The Australian Prudential Regulation Authority (APRA) has published its updated plan to reinforce the financial soundness of the superannuation industry over the next four years.
The plan was designed to respond to rapid changes in APRA’s operating environment, including geopolitical tensions, inflationary pressures and rising interest rates, and the impact of new technologies.
Over the next four years, planned changes in the super space included:
APRA chair, Wayne Byres, said: “Despite the economic challenges of the past two years, Australia’s financial system remains stable and resilient. In part, this is the result of many years of preparatory work by APRA and the institutions we supervise.
“However, we cannot afford to be complacent. Global economic conditions are forecast to deteriorate over the period ahead, exacerbated by the ongoing war in Ukraine, while the increases in cost of living and recent flooding events remind us that Australia is facing its own turbulence.
“As Australia’s prudential supervisor, APRA wants to see banks, insurers and superannuation trustees retain their financial and operational strength. That best positions them to support their customers through periods of volatility and disruption.
“Our latest Corporate Plan will help us achieve these objectives by focusing on delivering our existing strategic priorities whilst keeping a watchful eye on changes in our operating environment and responding as needed,” Byres said.
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