"Owning a sports team was once seen as an exercise in ego and excess, no different to purchasing a luxury yacht. However, as markets evolve and super funds look for new ways to diversify, some experts are making the case for more strategic investment into our favourite pastimes," Clare said.

In a panel lead by Equip Super chief executive Luke Symons, Emergent Global chief executive Holly Ransom and Deloitte sports practice lead Sandra Sweeney discussed the possible role sports can play in portfolios. Historically, the panel noted, opportunities for Australians to invest into this sector have been limited and super funds have instead opted simply to sponsor teams or venues as part of their marketing.

Currently, Hostplus is one of the largest super funds among its peers on sports sponsorships, which includes the Australian Football League, Richmond Tigers, Gold Coast Suns, and more. Aware Super, Cbus Super, and Equip Super are also heavily involved in various sports sponsorships.

"But with thousands of Australians eagerly attending sports events or watching at home each week, many funds are now looking more strategically at the sector as a means to generate profits and access new markets," Clare noted.

"First movers, the panel said, will be most likely to generate the best returns from this untapped market, but the path forward isn't clear cut."

Although institutional investors will still face "considerable" barriers to entry in the form of strict governance and the potential reputational risks posed by individual athletes' behaviour, they can gain exposure to the sector in other ways, including investing in sporting precincts or technology companies, Clare said.

Validating Clare's statement, APEX, an athletes-backed sports investment firm, noted Australia offers some of the most unique opportunities when it comes to sports investment.

"We look at opportunities globally, including in Australia, where the sports ecosystem is vibrant and diverse. Leagues and teams across the AFL (Australian Football League), NRL (National Rugby League), A-League (soccer), Supercars Championship, and Big Bash League (cricket) all demonstrate strong fan engagement, media rights value, and commercial potential," APEX told Financial Standard.

"Emerging formats, like T20 cricket innovations or new motorsports concepts, are also attracting attention.

"Our focus is on assets that combine live sporting appeal with scalable revenue models and the ability to resonate with both local and international audiences."

Just last month, Swedish giant EQT Group acquired a majority stake in Melbourne Storm, further accentuating the appetite of institutional investors entering the Australian sports market.

Meanwhile, in a global context, Apollo Global Management said sports, as an asset class, is growing at a rapid pace, providing over $3.5 trillion (US$2.5tn) of opportunities emerging from media rights revenue, increasing institutional capital, heightened financing opportunity, and more.

It also formed a specialised sports investment division in September last year.

Since launch, Apollo Sports Capital has swiftly acquired a majority stake in Atletico de Madrid, a first-division football club in Spain, as well as minority stakes in New York Yankees from the Major League Baseball in the US, and Wrexham AFC, which is partially owned by actor Ryan Reynolds.

APRA's newly released statistics for the year ending June 30 showed Australians' retirement savings reaching another milestone of $4.77 trillion.

Industry funds' assets leaped 16% year on year to $1.8 trillion, comprising 38% of the total assets.

SMSFs posted an annual rise of 4% to reach $1.1 trillion in assets, accounting for a 23% market share.

Retail super funds have yet to crack the $1 trillion mark, growing 10% over the prior corresponding period to $933.2 billion.

The retail sector comprises 48 entities versus the industry funds' 19 and the public sector's 10.

Public sector funds grew by 10% over the period to $653.8 billion.

There are only two corporate funds left in Australia - the Mercer Super Trust and Russell Investments Master Trust.

Mercer Super Trust has more than $71 billion in assets under management while the Russell Investments Master Trust has about $11.3 billion.

Deloitte predicts the total asset pool will exceed $12 trillion by 2045, with more consolidation and mergers eventuating.

Twelve "mega-funds" each with assets of more than $100 billion are set to dominate within the next few years.

As for corporate funds, the study forecasts the remaining two will eventually move into public offer industry funds or retail master trusts that are already or have become aligned with their industry or provide the flexibility to maintain their bespoke insurance arrangements.

Public sector superannuation funds on the other hand will "continue to grow over the coming years, albeit at a slower pace and increasingly concentrated in accumulation rather than retirement assets," Deloitte said.

