The Morrison Government has today released for consultation exposure draft regulations underpinning superannuation fund portfolio holdings disclosures to members, part of the Your Future, Your Super reforms, which passed the Parliament on 17 June 2021.
The Your Future, Your Super reforms will ensure the superannuation system works harder for all Australians, saving workers $17.9 billion over 10 years by putting strong downward pressure on fees, removing unnecessary waste and increasing accountability and transparency.
The exposure draft regulations set out the manner in which superannuation fund portfolio holdings are to be disclosed to members, bringing Australia into line with global best practice.
The final exposure draft regulations and explanatory statement have been refined to ensure the regime is cost-effective and in members best financial interests, including by:
- introducing a requirement that the information should be easily downloadable from the website of the fund in a delimited file format;
- allowing cash and bank bill investments to be aggregated by the relevant institution;
- removing the requirement to disclose maturity dates and counterparty name for derivatives; and
- making it clear in the explanatory statement that, in addition to the mandatory disclosures, registrable superannuation entities (RSEs) are free to provide supplementary information regarding the portfolio holdings of the RSE’s products in a separate public disclosure.
These changes will further support strengthening the transparency of the superannuation system and assist members in making more informed decisions.
Consultation on the revised exposure draft regulations and explanatory statement is open until 31 August 2021.
The Government welcomes submissions from all interested parties.