Fund Regulatory Update

ASFA speaks up against early release of super for housing

The Association of Superannuation Funds of Australia (ASFA) has called on the government to block the proposal for the early release of superannuation for housing deposits, saying it would not improve housing affordability and will significantly impact Australians’ dignified retirement.

In a report published in March 2021, ASFA found that no reviews of superannuation recommend the early release of superannuation for housing deposits, while several have made recommendations to the contrary.

APRA acts on NESS Super

The Australian Prudential Regulation Authority (APRA) has issued directions to NESS Super Pty Ltd to improve its governance. The directions require NESS to make amendments to its constitution to appoint a second independent director, which will achieve an equal composition of employee, employer and independent directors on the six-person board.

APRA's directions are meant to help ensure that the board has the appropriate skills and experience to promote a strong risk culture and improve outcomes for members.