APRA increases transparency with new super publications

The Australian Prudential Regulation Authority (APRA) will launch a series of new superannuation data publications from September 2022, further enhancing the quality and breadth of information available to industry stakeholders.

The publications represent a key milestone in APRA’s Superannuation Data Transformation (SDT), a multi-year project to drive better industry practices and improve outcomes for superannuation fund members through heightened transparency.

The quarterly and annual publications will comprise new and expanded data on an industry, fund and product basis. The expanded data, captured under newly-introduced superannuation reporting standards, will include information on fees and costs, asset allocation and performance data for all products and investment options as well as information on insurance arrangements, expenses, member demographics. 

APRA Member Margaret Cole said today the publications would fill a substantial gap in the data available to  fund members, beneficiaries, investors, government and the general public.

“The enhanced data will enable industry stakeholders more effectively to assess the risks, operations, performance and efficiency of superannuation funds.  It will promote better industry practices through comparability and peer review, and the sharing of key metrics will drive greater accountability of superannuation trustees.

“This is an important development in our work to increase the transparency of the superannuation industry – but we’re not done yet. We will continue to drive improvements in the information available to stakeholders through the next phases of the Superannuation Data Transformation project,” she said.

The first of the new publications will be issued in September and will cover aggregate quarterly data on the industry’s structure and profile, member demographics and investments. Quarterly publications covering product level data will be launched in Quarter 4 2022. Annual data publications on the industry, funds and products will be released in early 2023. 

APRA has consulted widely with industry on the publications and confidentiality. A copy of the response paper SDT Publications and Confidentiality is available on the APRA website at: Consultation on superannuation data publications and confidentiality - Phase 1 Breadth.