Retirement

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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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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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APRA’s latest performance test has done more than name and shame lagging super options; it has rewired investment strategy, compressed fees and accelerated consolidation across the $3.7 trillion sector. With the government now launching a formal review, the stakes are moving from compliance to competitiveness. This case study dissects how leading funds responded, what changed on the ground, and where the next set of winners will emerge. For boards and CIOs, the lesson is clear: treat the test as an operating system, not a scorecard.

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Context: The benchmark that moved the market

Australia’s Your Future, Your Super (YFYS) performance test compares each super option’s net returns against a reference portfolio derived from asset-class benchmarks over an eight-year window. Fail by 50 basis points or more and the product must notify members; fail twice and it closes to new money. While the methodology improved transparency and member outcomes, it also introduced powerful incentives that rippled through asset allocation, product design and cost structures.

The latest test results reignited concerns from funds and independent experts about unintended consequences—especially the disincentive to allocate to long-duration or emerging sectors that may not track the benchmark closely in the short to medium term. In response, the federal government has announced a formal review to identify and remove barriers that may limit investment in national priorities such as housing and renewable energy. The agenda has shifted from whether the test works to how it can work better.

Decision: Treat the test as a design constraint, not a compliance chore

Leading funds reframed the test from a box-ticking exercise to a core design constraint alongside liquidity, valuation discipline and long-term risk. This pivot addressed four strategic questions:

• Business impact: How do we deliver net-of-fee outperformance when measured against an explicit benchmark, without sacrificing long-horizon returns?
• Competitive advantage: Can we exploit tracking error intelligently—running “near-benchmark” in public markets while reserving active risk budget for high-conviction, scalable private assets?
• Implementation reality: What must change in portfolio construction, cost management and data systems to manage to the test daily, not annually?
• Future outlook: How could a reviewed test alter benchmarks, lookback periods or risk adjustments, and how do we pre-position?

Implementation: The operating model behind passing—and winning

Funds that built durable advantage under the test made five operational shifts:

1. Dual-lens portfolio construction. Every investment decision is assessed under two lenses: (1) long-term total returns; and (2) YFYS benchmark relative performance and tracking error. CIOs introduced position-sizing guardrails that cap benchmark-relative risk in listed equities and fixed income, while allocating active risk to where the expected alpha per basis point of tracking error is highest.
2. Cost-to-alpha discipline. With performance measured net of administration and investment fees, funds launched procurement resets and index implementation upgrades. Common moves included transition to lower-cost index mandates, securities lending income, and internalisation of factor sleeves. For many options, shaving 5–10 bps from implementation costs is equivalent to a year’s worth of alpha in efficient markets.
3. Private markets recalibration. Unlisted assets remain strategic, but pacing and valuation governance tightened. Funds prioritised brown-to-green infrastructure, core-plus real estate with inflation linkage, and operating renewables with contracted revenues—assets whose cashflow resilience is easier to evidence under the test’s measurement cadence.
4. Product rationalisation and M&A. Underperforming or subscale options were closed or merged, reducing duplicative cost. The sector’s consolidation wave—producing mega-funds such as Australian Retirement Trust and scaled platforms at AustralianSuper and Aware Super—has been accelerated by the test’s economics of scale.
5. Data, risk and member communications. Daily benchmark-relative dashboards, enhanced SAA/TAA attribution, and member-friendly explanations of performance versus benchmark became baseline. The goal: fewer surprises, faster course correction and clearer accountability.

Results: What changed—in numbers and behaviour

While APRA’s early rounds flagged sizable underperformance in some MySuper offerings, the number of failing MySuper products has fallen materially since the test’s inception in 2021, even as the regime expanded to Choice options where failure rates were initially higher. The market response has been tangible:

• Fee compression: MySuper administration and investment costs have continued to trend down by multiple basis points since 2021, reflecting scale benefits and sharper procurement—directly improving net member returns.
• Scale and resilience: A series of mergers has created funds with >A$100bn–A$300bn in FUM, unlocking lower unit costs, broader internal capabilities and deeper co-investment access.
• Sharpened liquid-market efficiency: Many options have reduced unintended style bets and minimised tracking error in listed exposures, reallocating risk budget to high-conviction areas where information advantages are more durable.
• Portfolio liquidity and governance: More disciplined liquidity ladders and valuation oversight, especially for unlisted assets, reduced the risk of benchmark-relative drawdown surprises.

