Australians of faith should be able to choose a super fund that invests in accordance with their beliefs.
That’s why the Albanese Government recently introduced legislation to adjust how faith‑based products are treated under the Your Future, Your Super annual performance test.
Today, the Government is releasing for consultation exposure draft regulations underpinning this legislation.
The regulations clarify elements of the primary legislation, including to:
- prescribe the information that must be provided in an application for faith‑based product status;
- set out how the Australian Prudential Regulation Authority is to operate the supplementary performance test for these products.
The performance test was introduced to hold trustees accountable for the investment performance they deliver and the fees they charge to members.
These changes to the performance test seek to maintain this accountability while taking account of religious obligations.
Consultation on the exposure draft regulations and explanatory statement is open until 7 October 2022.
The Government welcomes submissions from all interested parties.