Industry Super Australia welcomes the federal government’s moves to strengthen new performance test laws and to ensure super funds are not penalised for investing in vital local infrastructure projects.
Spurred on by near universal feedback from the industry, the government is now ensuring the Your Future Your Super performance test better focuses on member outcomes and appears to now include administration fees.
The government has also seemingly taken a positive step to benchmark the performance of unlisted assets to more appropriate indices.
Both changes in the proposed regulations released today need to be examined in further detail, but ISA is willing to work with the government on further changes to get the best outcome for members.
The package needs to ensure members are not stapled to dud funds and to expand the testing regime to all APRA-regulated products.