The behavioural result is more predictable performance relative to the test, with fewer “left-tail” outcomes. At the same time, critics argue that benchmark pressure can nudge portfolios towards “benchmark hugging” unless offset by disciplined active risk budgeting.

Technical deep dive: How the test drives decisions

The YFYS test assigns each option an asset-class mix and compares net performance against reference indices, over an expanding window up to eight years. Underperformance of 50 bps or more constitutes a fail. Because the reference portfolio is transparent, the test effectively prices tracking error. Practical implications include:

• Time horizon friction: Investments with J-curve effects (greenfield infrastructure, early-stage renewables, emerging managers) can struggle to keep pace over shorter windows.
• Valuation cadence: Infrequent valuation of unlisted assets can produce timing mismatches versus listed benchmarks unless governance is robust.
• Cost asymmetry: Every basis point of fee is a permanent drag against a benchmark that assumes low-cost exposure.

Market context and policy direction: What a review could change

The government’s review—framed around enabling capital for housing and the energy transition—could refine benchmarks, extend lookback periods, or introduce risk-sensitive adjustments that recognise genuine diversification and long-duration value creation. Industry submissions (including from large industry funds that have advocated reform) highlight opportunities to:

• Recognise the role of unlisted and nation-building assets through more calibrated risk treatment and valuation guidance.
• Reduce cliff effects from a single pass/fail line via confidence intervals or traffic-light gradings.
• Maintain pressure on underperformers while avoiding incentives that homogenise portfolios.

Globally, the direction of travel is consistent: the UK’s emerging Value for Money framework and heightened fiduciary scrutiny in the US both push for clearer member outcomes, lower costs and transparent benchmarking. Australia remains at the frontier—its choices now will shape global practice.

Lessons: A playbook for boards and CIOs

1. Run a two-speed investment engine. Keep listed exposures near the benchmark to preserve test certainty; concentrate active risk where conviction and structural edges are strongest.
2. Industrialise cost advantage. A perpetual 5–10 bps cost edge compounds meaningfully. Treat fees as design choices—internalise where scale and capability warrant, outsource ruthlessly where they do not.
3. Institutionalise liquidity and valuation governance. Align pacing, revaluation frequency and disclosure with the test cycle to avoid avoidable tracking-error penalties.
4. Rationalise product shelves. Prune subscale or overlapping options; where member interests are better served, pursue mergers to unlock scale economics.
5. Pre-position for reform. Scenario-test portfolios under plausible review outcomes (longer lookback, risk adjustments, revised benchmarks). Build optionality in housing and renewables pipelines so capital can ramp quickly if constraints ease.

The performance test has already lifted the floor on member outcomes. The next frontier is lifting the ceiling—rewarding funds that can deliver long-horizon value without tripping short-horizon constraints. Early movers that embed the test into their operating system will not just pass; they’ll outperform.

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• Yes

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APRA’s latest performance test has done more than name and shame lagging super options; it has rewired investment strategy, compressed fees and accelerated consolidation across the $3.7 trillion sector. With the government now launching a formal review, the stakes are moving from compliance to competitiveness. This case study dissects how leading funds responded, what changed on the ground, and where the next set of winners will emerge. For boards and CIOs, the lesson is clear: treat the test as an operating system, not a scorecard.

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In a significant move aimed at capitalising on Australia's burgeoning digital asset market, global onchain technology company OKX has unveiled a new Self-Managed Super Fund (SMSF) expansion on its crypto platform. This strategic launch, announced today in Sydney, opens the door for both individual and corporate SMSF trustees to integrate digital assets into their investment portfolios, potentially transforming the landscape of superannuation in Australia.

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The OKX platform is specifically designed with SMSFs in mind, offering a robust and secure infrastructure that allows trustees to buy, manage, and report on digital assets seamlessly. Key features of the platform include intuitive dashboards for transaction and portfolio monitoring, exportable end-of-financial-year reports, and AUSTRAC-registered digital currency exchange services. Major digital currencies like Bitcoin and Ethereum are among the assets supported by the platform.

Kate Cooper, the CEO of OKX Australia, emphasised the demand for a platform that meets compliance and security standards without compromise. "Trustees have been crying out for institutional-grade infrastructure that doesn’t compromise on compliance or security. That’s exactly what we’ve built," she stated, highlighting the platform's commitment to providing a secure environment for digital asset management.

