Superannuation

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In a move that signals a shift rather than a cessation, Australia's government has announced a targeted review of the superannuation performance test. This recalibration, prompted by the latest results from the Australian Prudential Regulation Authority (APRA) and industry feedback, aims to correct perverse incentives while maintaining accountability. The next six to twelve months will be crucial for funds, managers, and corporations seeking super capital as they navigate this evolving landscape.

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Performance test remains, but with adjustments

The government's intention is clear: the performance test will not be scrapped but refined to better serve its purpose. The recalibrated test is expected to maintain member protection while also easing barriers to long-term, illiquid investments, such as those in housing, infrastructure, and private markets. This adjustment will require boards to operate in a "both/and" environment, balancing benchmark discipline with a more open approach to productive risk.

APRA's recent results underscore the current state of the market, with most MySuper defaults passing comfortably and a subset of trustee-directed products still facing challenges. This division is reshaping fund flows and accelerating product rationalisation. As the super system surpasses A$3.7 trillion in assets, even minor shifts in performance can lead to multi-billion-dollar switches. While early failures in 2021 were high-profile, subsequent waves have seen fewer defaults, though the extension of the test to more complex products has created a new group of underperformers.

"Pass the test, and you protect flows; fail, and you face fee pressure, outflows, and possibly even mergers," one industry insider noted.

Technical insights into the test's impact

The Your Future, Your Super (YFYS) test evaluates net returns against a benchmark derived from each product's strategic asset allocation (SAA), using standard market indices and a tolerance threshold. Failing once requires member notification, while failing twice means closure to new members. While the test has driven fee reductions and enhanced accountability, it also presents unintended consequences.

"Since performance is measured against SAA-based indices, funds are penalised for persistent tracking error," an analyst explained. "This discourages high-conviction tilts and some active strategies, particularly in volatile markets."

Unlisted assets, such as private equity and infrastructure, often face mismatches with liquid benchmarks, leading to elevated tracking errors and timing issues due to valuation lags. Additionally, trustee-directed products with diverse options can struggle to optimise under a single, strict lens.

APRA maintains that the test has improved performance and transparency, a view supported by fewer failures over time and significant member fee savings. However, Treasury is now examining how to preserve these benefits while eliminating distortions, particularly as more institutional capital is needed for housing and energy transitions.

Business implications: capital allocation and competition

The performance test has become a critical factor in capital allocation, influencing which super mandates are granted, which assets are favoured, and which products survive. For super funds, portfolio construction increasingly leans toward listed, benchmark-friendly exposures, while private markets teams face tighter discipline. Asset managers capable of delivering benchmark-aware alpha and offering liquid proxies for infrastructure or property stand to gain an advantage.

"If the review relaxes constraints on illiquids, we can expect larger investments from super funds into projects like build-to-rent and grid upgrades," a fund manager noted. "This could lower the cost of capital for nation-building projects, provided risk/return profiles and governance meet standards."

Platforms, particularly trustee-directed options, face a culling process, leading to fewer, clearer, and lower-fee products with stronger pass probabilities. This menu simplification will compress underperforming niche strategies.

Competitive edge for early movers

Leadership in this new landscape will belong to funds that can both pass the test and invest productively off-benchmark. Emerging strategies include dual-mandate portfolio design, which maintains a benchmark-aligned core while allowing for segregated sleeves focused on illiquid and climate-aligned growth. Additionally, tightening SAA definitions and benchmark choices can better reflect intended exposures, such as using listed infrastructure as partial proxies.

"Strengthening unlisted asset valuation processes and frequency will be crucial," a trustee emphasised. "This reduces timing noise versus liquid benchmarks and is a focal point for both APRA and trustees."

Australia is not alone in this endeavour, with global counterparts like the UK and Netherlands also emphasising long-term accountability and transparency. The likely outcome of Australia's review is a more nuanced test that continues to pressure chronic underperformance while aligning with the nation's retirement and investment goals. As the review progresses, funds that proactively enhance analytics, refresh SAA and governance, and prepare for a more permissive stance on productive illiquids will be well-positioned to capture flows and win mandates.

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In a move that signals a shift rather than a cessation, Australia's government has announced a targeted review of the superannuation performance test. This recalibration, prompted by the latest results from the Australian Prudential Regulation Authority (APRA) and industry feedback, aims to correct perverse incentives while maintaining accountability. The next six to twelve months will be crucial for funds, managers, and corporations seeking super capital as they navigate this evolving landscape.

