The Australian Prudential Regulation Authority (APRA) welcomed the discussion paper Options for Improving the Safety of Superannuation released today by the Minister for Financial Services and Regulation.

APRAs CEO Graeme Thompson said, "APRA has worked closely with the Government on the proposals for change in regulation of superannuation that are canvassed in this paper.

"We welcome the move forward to a process of consultation with industry on the options.

"There have been several improvements to the supervisory framework for superannuation over recent years. APRA has also commenced a major project to improve the timeliness and quality of information provided to us by funds. However, we believe that more radical changes are needed if superannuation is to be as safe as the community rightly expects."

APRAs first outlined its views on superannuation reform in its June 2001 submission to the Productivity Commissions National Competition Policy Review of superannuation legislation. A copy of this submission can be found on the APRA website (www.apra.gov.au/policy).