenario testing involving both complete failures and ‘degraded-mode’ operations. These need to be routine and broadly-visible – not ‘once and done’.”
ASIC to release markets roadmap at National Press Club on Wednesday
Australian Securities and Investments Commission (ASIC) Chair Joe Longo will address the National Press Club in Canberra on Wednesday, where he will formally release the ASIC private markets roadmap.
During his address, titled ‘Open for opportunity: Taking charge of the future of our financial markets’, the Chair will unveil the regulatory roadmap for strong, efficient and globally competitive public and private markets.
The roadmap will detail regulation for future-fit markets designed to attract capital, create wealth, and dodge potential disasters.