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APRA’s latest superannuation performance test results have reignited a high‑stakes debate: does the test optimise member value or unintentionally curb long‑term investment in housing, infrastructure and the energy transition? With the Treasurer ordering a review, the $3.7 trillion super system faces a design choice that will shape capital flows for a decade. The answer will determine not only fees and returns for 16 million Australians but also whether super can play a bigger role in national investment priorities—without diluting fiduciary discipline.

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The business implication lands first: the performance test is now the most powerful capital allocator in Australian finance after monetary policy. Its construction sets the risk budget for super funds, pushes product closures, and steers billions either towards listed benchmarks or into long‑duration assets. A government review, flagged after the 2025 results, puts that steering wheel back in motion. Boards, CIOs and policy‑makers now have a narrow window to shape a regime that protects members while enabling investment in ‘productive’ assets.

How the test works—and why it skews portfolios

APRA’s test assesses a product’s net investment performance against a tailored benchmark built from listed market indices that mirror the product’s disclosed strategic asset allocation. If a product lags its benchmark by more than 0.5 percentage points per annum over the assessment horizon, it fails; two consecutive fails mean no new members and a likely wind‑down. MySuper options are judged over a long look‑back (originally eight years), with trustee‑directed products assessed over the longest available window.

The design creates a strong incentive to minimise “tracking error” to listed benchmarks. Unlisted assets—property, infrastructure, private equity, and newer areas like build‑to‑rent or clean energy platforms—are typically benchmarked to listed proxies that do not match their cashflows, valuation cadence or risk premia. That mismatch can convert into relative underperformance in certain cycles, even when long‑term value is sound. The net effect: a structural tilt towards listed markets, higher liquidity than needed for long‑horizon savers, and a bias against assets whose return pathways are lumpy but attractive over 10–20 years.

The policy clash: member-first returns vs national investment needs

Can a fiduciary test also advance national priorities? Consumer advocates argue the test has delivered tangible wins: lower fees, simpler products and clearer accountability. APRA’s early years saw dozens of underperforming or legacy products exit or merge, improving average outcomes. On the other side, large funds and managers say the current framework crowds out capital for housing supply, energy transition and critical infrastructure—areas where super’s patient balance sheet is an advantage but index-relative evaluation is a constraint.

The government’s review, signalled by the Treasurer, explicitly seeks to remove “unnecessary obstacles” to investing in areas of national need. Shadow finance voices caution against politicising asset allocation or relaxing standards that protect members from persistent underperformance. The centre of gravity is moving towards a “both/and”: preserve accountability while calibrating the test so long‑term, illiquid investments aren’t structurally penalised.

What the numbers tell us—and where they don’t

Australia’s super pool—around A$3.7 trillion—now rivals the GDP in scale. Even marginal shifts in test design redirect tens of billions over time. The first years of testing triggered a wave of product rationalisation, with member alerts forcing funds to close or remediate failing options. In the trustee‑directed universe, some providers (e.g., platform groups and legacy-oriented retail offerings) downplayed failures because of low balances or planned closures; others accelerated product migrations to reduce risk of repeat fails. These behaviours show the test’s potency but also its bluntness: it successfully exits poor products, yet it can punish innovation where performance paths diverge from listed benchmarks.

Internationally, regulators are converging on multi‑metric frameworks. The UK’s emerging Value for Money regime blends net returns, costs and service quality; the Netherlands emphasises long‑term funding and risk management; Canadian plans measure value added versus reference portfolios but grant latitude for illiquids where governance is strong. The lesson: single‑number tests enforce discipline; multi‑metric scorecards better capture persistence, risk and member experience.

Actuaries’ two‑metric fix and a pragmatic middle path

The Actuaries Institute has argued for a more nuanced regime: retain a benchmark‑relative metric to deter chronic underperformance, and add a complementary measure that recognises risk, liquidity and horizon. Options include a risk‑adjusted return (e.g., Sharpe‑like or downside‑risk metric), a long‑horizon assessment for illiquids (using internal rate of return or vintage‑aware measures), or a “value‑added versus reference portfolio” gauge that separates strategic asset allocation (beta) from implementation (alpha and cost control).

