Close this search box.
Issue 867, 6 September 2022 
In this issue: 


Miscellaneous amendments to Treasury portfolio laws: consultation 

Treasury has released for consultation a package of draft amendments to a range of Treasury portfolio laws. 

The consultation package includes draft legislation and regulations that propose some amendments which impact superannuation, including in relation to:  

The draft legislation and regulations also repeal some redundant provisions and update some cross references. The package also includes a draft legislative instrument, however the amendments it proposes do not impact superannuation. 

If you have any feedback you would like ASFA to consider in relation to the consultation package, please forward it to Julia Stannard by close of business Wednesday 21 September. 


Annual member meeting notices: regulations made 

The Government has finalised regulations amending the disclosure requirements for registrable superannuation entities’ (RSEs) annual members’ meeting notices. 

The finalisation of the Superannuation Industry (Supervision) Amendment (Annual Members’ Meetings Notices) Regulations 2022 follows consultation on a draft version in July (see ASFA Action issue 860). 

The Assistant Treasurer and Minister for Financial Services, Stephen Jones MP, has noted that in response to concerns raised during the consultation on the draft version of the regulations:  

“The regulations approved today will require super funds to itemise all expenditures on political donations. 

Nonpolitical donations will be required to be detailed in aggregate. 

The updated regulations will also enable funds to provide contextual information in their shortform summary of expenditures. 

The Albanese Government is committed to a wellgoverned, highperforming and accountable superannuation system. 

The Government believes the updated regulations approved today strike the right balance between reducing the regulatory burden on funds and public expectations of transparency.” 

According to the explanatory material, the regulations update the annual member meeting disclosure requirements to reduce the regulatory burden for RSE licensees, by: 

The Regulations also remove a restriction on including any additional information in an RSE’s short-form summary. 

The Regulations apply in relation to a notice of an annual members’ meeting for a year of income for a registrable superannuation entity if the notice is given on or after 9 September 2022, for a year of income ending on or after 30 June 2022. 


Your Future, Your Super performance test results 2022 

APRA has released the results of the second MySuper performance test. 

APRA assessed 69 MySuper products with at least five years of performance history against an objective benchmark that assesses investment performance as well as fees and costs. APRA reports that five products failed to meet the benchmark this year, including four that failed for the second time. A further five products that failed last year’s performance test passed this year. 

APRA Member Margaret Cole said the overall results highlighted the improved outcomes that have been achieved for superannuation members over the last 12 months. “Pleasingly, almost 96 per cent of MySuper superannuation members are now in a performing MySuper product, equating to 13.1 million member accounts”.  

Trustees of the product that failed for the first time will notify their members of the result by 28 September 2022. The four products that failed the test for a second time are now closed to new members. Of those four products, three were offered by trustees with plans to exit the industry. Ms Cole said plans were well underway for the members of those three products to transfer to new MySuper products before the 2023 performance test. 


Jobs + Skills Summit: superannuation measures 

The Government has released an outcomes document from the Jobs + Skills Summit held last week. 

Of relevance to superannuation, the Government: 




ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations

and other regulatory announcements relevant to superannuation.

Close this search box.
Close this search box.

Logged in as

Most recent