Superannuation Industry Stewardship Group key messages 3 September 2025

Superannuation regulators

Treasury

Treasury provided an update on recent economic reform roundtable and investor roundtable, noting the following items relating to superannuation are for further consideration:

The Treasurer announced the government would consider the settings of the superannuation performance test to ensure there are no unnecessary obstacles or impediments to institutional investment in areas like housing.
Investor roundtable participants agreed that reform will be more effective with a shared industry view on the way forward.
The government has asked agencies, through the Council of Financial Regulators, for ideas to reduce regulatory burden, including through addressing duplicative reporting and data collection.

Treasury has released consultation papers on the government’s announced Retirement Reporting Framework and Best Practice Principles for superannuation retirement income solutions. Members were encouraged to provide input.

Legislation for the Better Targeted Superannuation Concessions and Payday Super measures is continuing. The government recognises the urgency of implementing the Payday Super legislation. Treasury and the Australian Taxation Office (ATO) are working towards the 1 July 2026 start date, and industry is advised to prepare accordingly.

Regulatory initiatives grid

The regulatory initiatives grid was first published in December 2024 and included 71 initiatives across multiple government agencies. Feedback has been positive on the grid, noting it's a transparency tool that helps streamline consultation and reduce duplication.

The second version will be published in September 2025, incorporating stakeholder feedback and roundtable outcomes. Going forward, the grid will be updated every 6 months, supporting better regulatory planning and coordination.

Australian Prudential Regulation Authority

The Australian Prudential Regulation Authority (APRA) has released their 2025–26 Corporate Plan. There is an important emphasis on getting the balance right across our regulated industries as balance maintenance of financial stability and safety with competition and efficiency.

Australian Securities and Investments Commission

ASIC has released their 2025–26 Corporate Plan. For member services, there will be a review of whether there has been an uplift in practices in death benefits and claims handling following REP 806, alongside the next thematic review on complaints to strengthen member service delivery.

Other items of interest included:

Retirement communications thematic review is nearing completion, with insights expected to inform future retirement income covenant strategies.
A targeted review of fees and costs disclosure in RG 97 is underway examining how stamp duty is disclosed. As part of this work ASIC is also considering how private debt arrangements are disclosed within portfolio holdings disclosure. A working group is scheduled to meet next week to progress this work.

Australian Financial Complaints Authority

Australian Financial Complaints Authority (AFCA) provided a complaint data overview for the 2024–25 financial year:

Total complaints received were 6,164, showing a 16% decrease from the previous year.
Complaints relating to a delay in complaint handling are still present but reduced to 17% of total, down from 24% last year.
Death benefit complaints are decreasing.
Pension-related complaints are a small but growing category. Common issues include late payments, failure to adjust pension amounts as requested, or continuing payments after a stop request.

As Australia’s demographics shift, more people are accessing their super for retirement, potentially leading to more pension complaints.

ATO

In the ATO Corporate Plan 2025–26 key priority for super funds is the implementation of Payday Super, a reform designed to close the superannuation guarantee (SG) gap and ensure Australians receive the retirement savings they are entitled to.

While this measure is not yet law, from 1 July 2026 employers will be required to pay SG contributions on the same day they pay salary and wages.

It is important super funds understand the updates we are making to SuperStream in readiness for Payday Super and begin planning their implementation strategies to ensure compliance by the 1 July 2026 deadline.

The ATO Corporate Plan notes the following as key areas of focus for self-managed super funds (SMSF):

outstanding SMSF annual returns
compliance with release authorities
compliance with commutation authorities
illegal early access
fraud prevention.

Updates were also provided on:

Payday Super consultation activity.
The ATO's media release on 26 August 2025 regarding compassionate release of super, reminding people that access to super on compassionate grounds is available in very limited circumstances for critical medical procedures and should only be considered as a last resort where all other options for paying the eligible expenses have been exhausted.
Recent spikes in SMSF registrations, and areas of concern.