Technically, this implies three design tweaks that keep the test investable without dulling its edge:

• Horizon matching: use longer lookbacks and vintage‑cohort analysis for private assets to avoid forcing multi‑decade investments through a short, listed proxy lens.
• Transparent risk budgets: allow a measured tracking‑error allowance for defined illiquid sleeves, with enhanced disclosure so members see the trade‑off.
• Service and resilience factors: include net benefit measures beyond returns—fee trends, retirement income adequacy, and operational resilience—so funds don’t “teach to the test”.

Business impact: who wins, who adapts, who exits

For large industry funds with internal capability, a refined test could be a tailwind. They can warehouse illiquids, negotiate fees, and structure co‑investments that harvest private premia while managing tracking error. For platform and legacy providers with fragmented product sets, the direction is clear: simplify, merge into scalable defaults, and invest in risk systems that are “performance‑test aware”. Active managers face a barbell: genuine high‑conviction strategies that justify tracking error will survive; closet‑indexing at active fees will fail both the test and member scrutiny.

Project developers in housing and energy should not read the review as a blank cheque. Super capital will still demand institutional‑grade pipelines: contracted cashflows, robust governance, and sensible fee structures. Where governments want catalytic outcomes, risk‑sharing tools—credit enhancement, planning certainty, or first‑loss tranches—will matter more than rhetoric.

Implementation reality: governance, data and member trust

Boards should treat the review as a live risk. Immediate steps:

• Portfolio engineering: map every product’s tracking‑error budget, stress‑test against plausible benchmark shocks, and identify illiquid sleeves where horizon extensions or benchmark adjustments would materially change pass/fail odds.
• Valuation discipline: tighten private asset valuation frequency and methodologies; improve look‑through data so benchmark mapping reflects actual exposures.
• Product rationalisation: exit marginal, small‑balance options that cannot clear the hurdle in a revised regime; concentrate members in well-governed, scalable strategies.
• Member communication: explain trade‑offs in plain English—why some long‑term assets may lag in a given year yet improve retirement outcomes.

Strategic outlook: a test built for the 2030s

The likely end‑state is not deregulation but smarter regulation: a two‑metric or scorecard model that keeps the bright‑line consequence for chronic underperformance while refining how long‑horizon assets are judged. Expect stronger disclosure on risk and persistence, modest flexibility for productive finance, and tougher expectations on governance and fees. For boards, the opportunity is to codify an investment process that wins under any credible regime: costs under control, true diversification, and a repeatable edge in sourcing and managing complex assets.

If the review hits that balance, Australia can have both: a world‑class member‑first system and a deeper pipeline of investable projects in housing and clean energy. If it doesn’t, capital will keep hugging the benchmark—and the economy will feel the opportunity cost.

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APRA’s latest superannuation performance test results have reignited a high‑stakes debate: does the test optimise member value or unintentionally curb long‑term investment in housing, infrastructure and the energy transition? With the Treasurer ordering a review, the $3.7 trillion super system faces a design choice that will shape capital flows for a decade. The answer will determine not only fees and returns for 16 million Australians but also whether super can play a bigger role in national investment priorities—without diluting fiduciary discipline.

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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(137) "/retirement/superannuation/super-performance-test-at-a-crossroads-balancing-member-value-productive-investment-and-regulatory-credibility" ["image"]=> string(113) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1759867121/pexels-pixabay-358549_j2tefc.jpg" ["image_alt"]=> string(101) "Super performance test faces a fork balancing member value productive investment and regulatory trust" } [2]=> object(stdClass)#8737 (57) { ["id"]=> int(19037) ["title"]=> string(83) "Aware Super unveils innovative digital tool to boost retirees' financial confidence" ["alias"]=> string(82) "aware-super-unveils-innovative-digital-tool-to-boost-retirees-financial-confidence" ["introtext"]=> string(347) "

Aware Super has unveiled a groundbreaking digital advice tool, Retirement Manager, designed to empower retirees by addressing their most pressing financial concerns. Developed in collaboration with tech giant Bravura Solutions, this sophisticated platform aims to provide retirees with control and confidence over their financial futures.

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Retirement Manager is engineered to answer two critical questions for those approaching or already in retirement: "How much can I spend?" and "How long will my money last?" The tool allows users to set up an income stream, select an investment option, and model different income and spending scenarios. A unique feature, the "Income confidence score," provides users with a quantitative measure of how their retirement plan aligns with their financial goals.

