Super Alert – 27 May 2022

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:

  1. What reporting does APRA expect under the staged implementation approach for SRS 555.0 (Asset Allocation)?
  2. 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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KHQ Lawyers - Sophia McNamara

Sophia McNamara Lawyer

Sophia is a graduate lawyer, and is currently working in our Wills & Estates and Corporate & Commercial teams.  During her studies, she worked as a paralegal in our Family & Relationship... Read More

KHQ Lawyers - Sanela Osmanovic

Sanela Osmanovic Senior Associate

Sanela is a Senior Associate in the superannuation & financial services team, and has a broad range of experience working with a range of superannuation fund trustees, superannuation administrators,... Read More

KHQ Lawyers - Natalie Cambrell

Natalie Cambrell Director

Natalie Cambrell leads our superannuation and financial services team.  With more than 20 years’ experience, she has an enviable reputation for her in-depth knowledge in these highly regulated and... Read More