ASFA welcomes Govt action on fund reporting, performance test

The conclusion of the government’s Economic Reform Roundtable has seen superannuation-related changes welcomed by peak representative body, the Association of Super Funds of Australia (ASFA).

A statement from ASFA confirmed the government would look to introduce ‘tell us once’ legislation, eliminating the need for superannuation funds to fulfill their reporting obligations to all the different regulators and agencies by duplicating their efforts.

According to ASFA, compliance and risk management costs have almost doubled for Australian Prudential Regulation Authority (APRA)-regulated funds in the last seven years, from $550 million in 2017-2018 to $1.05 billion in 2024-2025.

The promise to introduce legislation follows ASFA’s presentation to the roundtable by chief executive Mary Delahunty, during the first day’s session titled Captial Attraction and Business Investment.

“The government’s announcement it will be introducing ‘tell us once’ legislation to reducing regulatory duplication is a significant win for all Australians, and will benefit everyone with a superannuation account,” Delahunty said.

“ASFA’s core message to the Roundtable when we spoke on Day 1 was that regulation is vital for trust, but when it overlaps or is outdated, it drags down member returns and that impacts productivity.

“We are delighted the government has heard our key message and is taking action.”

ASFA also praised the announcement made by Treasurer, Jim Chalmers, that the government will undertake a review of the super fund performance test.

“The performance test is important for our sector, it works to keep funds accountable. The challenge for us is how to keep all the good and future-proof the test,” Delahunty said.

“Regulation isn’t ‘set and forget’ and shouldn’t be when members’ returns are at stake. In a fast-evolving investment landscape it’s appropriate that there is due examination of whether the regulation fits the times.”