The Governor‑General and the Executive Council have today approved updated regulations relating to requirements for superannuation funds to disclose expenditures with the Annual Member’s Meeting notice.
The Government published draft regulations last month and consulted widely.
We have listened to concerns raised during those consultations and we have responded.
The regulations approved today will require super funds to itemise all expenditures on political donations.
Non‑political donations will be required to be detailed in aggregate.
The updated regulations will also enable funds to provide contextual information in their short‑form summary of expenditures.
The Albanese Government is committed to a well‑governed, high‑performing and accountable superannuation system.
The Government believes the updated regulations approved today strike the right balance between reducing the regulatory burden on funds and public expectations of transparency.
The new requirements can be found on the Federal Register of Legislation website.