"While public sector funds will continue to benefit from ongoing contributions for active members, their overall asset growth is expected to moderate as mature membership profiles, benefit payments and scheme specific funding arrangements increasingly offset inflows."

The Public Sector Superannuation Scheme, Military Superannuation & Benefits Fund No 1 and CSS Fund are some of the biggest government funds.

Hejaz Islamic Super had 2600 members and more than $98 million in retirement savings at the end of March, based on APRA's most recent statistics.

On June 12, members' money was moved to cash and investment switching ceased.

Hejaz Islamic Super will cease accepting any contributions or transfers on September 30.

The Hejaz Islamic Division, which operates the pension and super accounts, is set to cease as soon as practicable after underlying investments have been redeemed and members' benefit entitlements have been paid or transferred to another fund as nominated by each member.

Hejaz Islamic Super and Pension are a division of AMG Super or what is now known as Acclaim Super.

As trustee, Equity Trustees is responsible for managing and operating AMG Super including the Hejaz Islamic Division and its investment options.

The super and pension products were invested in the Hejaz Income Fund and the Hejaz Global Ethical Fund. The Hejaz Property Fund was wound up on June 30.

In 2023, Hejaz introduced the first-ever Islamic pension product, alongside a new super offering, advancing its commitment to offer comprehensive wealth services tailored for the Muslim community in Australia.

Hejaz chief executive Hakan Ozyon wrote to members, stressing the decision does not affect the broader business and the group's investment, lending and international expansion plans remain on track.

Furthermore, he said closing the products was a "consequence of circumstances outside Hejaz's control" and was specifically due to the strategic decision by trustee, Equity Trustees, to exit the superannuation sector.

"This is not a decision Hejaz sought, nor is it reflective of the performance, strength or viability of the broader Hejaz Group," he said.

In June, Equity Trustees announced it is ditching the super trusteeship business via its subsidiary Equity Trustees Superannuation Limited (ETSL), after facing continued scrutiny over the Shield and First Guardian collapses.

ASIC is going after Equity Trustees on a number of fronts, which include alleged failures of care, skill and diligence concerning the decision to allow members to invest in First Guardian and Shield.

Equity Trustees contests Ozyon's reasoning."The decision as trustee of AMG Super to close the Hejaz Islamic Super and Pension division was taken to protect the financial interests of members and followed ongoing oversight and review of the governance and operational framework of the Hejaz Division, in line with our responsibilities. The review commenced in August last year and the decision to close those funds to new members has no connection to Equity Trustees' proposed exit from its Super Trustee Services business," an Equity Trustees spokesperson said in a statement to Financial Standard.

Equity Trustees recently concluded a  review of the Hejaz Islamic Division, including its investment options and promoter arrangements.

"At the time this review commenced (on or around August 2025) the division has been closed to new members and the Hejaz Islamic Super and Pension PDS has not been available. However, existing members have been able to keep using the member portal, make contributions, and access other services as usual (as this was considered to be in the best financial interests of existing members). The trustee has determined this is no longer in the best financial interests of existing members," a significant event notice read.

In a statement to Financial Standard, Ozyon said: "Importantly, Mercer also conducted an independent governance review of Hejaz, which was completed approximately seven weeks ago. That review did not identify any major governance issues. It was following the completion of the Mercer review that EQT advised us that the Hejaz superannuation funds would be closed."

"The sequence of events is important. We had recently undergone an independent governance review without any major governance concerns being identified, yet shortly afterwards EQT determined that our superannuation funds would be closed. The timing of EQT's decision also created a significant commercial and operational issue for Hejaz because it did not provide us with sufficient time to identify, undertake due diligence on, negotiate with and transition to an alternative trustee. Had adequate notice been provided, we would have had considerably greater opportunity to protect continuity for our funds and members."

Hejaz's 10 other investment funds, such as the High Income Active ETF, Sukuk Active ETF and Global Ethical Fund, are not affected, as is its lending division.

Furthermore, Ozyon said the group is expanding.

