17 March 2016
Media Release - #2016025, 2016

In the role of: Minister for Small Business and Assistant Treasurer [21 September 2015 - 18 July 2016]

Improving transparency in the superannuation industry

The Bill to improve transparency in the superannuation industry has been introduced into Parliament by Minister for Small Business and Assistant Treasurer the Hon Kelly O’Dwyer today.

“Transparency through improved disclosure of information is critical to the efficient operation of Australia’s superannuation system,” Minister O’Dwyer said.

“It improves understanding, awareness and engagement for Australians with retirement savings, and can also lead to greater competition and accountability within industry.

“The Transparency Measures Bill fulfils the Government’s election commitment to enhance the quality of information available to superannuation fund members and employers so they can make informed decisions when comparing the performance of funds.

“These changes will result in superannuation funds being required to develop choice product dashboards for their top ten largest choice investment options, by value.

“The choice product dashboards will cover around three quarters of all choice investment options by value.

“Superannuation funds will also be required to disclose investments made both directly and through associated entities, but not through non‑associated entities, under the revised portfolio holdings disclosure regime.

“The aim of these changes is to strike the right balance between enhancing transparency and comparability of information for members, and minimising the compliance burden on superannuation funds.

“The Government has worked closely with stakeholders in the development of the refinements contained in this Bill,” Minister O’Dwyer said.