Main region

Super legislation and regulatory update

Published - 23 April 2024

ASIC Choice Product Performance Review

Report: Superannuation choice products: What focus is there on performance?

Summary: ASIC released a report detailing its findings in relation to why members continued to invest in underperforming Choice superannuation products. The report highlighted a lack of focus on performance and transparency about continually underperforming investment options. ASIC found little evidence of trustees providing targeted communications to members about investment option performance. The regulator also detailed a range of focus areas for trustees, financial advisors and licensees to ensure their current practices sufficiently consider member outcomes.

APRA releases superannuation statistics for December 2023

Report: Quarterly superannuation statistics

Summary: In February, APRA released its Quarterly Superannuation Performance publication and the Quarterly MySuper Statistics report for the December 2023 quarter. The industry performance statistics contains aggregate summaries of financial performance and position, asset allocation and key performance ratios. Statistics relating to corporate, industry, public sector and retail funds performance are also detailed. The MySuper statistics contains data relating to product profile, asset allocation targets and ranges, investment performance and net returns, as well as fees and costs. Statistics are presented at an individual product or lifecycle stage level.

Indexation – impact on the Age Pension

Media Release: Indexation puts more in the pockets of millions of Australians

Summary: From 20 March, social security payments rates increased, including the Age Pension, Disability Support Pension and Carer Payment. Including the Pension Supplement and Energy Supplement, the maximum rate of pension will be $1,116.30 a fortnight for singles, and $1,682.80 a fortnight for couples. Commonwealth Rent Assistance, JobSeeker, Parenting Payment Single and ABSTUDY were also indexed.