In April 2025, the company announced it received $181.8 million (€100m) in funding from an unnamed UAE-based private wealth group to scale its Sharia-compliant offerings with the cash injection supporting growth in property, auto, commercial and development loans.

"Through Hejaz B.S.C., we have been granted a Category 1 Investment Business Licence (Asset Management) by the Central Bank of Bahrain, providing Hejaz with an important, regulated platform from which to develop investment products and services for the Gulf and broader international Muslim market," he said.

The Halal Money platform is set to expand, while Wahda, an app that brings together communication, social interaction, communities, Islamic tools, events and entertainment, will progressively include payments, games and other digital services.

Ozyon went on to write: "For more than a decade, Hejaz has been committed to providing the Muslim community with high-quality, Sharia-compliant investment and financial solutions. We have built our business around a simple principle: Muslims should have access to sophisticated financial products without having to compromise their faith or values. That commitment has not changed, and it will not change."

"Our community has worked too hard to build credible Islamic financial institutions for misinformation to undermine that progress," Ozyon said.

"Hejaz will always be transparent with our investors and our community. Where there is genuine criticism, we will listen to it. Where improvements are required, we will make them."

Editor's note: This article was updated at 3pm.

As trustee, Diversa Trustees told investors the move reflects the rising costs and compliance obligations of running the PST and the intention by APRA to close or merge smaller funds.

Kaplan Funds Management, as investment manager, applied an absolute-return and income-focused approach, alongside a value and risk-averse focus.

The PST predominantly invested in listed Australian and, at times, in New Zealand-listed securities.

It was benchmarked against the S&P/ASX 200 Accumulation Index and aimed to achieve at least 3% per annum above inflation as over each rolling three-year period.

The PST terminated on June 15. It ceased accepting new applications and redemptions from March 31.

The fund was incepted on 5 February 1999 and has returned 8.14% p.a. after fees and taxes from that time, underperforming the index by 0.30% p.a.

In the year to May, it returned 7.2% p.a. versus the benchmark's 6.89% p.a.

Equity Trustees terminated another fund offered by Kaplan Funds Management in 2023, saying its purpose could no longer be accomplished.

The KFM Income Fund sought to provide returns greater than the 1-Year Bank Bill Swap Rate plus 4% while investing in ASX-listed securities.

Kaplan was founded in 1998 and currently has about $800 million in funds under management.

Kaplan's wholesale strategy, the Kaplan Equities Fund, aims to outperform the ASX 200 Accumulation Index with relatively less volatility, using an absolute-return approach to investment over the medium- to long-term.

The Kaplan Equities Fund has $86 million in assets under management and has returned 8.26% p.a. since it was incepted in 1998, underperforming the benchmark by 0.39% p.a.

It performed better in the year to July, achieving 8.14% p.a. compared with the benchmark's 6.01% p.a.

One MySuper product and 11 trustee-directed products (TDPs) failed out of a pool of 547 superannuation products APRA assessed. Seven products failed last year's test.

It is a first for BUSSQ's MySuper product. It is also the lone industry fund to make the failures list.

BUSSQ returned 7.04% p.a. and underperformed the benchmark by 0.57% p.a.

BUSSQ chief executive Damian Wills said the fund has taken the result seriously and has been focused on improving outcomes for members.

"We acknowledge and understand the importance of the performance test in providing transparency for members. It does not affect the security of members' savings, and our Balanced Growth MySuper product remains open to new and existing members," he said.

BUSSQ has $7.4 billion in assets with nearly $6.5 billion of this amount invested in the default strategy.

This was the only one of 50 MySuper products tested to have failed, the first failure since 2023.

Eleven out of a total of 141 TDPs failed the test. Five of these failed for at least two consecutive years.

Appearing on the list for the first time, Insignia Financial's options - MLC MultiActive High Growth and MLC MultiActive Geared that sit in three super funds offerings - failed the test. The three super funds are the IOOF Portfolio Service Superannuation Fund, Oasis Superannuation Master Trust and Retirement Portfolio Service.