Steve Travis, Aware Super's Group Executive Member Growth, emphasised the tool's pioneering nature in the realm of retirement planning and digital advice. "Retirement Manager takes the stress out of retirement planning, giving members the power and the flexibility to create a personalised plan that can be easily adjusted as their needs and circumstances change," Mr Travis stated. He further highlighted the tool's ability to simplify the retirement planning process, noting, "With many people heading into retirement without any plan at all, Retirement Manager dramatically lowers the degree of difficulty involved in getting started and, importantly, is integrated with human help for that additional level of personalised support."

One of the standout features of Retirement Manager is its ability to estimate Age Pension eligibility and incorporate a spouse’s financial details, providing a comprehensive overview of a retiree's financial landscape. The tool also models the impact of significant financial decisions, such as taking an overseas holiday or assisting children with a home deposit, on a retiree's overall financial plan.

Aware Super members can also book an advice appointment directly from within the tool at no extra cost, allowing them to fine-tune their plans and explore options with an Aware Super retirement specialist. This integration of digital and human support underscores Aware Super's commitment to providing holistic and accessible financial advice to its members.

The launch of Retirement Manager builds upon the success of My Retirement Planner, a tool designed for members aged 60 and under. My Retirement Planner has already assisted over 130,000 Aware Super members in the accumulation phase to model their retirement goals and devise suitable savings plans. Mr Travis remarked on the broader impact of these digital solutions, stating, "These digital advice solutions reinforce Aware Super’s position as an industry leader in innovation and the use of technology to enhance member experience and retirement outcomes through scalable solutions."

Currently, Retirement Manager is in its pilot phase, tested by a select group of members. Aware Super plans to make it available to all eligible members aged 60 and over later this year, signalling a significant step forward in the accessibility of retirement planning tools.

The introduction of Retirement Manager comes at a time when many Australians are seeking more personalised and flexible retirement planning solutions. As the financial landscape continues to evolve, tools like Retirement Manager offer a promising way forward, combining advanced technology with personalised advice to meet the diverse needs of retirees.

By leveraging cutting-edge technology and integrating it with expert human advice, Aware Super is setting a new standard in digital financial planning, ensuring that its members are well-equipped to navigate the complexities of retirement with confidence and ease.

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Aware Super has unveiled a groundbreaking digital advice tool, Retirement Manager, designed to empower retirees by addressing their most pressing financial concerns. Developed in collaboration with tech giant Bravura Solutions, this sophisticated platform aims to provide retirees with control and confidence over their financial futures.

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string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(109) "/retirement/superannuation/aware-super-unveils-innovative-digital-tool-to-boost-retirees-financial-confidence" ["image"]=> string(113) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1759442146/pexels-kampus-7477711_v8cwin.jpg" ["image_alt"]=> string(83) "Aware Super unveils innovative digital tool to boost retirees' financial confidence" } [3]=> object(stdClass)#8736 (57) { ["id"]=> int(18982) ["title"]=> string(80) "APRA's super shake-up: Balancing accountability and innovation in the next round" ["alias"]=> string(136) "apras-performance-test-is-reshaping-superannuation-the-next-iteration-must-protect-accountability-without-stifling-investment-innovation" ["introtext"]=> string(475) "

Australia’s performance test has forced long-overdue transparency in super and accelerated consolidation. But as the regime broadens, its blunt edges are colliding with investment complexity, ESG mandates, and illiquid asset strategies. The question for boards and CIOs is not whether to keep the test, but how to evolve it so members get both value for money and long-horizon returns. Here’s what business leaders need to know—and do—now.

" ["fulltext"]=> string(9487) "

Key implication: The performance test has moved from a compliance exercise to a capital allocator. It determines which products attract flows, which strategies survive, and which brands retain trust. With renewed calls for refinement following the latest results, trustees and executives face a strategic trade-off: maintain accountability while avoiding a one-size-fits-all regime that inadvertently drives benchmark hugging and underinvestment in productive, long-term assets.

What the test measures—why it matters

APRA’s annual performance test, introduced under the Your Future, Your Super reforms (2021), compares a product’s net investment performance against a reference portfolio built from standard market indices aligned to the product’s strategic asset allocation. MySuper options are assessed over eight years; trustee-directed (choice) products were brought into scope from 2023. A product fails if it underperforms its benchmark by more than 50 basis points per annum over the assessment period, after fees. One failure requires member notification; two consecutive failures bar the product from accepting new members.

