A Government review of borrowing within superannuation has become necessary, according to Institute of Chartered Accountants (ICAA) superannuation specialist Liz Westover.
Writing in the ICAA's Charter publication, Westover said that while the new Government had committed to no unexpected adverse changes to superannuation, there was nonetheless an industry expectation that a review would occur.
"The industry, however, has been largely expecting a review of borrowing for some time now, off the back of the Cooper Review and Stronger Super reforms," she wrote.
Westover said that together with warnings from a number of sources, a review of borrowing had become necessary.
"A review will identify the relative substance of warnings and risk areas and assess whether changes are warranted," she said. "We can then move forward with eyes wide open about the impacts of borrowing in super and hopefully implement appropriate changes to avoid any potential disasters down the track."
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.