"These options are specifically designed for members seeking higher growth and, as a result, have greater exposure to share markets, particularly high-growth equities. While that approach can deliver strong long-term outcomes, it may not always align perfectly with the benchmarks used in the performance test," an Insignia spokesperson said.

"While we fully support the objective of helping Australians compare superannuation products, this outcome highlights some of the limitations of applying the performance test to specialised investment options on wrap platforms."

The good news for Insignia is that its MLC Wholesale Horizon 2 Income Portfolio is now reopened to new members. The option, which sits on the Expand Essential Super and Extra Super Menu, previously clocked up two consecutive failures.

For the second consecutive year, Betashares' Bendigo Superannuation Plan's Balanced Wholesale Fund and High Growth Index Fund, failed the test.

The Bendigo Balanced Wholesale Fund returned 6.31% p.a. over a decade but underperformed by 1.09% p.a.

Betashares finalised its acquisition of Bendigo Superannuation for an undisclosed amount in 2024.

Three of AMP's options - North Guardian Balanced Fund, North Guardian Growth Fund and North Guardian Moderately Defensive Fund - also lagged their benchmarks by between 1.39% p.a. and 1.76% p.a.

"It is widely acknowledged that the test as it applies to platform products is not delivering outcomes in the best interests of Australians. The fact that capital guaranteed investments, which are achieving their clearly defined risk and return objectives, have not passed demonstrate the shortcomings," an AMP spokesperson said.

"We will continue to advocate for reforms that ensure the test achieves its objectives, including a benchmark which reflects the wider platform market."

APRA chair John Lonsdale said this year's results show pockets of underperformance remain and reinforced the need for trustees to take timely and effective action.

In addition to the test results, APRA released its inaugural Comprehensive Product Performance Package (CPPP), an analysis of the performance test results with additional measures of investment returns and fees to measure how super products are performing.

The results show administration fees have continued to decline across all product types - but platform TDPs remain materially more expensive, even before considering the costs of any personal financial advice.

The CPPP also shows platform TDPs have higher rates of underperformance over 10 years when compared against other product types.

About $1.3 trillion of retirement savings sit in MySuper options, with $473.9 billion in non-platform TDPs.

Platform TDPs represent less than 5% of the broader platform sector with $21.3 billion in assets.

"Lower administration fees can make a meaningful difference to members' retirement balances by supporting higher net returns," Lonsdale said.

"APRA expects trustees to maintain a close focus on administration fees and fund performance in the best financial interests of their fund members."

Betashares did not respond to Financial Standard's request for comments.

The Retirement Bonus feature, once effective, will provide eligible members up to $14,700 when they move into a UniSuper Flexi Pension. It is automatically applied when a member's Flexi Pension is activated.

The funds will be directly inserted into their account, depending on their account balance and investment options.

The new bonus adds to the halved administration fee on Flexi Pension accounts since 1 July 2026 - from 0.16% to 0.08% - representing savings of around $495 per year for a member in retirement, UniSuper said.

Commenting, UniSuper chief marketing and growth officer Dani Murrie said the bonus will provide members with more confidence in retirement.

"Starting retirement with more is exactly what our members deserve after many years of working. The Retirement Bonus, combined with the fee reduction we introduced earlier this year, means members can move into their Flexi Pension knowing more of their super is working for them from day one," Murrie said.

"This is about helping make retirement easier and more rewarding, if a member is eligible, we automatically calculate and apply the bonus once their Flexi Pension is setup.

"This reflects the strength of our overall retirement offering. Competitive fees, tax-effective income, easy access to tools and calculators, and advice at every level..."

The implementation follows Colonial First State's launch of a similar offering this month. It was flagged when CFS announced its "largest-ever" expansion of its retirement offerings with Challenger, Generation Life, and BlackRock in May.

The class action spearheaded by Slater & Gordon in 2018 alleges CBA and CFSIs breached the trust of their superannuation fund members by investing members' retirement savings with its parent bank even though the bank didn't offer the best interest rates.

