Media Release

Consumers benefit from higher prudential standards: ASFA

Published 15 August, 2012

Published 15 August, 2012

15 August 2012

Consumers benefit from higher prudential standards: ASFA

The passage of legislation through the Senate last night empowering APRA to issue prudential standards for superannuation is a win for consumers, the peak association for the superannuation industry said today.

The Association of Superannuation Funds of Australia (ASFA) congratulated the Government for its commitment to implementing one of the key recommendations of the Super System Review.

ASFA said the industry had been working hard with the Australian Prudential Regulation Authority (APRA) on developing and refining the draft prudential standards. APRA has announced it expects to issue final standards by the end of the year.

“Consumers can have more confidence in the long-term stability of the superannuation system as a result of increased prudential supervision,” ASFA chief executive Pauline Vamos said today.

“As an integral, and fast-growing, plank of the Australian economy it is imperative that superannuation be held to the same level of prudential supervision as other key elements of the financial system and the economy, such as banking and insurance.

“The new standards will enshrine requirements for APRA-regulated super funds around governance, risk management and reserves.

“Ultimately, these standards will help protect Australians’ retirement savings.”

For media inquiries, please contact:

Pauline Vamos, CEO, 0433 169 342

Rebecca Glenn, GM Marketing and Communications, 0416 170 439

Megan McDougall, Media and Communications Coordinator, (02) 8079 0849

About ASFA

ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation whose aim is to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.

Acknowledgement of Country

We want to respectfully acknowledge the Traditional Owners and Custodians of these lands, seas, and waters throughout Australia. We pay our respects to Elders both past and present. We acknowledge the history, the resilience and the continual contributions of Aboriginal and Torres Strait Islander peoples of their Country.

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Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

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Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.