The mechanism is deliberately simple: clarity for members and regulatory teeth for chronic underperformance. But simplicity brings friction. Lifecycle MySuper designs with age-based cohorts, unlisted assets with valuation lags, downside protection overlays, or impact/ESG tilts can all diverge from the standard proxy indices in ways not fully captured by the test. That’s the crux of today’s debate: how to retain discipline without flattening diversity of investment approaches that can, net-net, benefit members.

Business impact: transparency gains—and consolidation pressure

The test has undeniably sharpened accountability. Underperforming products have exited or merged, fees have fallen, and boards are more forensic about strategy drift and implementation. APRA has consistently framed the test as a member-first mechanism: capital and attention must shift to products that deliver persistent value.

It has also catalysed industry consolidation. Independent analysis from major consultancies has tracked a marked acceleration in mergers since 2021, with mid-tier and sub-scale funds combining to reach cost and capability thresholds in investment, data, risk, and member experience. Case in point: a series of mergers involving retail and niche funds post-underperformance or regulatory scrutiny, and specialist funds closing or transferring members when scale or performance could not be credibly remediated. The direction of travel is clear—fewer, larger funds with industrial-strength operating platforms.

For employers and members, this has immediate implications: simpler market choice sets, more scrutiny of default arrangements, and greater emphasis on transition execution when products close. For providers, scale is no longer optional—it is the entry ticket to compete on net outcomes and withstand the volatility of being measured annually against public benchmarks.

Competitive dynamics: the herding risk is real

Boards and CIOs increasingly acknowledge an unintended consequence: strategy convergence. When the cost of failing is brand-damaging member letters and growth limits, investment committees naturally calibrate portfolios closer to benchmark proxies. This risk is most acute in illiquid and alternative allocations where benchmark fit is imperfect. Some CIOs have already shifted from opportunistic, high-tracking-error bets to tighter ranges and more liquid expressions of risk, a rational response but potentially costly for innovation and long-term returns.

ESG and sustainability strategies face a parallel issue. Where climate pathways, transition exposures, or real-economy investments (e.g., renewables, social infrastructure) deviate from benchmark weights, the test can penalise in the short run even if long-horizon payoffs are attractive. Member demand for values-aligned options has grown, but the performance test design needs to ensure such offerings are assessed on risk-adjusted merit, not merely benchmark proximity.

Implementation reality: data, design, and disclosure hard yards

The organisations that are winning under the regime show three patterns:

• Portfolio engineering: Pre-commit strategic asset allocation bands and rebalancing rules that map cleanly to APRA’s reference indices. Where exposure is non-benchmark (private credit, venture, transition infrastructure), articulate the risk budget and expected tracking error through the cycle.
• Valuation discipline: Tighten valuation policies for unlisted assets to minimise lag and ensure fair-value alignment, particularly around quarter-ends used in performance testing.
• Member narrative: Build clear, plain-English disclosure explaining design intent, cohort differences, and long-horizon expectations—so member letters (if ever needed) inform rather than alarm.

Technology and data are now front-of-house. Robust look-through analytics, factor decomposition, and scenario testing are essential. Several funds have invested in factor-based performance attribution tools to pre-empt test risk and simulate outcomes under different benchmark and market regimes. The capability gap here is widening and will be a competitive separator.

Market context: what latest results signal

As choice products were brought into scope, the first wave produced a materially higher fail rate than MySuper—unsurprising given the breadth and legacy complexity of the choice universe. Subsequent assessments have sustained pressure on small and legacy products, with sustained underperformers exiting and member balances transitioning to better-rated options. For employers, that translates to a simpler due diligence path for default plans and a measurably lower risk of staff being stuck in poor-performing products.

The macro backdrop matters. With rates higher and public markets more volatile post-2022, dispersion of returns has increased. That makes year-on-year results noisier and the eight-year horizon even more important. It also underscores the need for test refinements that distinguish luck from skill, and cyclical underperformance from structural failure.

Global perspective: convergence on value-for-money, divergence on method

Australia is not alone. The UK is progressing a Value for Money framework for defined contribution schemes, combining net returns with service and cost metrics. The Netherlands relies on rigorous supervision and risk-based assessment within collective schemes. In the US, fiduciary litigation has forced fee and performance scrutiny in 401(k) plans. The international lesson: transparency is non-negotiable, but methodologies evolve to reflect market structure and member expectations.