Digital assets have rapidly become the fastest-growing segment within Australia's superannuation system, with a staggering 746% growth recorded from March 2020 to March 2025. SMSFs play a crucial role in this ecosystem, accounting for nearly 28% of the nation's retirement savings. This equates to roughly a quarter of Australia's $4 trillion superannuation system, underscoring the significance of OKX's strategic entry into this market.

"The stats show a significant increase in digital asset allocations, which is why OKX has decided to launch an SMSF platform with infrastructure and reporting tools that trustees can use," Cooper said. "Our commitment is to deliver a truly comprehensive, compliance-focused solution - giving trustees confidence, transparency, and local support to engage with digital assets, should they choose to do so as part of their investment strategy."

The platform is equipped with institutional-grade crypto custody, multi-signature security, and monthly proof-of-reserves reporting, covering 22 highly traded assets. This level of security and transparency is designed to address the concerns of trustees who manage substantial funds, often exceeding those of sovereign wealth funds.

Cooper explained that the development of the platform involved extensive consultation with trustees and industry professionals to identify and overcome the key barriers to crypto adoption in the SMSF space. "This isn’t about chasing a trend, it’s about providing serious infrastructure for SMSF trustees choosing to include digital assets in their portfolios. Australian SMSF trustees manage more money than most sovereign wealth funds. They deserve enterprise-level solutions," she added.

The launch of the platform is complemented by the establishment of the SMSF Innovation Council, an industry-led forum aimed at fostering knowledge-sharing and responsible discussion of digital assets among superannuation professionals. This initiative is expected to further support the integration of digital assets into SMSFs by providing a platform for dialogue and education.

For trustees interested in exploring this new opportunity, the OKX platform is accessible at okx.com/campaigns/smsf. Both self-service onboarding and consultation options are available, ensuring that trustees can choose the level of support that best suits their needs. The platform also offers local customer support through a dedicated Australian team, available via phone, email, or live chat, to assist with everything from initial setup and verification to documentation checks and SMSF bank account linking.

As the digital asset market continues to evolve, OKX's entry into the Australian SMSF sector represents a significant milestone. By providing a secure, compliant, and user-friendly platform, OKX is poised to play a pivotal role in the integration of digital assets into the superannuation landscape, offering trustees the tools they need to navigate this rapidly changing investment environment.

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In a significant move aimed at capitalising on Australia's burgeoning digital asset market, global onchain technology company OKX has unveiled a new Self-Managed Super Fund (SMSF) expansion on its crypto platform. This strategic launch, announced today in Sydney, opens the door for both individual and corporate SMSF trustees to integrate digital assets into their investment portfolios, potentially transforming the landscape of superannuation in Australia.

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APRA’s latest performance test results have reignited a structural debate: can Australia hold funds to account while still backing the nation’s long-horizon investment needs? With the government signalling a review to remove ‘unnecessary obstacles’ to investment in housing and other nation-building assets, trustees face strategic choices that go beyond benchmark arithmetic. This case study traces the test’s evolution, the business impacts already visible in product closures and fee discipline, and the decision points that will shape capital allocation across a $3.8–$3.9 trillion system. The outcome will reset competitive dynamics in superannuation for a decade.

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Case Study: APRA’s Superannuation Performance Test – From blunt instrument to smarter accountability?

Context: A powerful lever with unintended consequences

Since 2021, the Your Future, Your Super (YFYS) performance test has been the most consequential piece of prudential engineering in Australian retirement savings. It compares a fund’s net returns against a reference portfolio built from asset-class benchmarks anchored to the fund’s stated strategic asset allocation (SAA), with a tolerance of around 0.5 percentage points per annum over an eight-year horizon. Products that underperform must notify members and face commercial pressure; persistent failure is effectively a licence to exit.

Its bite is real. In the inaugural 2021 round, 13 of 76 MySuper products failed, catalysing exits and mergers. By 2023, only one MySuper product failed, but the expansion to trustee-directed products (TDPs) saw roughly 12 per cent (96 of around 805) fail, underscoring the test’s reach. The system—now roughly $3.8–$3.9 trillion in assets—has clearly shifted behaviour. Treasury previously estimated YFYS reforms could deliver member benefits in the tens of billions over the decade, driven by transparency, consolidation, and fee discipline.

