Malarndirri McCarthy (NT, Australian Labor Party, Assistant Minister for Indigenous Australians) Share this | Hansard source

The Albanese government is committed to delivering accountability, transparency and good governance in every part of our financial system, and these regulations clean up red tape to ensure that members can access meaningful, useful information about how their money is being spent, not pages and pages of minutiae. We remain committed to working with senators and members to improve reporting so that members have better insights into their retirement savings.

In addition to these regulations, the government will deliver an annual superannuation transparency report to hold trustees to account. Furthermore, we have legislation before the parliament to require superannuation entities to prepare and lodge annual financial reports with ASIC, aligning their reporting obligations with those for publicly listed companies and registered schemes. The regulations introduced by the previous government were an ideologically motivated make-work exercise and did nothing to improve the outcomes for super members.