ASFA welcomes Govt action on fund reporting, | Australian Markets
The conclusion of the federal government’s Economic Reform Roundtable has seen superannuation-related adjustments welcomed by peak consultant physique, the Association of Super Funds of Australia (ASFA).
An announcement from ASFA confirmed the federal government would look to introduce ‘tell us once’ laws, eliminating the need for superannuation funds to meet their reporting obligations to all of the totally different regulators and companies by duplicating their efforts.
According to ASFA, compliance and risk management prices have nearly doubled for Australian Prudential Regulation Authority (APRA)-regulated funds within the final seven years, from $550 million in 2017-2018 to $1.05 billion in 2024-2025.
The promise to introduce laws follows ASFA’s presentation to the roundtable by chief government Mary Delahunty, during the primary day’s session titled Captial Attraction and Business Investment.
“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,” Delahunty mentioned.
“ASFA’s core message to the Roundtable once we spoke on Day 1 was that regulation is important for trust, however when it overlaps or is outdated, it drags down member returns and that impacts productiveness.
“We are delighted the government has heard our key message and is taking action.”
ASFA additionally praised the announcement made by Treasurer, Jim Chalmers, that the federal government will undertake a review of the super fund efficiency take a look at.
“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,” Delahunty mentioned.
“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.”
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