Industry funds lament lack of Budget action on super platforms

Mike Taylor

Managing Editor and Publisher

14 May 2026

Industry superannuation funds body, the Super Members Council (SMC) has used its budget analysis to send a message to the Government over the need to extend the superannuation performance test to platform products.

The SMC noted that while the Budget allocates funding to strengthen the Australian Securities and Investments Commission’s supervision of Managed Investment Schemes, “it does not extend the super performance test to platform products”.

“As a result, a large cohort of super members continue to lack comparable transparency in their retirement performance leaving an identified gap in consumer protection and system accountability,” the Budget analysis said.

“SMC will continue to pursue this as a key policy ask as part of Treasury’s open consultation on strengthening the Performance test.”

Elsewhere in the Budget analysis the SMC noted that that the Budget does not introduce changes to the superannuation tax settings and “explicitly confirms that the major Capital Gains Tax (CGT) reforms do not apply to super funds”.

“This preserves existing concessional tax treatment for super investments and provides ongoing certainty for long-term portfolio planning,” it said.

“The Budget includes a broader productivity and regulatory reform agenda aimed at reducing compliance and administrative burden across the financial sector including through streamlined regulation; reduced duplicative reporting; and lower ongoing compliance costs,” it said.

“These measures are framed as system-wide reform rather than super-specific changes, with a focus on improving efficiency, lowering regulatory friction and supporting investment and innovation. The agenda signals ongoing Government commitment to simplifying financial sector regulation over time with potential indirect benefits to super funds as a part of the wider financial system.”