The Australian Prudential Regulation Authority (APRA) today issued a discussion paper for consultation with industry on a new annual statistical publication that will include performance data on individual superannuation funds.

Recently the Minister for Superannuation and Corporate Law, Senator Nick Sherry, requested that APRA consider how it might publish performance data which is disaggregated to the individual fund level.  Academics and industry groups have also suggested that APRA expand its publications to include more information on individual fund performance.

The discussion paper, entitled Fund level disclosure from the APRA superannuation statistics collection, invites comments and suggestions on the key questions to be resolved for the compilation of the new publication.  These key questions include:

• Which data items and calculations should be included in the comprehensive reference publication?  How should these items be presented?
• Should APRA publish compilation tables, in addition to the reference table? 
• If APRA publishes compilation tables, what should be included in the compilation(s)?

APRA intends to publish, as a minimum, a reference publication at the individual fund level that will allow informed observers to calculate their own comparisons of superannuation fund performance. The target date for this publication is around April 2009 using annual data provided to APRA from the June 2008 and prior collections.

Deputy Chairman Ross Jones said APRA’s superannuation publications currently include aggregate data on the industry, but not at the individual fund or trustee level.

‘The information in this new annual publication is intended to improve the disclosure of fund-level performance data and assist fund members, trustees and the wider industry.’

APRA invites interested parties to comment on the discussion paper by 23 January 2009. The discussion paper is available on the APRA website at http://www.apra.gov.au/Policy/Home.cfm

APRA is separately investigating a broader update to both its superannuation statistical collections and its publications that is intended to lead to an updated superannuation collection in 2010, with new publications to commence from 2011.  That consultation process will include consideration of how APRA might collect and publish more detailed and useful material about individual fund and trustee performance

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding approximately $3 trillion in assets for 21 million Australian depositors, policyholders and superannuation fund members.

Media and industry inquiries only:
Andrew McCutcheon, Public Affairs Manager
Australian Prudential Regulation Authority
Telephone: 02 9210 3143
Mobile: 0417 528 660

All other inquiries:
APRA Contact Centre 1300 131 060.