Yet the market signal has side effects. Funds argue the methodology biases against unlisted and greenfield assets—exactly the places government wants more capital: housing, energy transition, and productivity-enhancing infrastructure. The latest results surfaced the same tension: accountability versus flexibility.

Decision: The government opens the door to recalibration

Following the 2025 performance test cycle, the Treasurer flagged a review aimed at removing “unnecessary obstacles” that deter long-horizon investment—particularly in housing. Industry bodies are broadly aligned on the direction of travel: keep the discipline, update the design. Associations representing funds and investment managers have called for longer lookback periods, better-matched benchmarks for unlisted assets, and more nuanced risk measures that reduce the incentive to hug indices.

APRA, for its part, remains focused on member outcomes and comparability. The regulator’s stance has consistently emphasised that any recalibration must not weaken consumer protection or dilute the pressure on chronic underperformance. The policy challenge is a classic regulatory design problem: avoid Goodhart’s Law (when a measure becomes a target, it ceases to be a good measure) without losing the test’s market-cleaning potency.

Implementation: What changes are on the table (and what it will take to execute)

Technical options under discussion include:

• Benchmark refinement: Replace listed proxies for unlisted property and infrastructure with blended indices or factor-based benchmarks that better match risk/illiquidity. Introduce lifecycle cohort benchmarks that reflect member age profiles.
• Time horizon and persistence: Extend to a rolling 10–12-year window and incorporate failure persistence to separate cyclical underperformance from structural issues.
• Risk-adjusted overlays: Complement the headline test with a small set of risk metrics (e.g., tracking error bands, drawdown, and volatility-adjusted returns) to discourage benchmark-hugging.
• Quality-of-service dimension: Borrow from UK “Value for Money” reforms by explicitly weighing net returns alongside fees, service quality, and member outcomes.

Execution will not be trivial. Trustees will need improved data quality and valuation frequency for unlisted assets, look-through reporting for complex vehicles, and upgraded risk systems to monitor active risk budgets and liquidity stress. Asset owners will have to recalibrate their SAA, strengthen valuation governance, and document investment beliefs that justify prudent deviations from the reference portfolio.

Results to date: Measurable shifts in behaviour and market structure

Even in its current form, the test has delivered concrete outcomes:

• Product rationalisation: The initial wave of failures triggered closures and mergers, reducing duplication and lifting average scale—a driver of lower unit costs.
• Fee and return discipline: Successive test cycles have normalised peer comparison on net returns and costs. Funds that previously underperformed have been forced to reset risk budgets, renegotiate mandates, and exit high-fee, low-value strategies.
• Portfolio homogeneity risk: A growing share of assets has migrated toward benchmark-like exposures to minimise tracking-error risk, potentially dulling diversification and long-horizon alpha—especially in unlisted and impact-linked assets.

In 2023, the 12 per cent TDP failure rate exposed variability across multi-asset options outside MySuper, pressing trustees to improve transparency and governance for non-default products. The government’s review indicates policy appetite to preserve the gains while reducing distortion.

Lessons: A smarter test can unlock national priorities and member value

What should business leaders in super and asset management take from this?

• Design drives behaviour: The 0.5 per cent tolerance and SAA-referenced benchmarks sharpened focus and cleaned out chronic laggards. But design features also nudged risk budgets toward listed markets. Expect boardrooms to treat benchmark construction as a strategic variable, not a mechanical input.
• Scale and specialisation win: Larger funds with in-house capability to value unlisted assets quarterly, manage liquidity, and explain risk-adjusted performance will hold an advantage under any enhanced regime.
• International playbook matters: UK value-for-money reforms and New Zealand’s KiwiSaver oversight show that next-gen accountability blends net returns with service and risk transparency. Australia’s recalibration will likely rhyme with these models, not repeat them.

Business impact: Strategy moves for early adopters

• Pre-emptive SAA tuning: Run parallel portfolios—one optimised for the current test, another for plausible reform scenarios (longer horizon, unlisted-blend benchmarks). Use this to set interim risk budgets and avoid cliff-edge adjustments.
• Data and valuation uplift: Invest in independent valuation frameworks, more frequent unlisted marks, and look-through to asset-level cash flows. This reduces tracking-error surprises and strengthens narrative credibility with boards, APRA and members.
• Liquidity architecture: Build contingency lines, staged commitment schedules, and secondary-market options for private assets to pass both the test and member switching events.
• Partnership pipelines: Should housing and energy transition receive clearer test treatment, prepare co-investment platforms with government, banks, and developers now to move first when rules land.

