Tue, 18th Feb 2025

In this week's Financial Services Online Superannuation News Wrap, proposed reforms for Australia's superannuation sector are under discussion following the Senate Economics References Committee's third report. The changes might ban super funds from using member capital to pay fines, which has raised concerns about potential instability for profit-to-member funds. Meanwhile, the Australian Prudential Regulation Authority (APRA) is scrutinising Cbus, a $100 billion industry super fund, due to unresolved risk management and spending issues. In addition, the proposed $3 million superannuation tax cap legislation faces opposition in the senate. Independent Senator Tammy Tyrrell won't back the bill because of concerns about the $3 million figure and tax on unrealised capital gains. The weekly roundup aims to keep listeners informed about the evolving Australian superannuation landscape.