POWERED BY MOMENTUM MEDIA
COVID-19 has stopped funds ‘spinning wheels’ with APRA
The COVID-19 pandemic has created an environment that has allowed superannuation funds to have “real conversations” with the Australian Prudential Regulation Authority (APRA) instead of “spinning their wheels”.
APRA’s executive director, superannuation, Suzanne Smith, said at the Australian Institute of Superannuation Trustees (AIST) Super Governance Symposium that the communication and tech mediums that have needed to be used to navigate through the pandemic allowed more “iterative dialogue” and “real conversations”.
“This was opposed to big lumpy large amounts of deep preparation and very prescriptive packs of what APRA wants to hear,” she said.
“Issues are raised early, they get talked about, and funds get into the right direction instead of spinning wheels and wasting time crafting perfect communications.
“There is a willingness and we’ve found the conversations very insightful which means we worry less because we’ve been able to have a conversation so funds have been able to get on with their jobs. I would hope we continue to have real conversations in a more timely basis than we have in the past.”
Recommended for you
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