Future outlook: The next decade’s competitive landscape

The review’s centre of gravity is clear: keep the spotlight on underperformance, modernise the methodology to better reflect long-term, real-economy investing. If achieved, expect three shifts: (1) a re-acceleration into unlisted and impact-linked assets under stricter valuation and reporting standards; (2) further consolidation as data and risk capabilities become table stakes; and (3) a more nuanced member value narrative that balances net returns, volatility, and retirement adequacy.

For trustees, the winning posture is “both/and”: be test-robust and future-focused. In a $3.8–$3.9 trillion system, even small tweaks to the benchmark engine re-route billions. Those who treat the review as a strategic design moment—not a compliance footnote—will compound advantages in cost, capability and access to nation-building deal flow.

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• Yes

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APRA’s latest performance test results have reignited a structural debate: can Australia hold funds to account while still backing the nation’s long-horizon investment needs? With the government signalling a review to remove ‘unnecessary obstacles’ to investment in housing and other nation-building assets, trustees face strategic choices that go beyond benchmark arithmetic. This case study traces the test’s evolution, the business impacts already visible in product closures and fee discipline, and the decision points that will shape capital allocation across a $3.8–$3.9 trillion system. The outcome will reset competitive dynamics in superannuation for a decade.

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The latest performance test results have reignited debate over Australia’s superannuation benchmarking regime and prompted a formal government review. Behind the headlines, boards are quietly rewiring investment settings, risk budgets and data infrastructure to avoid unintended penalties — without abandoning long‑term, nation‑building assets. This case study unpacks what leading funds are actually doing, what’s working by the numbers, and what a redesigned test could mean for competitiveness and member outcomes.

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APRA’s annual performance test was designed to drive accountability and lift standards. Four years in, it has unquestionably sharpened competition and closed underperforming products. But the latest results have amplified concerns from both industry and policymakers that the framework may be steering capital away from illiquid and transitional assets just as Australia needs more investment in housing, energy and productivity. With the government signalling a review aimed at removing unnecessary barriers to such investments, the regime has entered a pivotal phase.

Context: a powerful test with awkward side‑effects

The test compares a product’s net returns to a composite reference portfolio derived from its disclosed strategic asset allocation. Underperformance beyond a tolerance margin triggers a fail; repeated failure restricts new member inflows. The mechanism has delivered clear consumer wins — fewer persistently weak products and sharper fee discipline — and brought transparency to a market managing more than $3.7 trillion in retirement savings.

Yet fund executives, consultants and industry bodies have highlighted three friction points: tracking‑error risk for active and illiquid strategies; procyclicality in periods of benchmark whipsaw; and valuation lags in unlisted assets that can distort point‑in‑time comparisons. Retail platforms contend the test pressures “index‑hugging”, while industry funds warn it can penalise genuine long‑horizon diversification. The government’s planned review, flagged by the Treasurer as part of an ambition to mobilise super capital in housing and other national priorities, aims to refine rather than abandon the regime.

Decision: how one large fund reframed the problem

This case study synthesises practices adopted by several large funds into an anonymised composite (“Fund Alpha”), representing a top‑10 Australian fund with a multi‑asset MySuper option and a suite of trustee‑directed products. After the 2023–2024 test cycles, Alpha’s board set three non‑negotiables: protect long‑term member value, maintain capacity to invest in illiquids and the energy transition, and achieve a stable performance‑test surplus. The board directed management to redesign portfolio construction, fees and data systems to target a consistent positive margin to the benchmark while preserving strategic differentiation.

Implementation: technical playbook, not spin

Alpha executed a six‑point program over 12 months:

- Benchmark‑aware strategic asset allocation: Re‑mapped the strategic asset allocation (SAA) to the test’s reference indices to quantify structural tracking error. Set a hard limit of 0.8% tracking error to the test benchmark at the total‑portfolio level, with product‑level risk budgets.

- Liquidity and valuation cadence: Lifted the share of liquid proxies within private markets sleeves (e.g., listed infrastructure as a bridge for unlisted pipelines) and tightened valuation frequency in private assets to quarterly with event‑based triggers.

- Illiquid pacing and sequencing: Kept a meaningful illiquid allocation (c. 25%) but sequenced commitments to avoid clustering denominator effects. Introduced “test‑aware” pacing that models rolling eight‑year outcomes through multiple macro scenarios.

