A complicated time is upon the Australian superannuation industry. The past several years have been characterised by a spate of regulatory and legislative changes that have altered the way business has typically been conducted.
The industry has seen new guidelines, sweeping fee structure changes, new compliance and reporting obligations, new performance standards and new penalties for funds found in breach. Added to these broad changes has been the unprecedented and unexpected complication of the COVID-19 pandemic, a global crisis which, in Australia, saw superannuation contributions from retail, hospitality and tourism sectors plummet and which caused countrywide instability and financial uncertainty. This has created a compression of resources for which the superannuation industry has been, on average, not well prepared—and it is not alone in that unpreparedness.