Treasury has released a consultation paper on the superannuation performance test, addressing concerns from funds that the benchmarks are restricting their investment choices.
Treasurer Jim Chalmers and Minister for Financial Services Stephen Jones announced the consultation today. It was first flagged in late 2023 after a Treasury roundtable with leading super funds and investors on possibilities to invest in nation-building areas, such as net zero.
Treasury batted away suggestions that the performance test is changing to direct super money to fund high-priority policy areas.
“This isn’t about Government directing super investment – it’s about making sure super funds are able to invest in ways that deliver the best possible returns for Australians,” the media statement said.
“The test benchmarks were never meant to serve as a prescription on how to invest, but we understand that this is how some industry stakeholders have viewed them.”
Submissions can be made before 19 April 2024.
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