- Active risk rationalisation: Concentrated active risk in high‑conviction sleeves (global quality equities, credit dislocation, and climate‑solution private equity), offset by low‑fee core beta elsewhere. This reduced benchmark relative volatility without abandoning alpha.

- Fee compression and procurement: Renegotiated external mandates and internalised selected capabilities, cutting all‑in fees for flagship options by 8–15 basis points, with explicit pass‑through to the test.

- Data, analytics and governance: Built a performance‑test “digital twin” that replicates APRA’s methodology daily. The twin feeds investment committees with live surplus/deficit, attribution by asset class and scenario overlays for policy changes under review.

Results: measurable uplift without abandoning mission

Within a year, Alpha reported the following outcomes (anonymised composite figures):

- Test surplus: Improved from –0.20% p.a. (rolling) to +0.45% p.a. versus the composite benchmark, reducing the probability of a future fail from an estimated ~18% to ~5% across Monte Carlo scenarios.

- Tracking error: Lowered total‑portfolio tracking error to the test benchmark from 1.6% to 0.7%, cutting the risk of adverse point‑in‑time comparisons.

- Fees and member benefit: Reduced headline fees by an average 12 basis points. For a $150 billion flagship option with 1.2 million members, that equates to roughly $180 million in annual fee savings and an estimated $5,400 higher balance at retirement for a typical 30‑year‑old member (assuming 40 years to retirement, 1% real wage growth, and 4.5% real returns).

- Liquidity resilience: Increased the liquid coverage ratio to meet a 1‑in‑20 stress redemption scenario from 1.1x to 1.6x while holding a 24–26% allocation to private assets, including renewables, social infrastructure and build‑to‑rent.

- Communication: Member complaints related to product changes fell by 32% following a targeted disclosure campaign explaining the test and fee reductions.

Market context and competitive dynamics

The performance test has already reshaped the landscape: weak products have exited or merged; surviving funds compete harder on price and scale; and CIOs increasingly frame “regulatory alpha” as a capability — the skill of generating enduring test‑positive outcomes while preserving true diversification. Industry bodies such as ASFA have broadly supported the regime’s consumer intent while calling for technical refinements. Several managers, particularly those with higher active or illiquid tilts, argue that current settings can inhibit investment in emerging sectors central to Australia’s growth agenda.

Lessons: what boards and executives can do now

- Treat the test as a design constraint, not an investment strategy. Codify a minimum surplus target and explicit risk limits to the benchmark across products.

- Build a daily methodology “twin” for governance and decision support. If you can’t measure the margin, you can’t manage it.

- Separate illiquid pacing from market timing. Use rolling cohort analysis to avoid denominator effects around valuation step‑ups and index inflection points.

- Pull the price lever early. Fee compression is the most reliable way to widen the margin without distorting asset allocation.

- Communicate trade‑offs with members. Transparency reduces switching risk and supports long‑term strategies.

Future outlook: what a smarter test could look like

As Canberra reviews the framework, expect debate to coalesce around five adjusters: (1) extending the horizon (e.g., longer look‑back for products with structural illiquidity); (2) refined benchmarks for unlisted and climate‑transition assets to reduce valuation mismatch; (3) explicit tracking‑error corridors rather than a hard cliff; (4) clearer transitional settings for new or materially changed products; and (5) enhanced disclosure so members see risk, cost and long‑run value, not just a single pass/fail flag.

Internationally, regulators are converging on value‑for‑money regimes that balance performance, cost and service — the UK’s approach is one example — suggesting Australia’s next iteration can remain rigorous while being less distortionary. Early movers that internalise these likely settings will bank a durable competitive edge: lower costs, better data, steadier surplus, and continued access to illiquids that underpin long‑term returns and national investment priorities.

Bottom line: the test is here to stay, but smarter design and smarter implementation can align consumer protection with capital formation. Boards that treat this as a strategic redesign — not an annual compliance scramble — will own the next decade.

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• Yes

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The latest performance test results have reignited debate over Australia’s superannuation benchmarking regime and prompted a formal government review. Behind the headlines, boards are quietly rewiring investment settings, risk budgets and data infrastructure to avoid unintended penalties — without abandoning long‑term, nation‑building assets. This case study unpacks what leading funds are actually doing, what’s working by the numbers, and what a redesigned test could mean for competitiveness and member outcomes.

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