What should change—and what should not

Industry bodies and consultants largely agree on the direction of refinement: keep the bright line on accountability; enhance the measurement of risk and strategy intent. Practical options include:

• Risk-adjusted lenses: Incorporate complementary risk metrics (e.g., volatility or drawdown-aware lenses) alongside the existing absolute underperformance threshold to reduce perverse incentives.
• Lifecycle nuance: Assess age cohorts separately for lifecycle MySuper products to avoid cross-subsidies and misattribution.
• Illiquid asset treatment: Improve alignment of private markets benchmarks and valuation timing to reduce measurement distortion while preserving incentives for productive investment.
• Choice product taxonomy: Tighten product categorisation so like-for-like strategies are compared, reducing noise in the choice test.
• ESG clarity: Allow transparent, pre-declared factor tilts or sustainability objectives to be recognised in the reference portfolio where evidence-based and bounded.

What should not change: the consequences for repeated failure and the requirement to inform members. These are the levers that have delivered real improvement.

Strategic playbook for boards and executives

Three actions belong on next quarter’s board agenda:

1. Codify a performance test risk appetite: Define acceptable tracking error by asset class and at total portfolio level, tied explicitly to member outcomes and the test benchmark. Mandate pre-commitment of remediation triggers.
2. Invest in attribution and simulation: Deploy factor-based tools to decompose performance versus the test, run scenario analyses for rate shocks and equity drawdowns, and stress-test illiquid allocations.
3. Design for clarity: Where the strategy differs from the benchmark, bake in a communication architecture—member materials, employer packs, adviser briefings—that explains why, how long, and how success will be judged.

The destination is not a softer test, but a smarter one. Business leaders who treat the regime as a design constraint—not a handbrake—will compound trust, flows, and long-term performance.

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Australia’s performance test has forced long-overdue transparency in super and accelerated consolidation. But as the regime broadens, its blunt edges are colliding with investment complexity, ESG mandates, and illiquid asset strategies. The question for boards and CIOs is not whether to keep the test, but how to evolve it so members get both value for money and long-horizon returns. Here’s what business leaders need to know—and do—now.

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Australia’s superannuation performance test has flushed out chronic underperformance and catalysed consolidation. But its latest results have reignited a bigger question: can a single, backward‑looking benchmark safeguard members while still enabling long‑horizon, nation‑building investment? With Treasury signalling a review, the next iteration will shape fees, portfolio construction and the pace of capital into housing, energy and infrastructure.

" ["fulltext"]=> string(8032) "

Key implication: The performance test has raised the floor on value for money, but in its current form it increasingly pulls portfolios toward low‑tracking‑error, listed beta. Unless recalibrated, trustees will manage to the metric rather than to member outcomes over decades — a textbook case of Goodhart’s Law.

What the test measures — and why it bites

APRA’s annual performance assessment, introduced under the Your Future, Your Super reforms, compares each product’s net returns over a rolling multi‑year window against a composite benchmark built from its strategic asset allocation (SAA) to listed indices. A product fails if it falls materially short of the benchmark tolerance and, if it fails twice, faces closure. The test covers fees and taxes and applies to MySuper defaults and, more recently, trustee‑directed products (TDPs).

It is simple, scalable and hard to ignore: fail, and you must write to members and stop taking new ones. For boards and CIOs, that creates a binding constraint that now sits alongside risk budgets, liquidity limits and climate targets in investment committees’ dashboards.

What’s worked: a higher floor and faster clean‑up

Three shifts are clear from APRA’s published results and sector data. First, the inaugural year produced double‑digit failures in MySuper, followed by a sharp drop the next year as laggards exited or retooled. Second, when the regime expanded to TDPs, failures spiked — a sign the discipline was reaching more complex, choice products. Third, fees trended down and consolidation accelerated. APRA‑regulated funds have roughly halved in number over the past decade, and the test has been a catalyst for mergers and product closures. Large transfers — such as BT Super’s move into Mercer — underline how boards are using scale to reduce unit costs and improve net returns.

The Productivity Commission long argued for stronger performance accountability, and APRA has consistently emphasised member benefits from eliminating chronic underperformance. On these metrics, the regime has delivered.

