Members of Australian workplace superannuation funds will be able to see how their savings have been invested from next year, under regulations unveiled by the government yesterday.
The new disclosure rules will require funds to report information relating to the identity, value and portfolio weightings of their investments from March 2022, with periodic updates due every six months from then.
Australian Treasurer Josh Frydenberg said the new policy would address shortcomings within the current system of portfolio disclosures which was “unduly opaque” and “does not meet global best practice”.
“This information will make it easier for members to compare products and identify the most suitable fund for them,” he explained.
Super funds face strict reporting threshold for listed assets, amounting to line-by-line disclosure for each individual investment. But, in a win for industry stakeholders who had previously warned that disclosing the …