Industry funds revalue unlisted assets
In a move which confirmed some of the long-held criticisms of financial advisers, two major industry superannuation funds have reduced the valuations applied to their unlisted assets.
Reports confirmed that both AustralianSuper and UniSuper had made the move with AustralianSuper telling its members it had reduced the value of unlisted assets on its books by 7.5% while UniSuper said it had cut the value of its holdings in unlisted infrastructure by 6%, and its unlisted property holdings by 10%.
The two industry funds moved on their unlisted assets at the same time that the Australian Prudential Regulation Authority (APRA) announced a change in regulatory focus amid the fall-out from the COVID-19 pandemic with an emphasis on liquidity and capital adequacy.
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
