Australia aims to increase property investments by superannuation industry
The Australian Securities and Investments Commission (ASIC) flagged that concerns had been raised that various disclosure requirements under a certain regulatory guide discourage investment in property by superannuation funds.
The regulation currently requires pension funds to disclose all transaction and operating costs, such as brokerage fees, buy-sell spreads, settlement and custody charges, clearing fees, and stamp duty.
It sets out which fees and costs must be reported in the super fund performance test to the country's prudential regulator.
Under the current regulation, for unlisted properties, like a new apartment, stamp duty is counted as a transaction cost, while for listed properties, such as a real estate trust, it is included in investment fees.
"This review will allow us to look at the way our regulations govern the calculation of fee-adjusted returns and encourage transparency and investment in our economy," said ASIC Chair Joe Longo.
"A change like that could encourage internal management meaning lower costs for superannuation members as well as continuing to support safe credit growth for business borrowers."
($1 = 1.5326 Australian dollars)
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