Welcome to the latest issue of the KHQ Super Alert. This week, APRA released its quarterly superannuation statistics for the quarter ending March 2022 and published two additional FAQs on its data transformation project.
APRA – Additional FAQs on the Data Transformation Project
On 26 May 2022, APRA published the following two additional frequently asked questions to provide further guidance to trustees on matters relevant to reporting standards for Phase 1 of APRA’s Superannuation Data Transformation project:
- What reporting does APRA expect under the staged implementation approach for SRS 555.0 (Asset Allocation)?
- What are APRA’s expectations for reporting under SRS 332.0 (Expenses) under the staged implementation approach?
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APRA – Quarterly superannuation statistics released
On 24 May 2022, APRA released its Quarterly Superannuation Performance publication and Quarterly My Super Statistics report for the March 2022 quarter. The update noted that superannuation assets ‘totalled over $3.4 trillion’ at the end of the quarter. APRA observed that this was ‘a 9.7 percent increase in the value of total superannuation assets over the past year, reflecting strong investment performance and positive contributions growth due to COVID-19 fiscal stimulus received over the period’. However, the March 2022 quarter also reflected ‘contributions beginning to revert to long-term trends and weaker investment performance due to concerns over higher interest rates with rising inflation exacerbated by constrained supply chains, and the uncertainty brought about by the conflict in Ukraine’.
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