Thu, 5th Sep 2024

On this week's Superannuation News Wrap led by Paige Estritori, key developments in Australia's superannuation sector were discussed. The prominent union-based CFMEU Super Fund faces enhanced scrutiny from the Australian Prudential Regulation Authority (APRA) over allegations of corruption. AMP Limited is contesting the current superannuation performance tests, advocating for methodological revisions to better represent Australia's choice platform market. The Australian Taxation Office (ATO) proposes mandatory superannuation payments for subcontractors to secure their financial futures. APRA plans stricter compliance on superannuation fund expenditures, including implementing the Prudential Standard SPS 515 for fund-level expense transparency. Also, consolidation in the superannuation fund sector has led to increased market dominance by Australia's top five funds according to a recent APRA report.