Where it frays: innovation, illiquids and unintended herding

Investment leaders and consultants have flagged three structural concerns.

• Horizon mismatch: The test is backward‑looking and relatively short compared with super’s 30‑ to 40‑year horizons. When the cycle turns, a multi‑year underweight to momentum‑driven indices can trigger a fail even if the strategy is prudent through the cycle.

• Illiquid penalty: Benchmarks built from listed indices sit awkwardly next to unlisted assets whose valuations are smoothed and idiosyncratic. CIOs argue that accommodating Australia’s need for patient capital — housing, renewables, transmission, digital infrastructure — requires tolerating higher tracking error and valuation lags. Investment Magazine and others have reported widespread concerns about “herding behaviour” as funds crowd closer to index exposures to avoid failure risk.

• Narrow lens: The test focuses on net returns versus a reference portfolio, not risk‑adjusted performance, sequencing risk for members approaching retirement, or non‑financial objectives such as climate pathways. That creates tension for funds with strong ESG targets or differentiated inflation‑hedging strategies.

The result is a portfolio construction puzzle: optimise to pass the test, or optimise for long‑term, real, risk‑adjusted outcomes — and hope policy keeps pace.

Competitive playbook: managing to the metric without becoming the metric

Leading funds are treating performance‑test risk as a design constraint, not the design objective. Five practical moves are emerging:

1) Two‑tier SAA: Maintain a benchmark‑aware core with cheap beta, and a capped “alpha and illiquids” sleeve sized to the fund’s tolerance for tracking error relative to the test. Use factor overlays to neutralise unintended bets versus the test’s reference portfolio.

2) Ex‑ante test modelling: Build daily “shadow tests” that estimate the fund’s score under multiple benchmark mappings and valuation scenarios. Stress test for rising rates, equity drawdowns and vintage‑year dispersion in private markets.

3) Fee discipline at meaningful scale: Lock in merger synergies and supplier resets early. APRA’s heatmaps show fee reductions translate directly into improved test outcomes; unit cost targets should be embedded in CIO scorecards.

4) Liquidity and valuation governance: Tighten unlisted valuation frequency, third‑party reviews and disclosure. Transparent methodologies reduce perceived smoothing and make board sign‑off easier if drawdowns widen relative to listed proxies.

5) Member segmentation: For pre‑retirees, dial down sequencing risk even if it adds short‑term tracking error. Communicate clearly why a slightly lower test “score” can still be a better outcome for a 58‑year‑old member.

Policy choices: refine the measure, don’t blunt the mission

Following industry consultation and ministerial roundtables, Treasury has flagged a review to remove unintended barriers to institutional investment in housing and the energy transition. Options that preserve accountability while improving alignment include:

• Broader benchmarks: Allow approved, investable reference portfolios for unlisted infrastructure, property and private credit that better reflect expected return drivers rather than forcing listed stand‑ins.

• Multi‑metric scorecard: Retain the net‑of‑fees benchmark test but add complementary indicators — risk‑adjusted returns, drawdown metrics for near‑retirees, and fee reasonableness tests — presented as a dashboard rather than a single pass/fail gate.

• Cycle‑aware windows: Use overlapping windows with recession/expansion weighting or extend the horizon for asset classes with long payback periods, reducing pro‑cyclicality.

• Safe harbour for scale investments: Provide time‑limited relief when funds commit to nationally significant, member‑benefiting projects (e.g., social and build‑to‑rent housing) subject to strict governance and disclosure.

These adjustments would keep pressure on chronic laggards while recognising super’s structural advantage: patient capital.

Global context: Australia is not alone

The UK’s emerging “Value for Money” framework similarly shifts focus toward net performance, fees and service quality, with regulators wary of short‑termism. The Netherlands couples strict risk budgeting with peer‑relative assessment. The trend line is clear: transparency and accountability are non‑negotiable, but regimes are evolving toward multi‑metric views that better capture member outcomes. Australia can lead by integrating long‑horizon investing into a still‑tough accountability framework.

What to watch next

• Test recalibration timeline: Any changes need transitional arrangements; CIOs should scenario‑plan both status quo and revised rules through FY26.

• M&A cadence: Expect further consolidation as sub‑scale products weigh the cost of passing the test versus joining a larger platform.

• Capital deployment: If safe harbours or refined benchmarks land, watch for an uptick in super capital flowing to housing supply, grid modernisation and firming assets.