Duplication in data reporting

During the recent roundtables, feedback was noted of duplication of data reporting required from superannuation funds to government agencies. Members were asked to consider this and provide examples of where there is overlapping or duplicated reporting, to assist in the identification of opportunities to streamline obligations.

Work continues on this and will be revisited at the next meeting.

Environmental scan – member updates

Grow Inc shared an overview of the superannuation administrator competitor landscape, noting the market is becoming increasingly competitive. The shared challenges of the industry were discussed, as were opportunities for providers.

The Gateway Network Governance Body (GNGB) is an industry owned governance body that oversees and maintains the integrity, security and efficiency of the superannuation transaction network in Australia. GNGB provided an update on the biggest risks for Successor Fund Transfers and the 2025 Superannuation Cyber Incident Response Exercise.

Fraud and cyber security

Members discussed ongoing work in the industry regarding improving cyber resilience and coordination of incident response across the industry. Conversations are ongoing, with an update to be provided at the next meeting.

ATO app

The ATO app is a simple and easy way for individuals to quickly access their personal tax and super information in one place. The app is free to download and use.

As part of the ATO’s counter fraud program, we are delivering security enhancements through the ATO app, with new features including security messages, and the ability to lock a taxpayer's ATO record. This means that taxpayers that register their device using the ATO app will receive a real time message when key changes happen on their ATO account. Events that will trigger an alert include:

change of financial institution details
income tax lodgment
myGov overlinking, that is if the ATO online services account is linked to a different myGov account.

When an individual receives a security message about their ATO account, they will be prompted to review the details. If the changes look suspicious, they will have the option to lock their account. To unlock the account, the individual will need to contact the ATO to verify their identity and commence remediation activities.

Improving website communications – a funds perspective

Some members provided an overview of how superannuation funds are responding to ASIC's death benefits review. This overview incorporated findings from a sample of their member superannuation funds, with the following improvements noted:

Looking at accessibility and the needs of different members, including offering translation services and alternative identification options.
Ensuring the use of compassionate and clear language.
Having fact sheets and guides available.
Adding online capability for death claims.
Implementation of vulnerable member policy.
The power of a phone call.

Member discussion noted the importance of improving practices to educate members around the importance of a binding nomination and the implications of this.

High-risk super switching

ASIC provided an overview of high-risk super switching, noting that in this business model, individuals are being encouraged, often via telemarketing, to switch their superannuation to specific platforms and invest with particular products. These products often involve high-risk investment schemes, which may be inappropriate for retirement purposes.

ASIC is actively taking action against those involved, including telemarketers, promoters, super trustees and financial advisors.

Attendees

Organisation	Member
ATO	Emma Rosenzweig (Co-chair), Superannuation and Employer Obligations
ATO	Justin Micale, Superannuation and Employer Obligations
Actuaries Institute	Timothy Jenkins
Australian Financial Complaints Authority	Heather Gray (Co-chair)
Australian Prudential Regulation Authority	James Douglas
Australian Prudential Regulation Authority	Sarah Nicholson
Australian Securities and Investments Commission	Nicole Chew
Australian Securities and Investments Commission	Pippa Lane
Business Council of Australia	Stephen Kirchner
Chartered Accountants Australia and New Zealand	Tony Negline
COTA Australia	Patricia Sparrow
Financial Services Council	Kirsten Samuels
Gateway Network Governance Body	Michelle Bower
Grow Inc	Adam Gee
Law Council of Australia	Lisa Butler-Beatty
MUFG Pension & Retirement Solutions	Deborah Schembri
SMSF Association	Peter Burgess
Super Consumers Australia	Xavier O'Halloran
Super Members Council of Australia	Hannah Cole
The Association of Superannuation Funds of Australia	Sebastian Reinehr
The Tax Institute	Phil Broderick
Treasury	Brendan McKenna
Treasury	Ruth Moore

Guest attendees

Guest attendees list
Organisation	Attendee
Australian Securities and Investments Commission	Rhys Bollen

Apologies list

Apologies list
Organisation	Member
Australian Prudential Regulation Authority	Ian Beckett
The Association of Superannuation Funds of Australia	James Koval