Wed, 11th Sep 2024

This episode of Financial Services Online's Weekly Superannuation News hosted by Paige Estritori, delves into impactful developments in Australia's Superannuation sector. The focus is on AustralianSuper's audacious $1.1 billion loss on Pluralsight, leading to Australian Prudential Regulation Authority (APRA) scrutiny. Despite the setback, AustralianSuper intends to continue with private equity, though improvements in governance and diversified investment strategies are being evaluated. Meanwhile, APRA steps up with a broader review on liquidity and stress-testing. Subsequent discussion shifts to allegations of corruption against United Super and BUSS Queensland, both linked to the CFMEU. Triggered by APRA's concern over fund allocation and management, both funds have accused APRA of reputational damage. The ongoing disputes emphasize the urgency for efficient, transparent governance in Australia's superannuation sector.