• Data quality: Better SAA mapping, look‑through holdings and valuation disclosures will be the quiet superpower for both passing the test and retaining member trust.

The bottom line for boards: sustain the test’s hard edge on value for money, but evolve it so that what gets measured is what members actually need — inflation‑beating, risk‑aware, long‑horizon returns.

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• Yes

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Australia’s superannuation performance test has flushed out chronic underperformance and catalysed consolidation. But its latest results have reignited a bigger question: can a single, backward‑looking benchmark safeguard members while still enabling long‑horizon, nation‑building investment? With Treasury signalling a review, the next iteration will shape fees, portfolio construction and the pace of capital into housing, energy and infrastructure.

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In a strategic move that underscores the evolving landscape of commercial finance, Rest, one of Australia's largest profit-to-member superannuation funds, has announced a significant investment into the US-based real estate investment trust (REIT), STORE Capital. The investment, amounting to US$250 million (approximately A$390 million), is part of a co-investment with funds managed by Blue Owl Capital, a prominent alternative asset manager.

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This investment into STORE Capital is particularly noteworthy as it highlights the growing demand for alternative sources of commercial finance, spurred by systemic shifts in debt financing markets. STORE Capital, known for acquiring commercial properties and leasing them back to business owners under long-term 'triple-net leases', stands to benefit from these market changes.

Andrew Bambrook, Rest’s Head of Real Assets, Investments, elaborated on the strategic nature of this investment. "The commercial finance sector has shifted in recent times. Many traditional lenders in the US have exited the sector, which has provided an opportunity for asset owners to step into this void and help businesses finance their growth,” he stated. Bambrook further explained that sale-and-leaseback transactions offer a dual advantage: they allow business owners to unlock capital tied up in their premises while providing asset owners like Rest with long-term, predictable cashflows.

The mechanics of a triple-net lease are such that the tenant is responsible for operating the business at the property, maintaining the property and improvements, and covering expenses like insurance and property taxes. This arrangement offers a stable and predictable income stream for investors, a factor that Rest finds particularly appealing given the long-term financial planning required for its 2 million members.

Bambrook highlighted the broader economic trends influencing this investment decision. "Inflation and interest rates are likely to stay higher for longer, which increases the attraction for businesses to rent rather than own real estate. We expect this shift will create more attractive investment opportunities for our members,” he noted. This perspective aligns with Rest's long-term investment strategy, which takes into account major forces shaping the global economy and society.

Diversification is another key aspect of Rest's investment in STORE Capital. Bambrook pointed out that the STORE Capital portfolio, which includes more than 3,000 properties with over 600 tenants across 49 US states, offers greater exposure to assets in the retail and industrial sectors. "The portfolio is much more diversified than you’d typically see in real estate portfolios. This can create a durable portfolio that is more resilient to economic volatility, providing stable income streams and downside protection for Rest members,” he said.

The co-investment with Blue Owl Capital, a firm known for its expertise in alternative asset management, further underscores the strategic nature of this transaction. Alicia Gregory, Managing Director at Blue Owl, expressed her enthusiasm for the partnership. “We are pleased to co-invest with Rest on this transaction and for Blue Owl to continue serving as a partner of choice for private markets investors based in Australia,” she stated.

This collaboration between Rest and Blue Owl Capital not only highlights the attractiveness of STORE Capital's business model but also reflects a broader trend in the investment community towards seeking out opportunities that offer resilience and growth potential in a changing economic landscape. As traditional lenders retreat from certain sectors, alternative asset managers and institutional investors like Rest are stepping in to fill the gap, providing businesses with the capital they need to thrive while securing long-term benefits for their members.

Rest's investment in STORE Capital is a strategic response to the shifting dynamics of the commercial finance sector. By aligning with a partner like Blue Owl Capital and investing in a diversified portfolio of triple-net lease properties, Rest is positioning itself to take advantage of emerging trends in the global economy, ultimately benefiting its members in the long run.

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In a strategic move that underscores the evolving landscape of commercial finance, Rest, one of Australia's largest profit-to-member superannuation funds, has announced a significant investment into the US-based real estate investment trust (REIT), STORE Capital. The investment, amounting to US$250 million (approximately A$390 million), is part of a co-investment with funds managed by Blue Owl Capital, a prominent alternative asset manager.

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