The class action targeted three CFS super funds - FirstChoice, Commonwealth Essential Super and the Avanteos Superannuation Trust. Members in the class action were invested in certain cash and deposit options during the period November 2008 and September 2021.

It is also alleged that CFSI/Avanteos breached their duties as a trustee of the funds and CFSI breached its duties as the responsible entity of the underlying managed investment schemes.

CBA as the parent company at the time was also allegedly instrumental in CFS's and Avanteos' breaches.

The three parties deny the allegations.

Today, CBA announced that it "in principle" agreed to settle the class action.

"In agreeing to resolve the proceedings, CBA, CFSIL and AIL continue to deny the allegations and make no admission of liability or wrongdoing," the bank said.

The Federal Court of Australia has yet to approve the settlement sum of $249 million.

CBA completed the divestment of a 55% interest in Colonial First State to KKR on 1 December 2021. This included CFSIL and Avanteos.

Last November, CBA also settled a financial advice class action in in-principle for $22.5 million relating to Commonwealth Financial Planning (CFP), Financial Wisdom and its life insurance business Colonial Mutual Life Assurance Society (CMLA).

Shine Lawyers alleged that CFSI as the superannuation provider, arranged group insurance policies with CommInsure that charged fees that were not in members' best interests. It also alleged that similar, cheaper policies were available through other providers.

Authorised representatives from CFP and FWL were alleged to have breached their fiduciary duties to their clients, breached their duty to act in the best interests of their clients, and had prioritised their own interests over their clients, in recommending certain CMLA life insurance policies in preference over substantially equivalent or better policies available at lower premiums from third-party insurers.

CBA finalised its divestment of CMLA to AIA Australia in 2021.

The platform provider incurred a $71 million post-tax compensation charge for affected members, alongside $3 million in legal and professional fees related to First Guardian.

The cost follows the Federal Court's declaration that Netwealth Superannuation Services and Netwealth Investments contravened the Corporations Act in relation to First Guardian after failing to obtain and assess sufficient information about the fund and make adequate independent enquires into its risks.

Netwealth agreed to compensate affected members in full, with more than $100 million paid to more than 1000 investors in January.

Excluding the First Guardian expenses, Netwealth reported a 20.6% increase in total income to $391.1 million, while EBITDA rose 18% to $192.9 million. NPAT increased 16.2% reaching a record $135.4 million.

Netwealth chief executive and managing director Matt Heine said the business had maintained strong momentum while investing in its platform and governance capabilities.

"FY26 was a strong year for Netwealth. We delivered record funds under administration (FUA), strong gross inflows, continued market shares gains and attractive earnings growth, while maintaining our disciplined approach to investment and execution," Hein said.

Total FUA increased to 20.3% to $135.7 billion while net flows reached $15.4 billion. Client accounts increased 12.4% to 182,276 and financial intermediaries rose 5.9% to 4205.

Netwealth also said it had materially uplifted its investment governance capability during the year, including through its Reviewing Investment Standards and Excellence program.

The platforms market share increased to 9.7% up 98 basis points, while managed accounts FUM climbed to 27.9% to $34.6 billion.

Netwealth enters FY27 targeting FUA net flows of between $18 billion and $20 billion and an EBITDA margin of about 47%, as it expands into private wealth and broking.

Heine said the company remained focused on its longer-term "Dx30" ambition of doubling FUA on the platform over the next four years.

The deal, which remains subject to Australian Competition and Consumer Commission clearance, expands ART's relationship with Scentre following its $864 million acquisition of a 19.9% stake in Westfield Sydney in February.

Scentre will continue to manage Westfield Mt Gravatt, while ART's long-term investment partner QIC will manage its interest in the asset.

ART general manager of mid risk assets Michael Weaver said the centres scale, performance and development potential made it an attractive long-term investment for members.

"At ART, we believe there is opportunity in the retail property market in Australia to generate strong long-term returns for members especially for major assets that have demonstrated resilience," Weaver said.

"Through our partnerships with Scentre Group and QIC, we invest in the communities where Australians live, work and spend time."

Westfield MT Gravatt attracted 17.4 million visitors in 2025 and generated more than $1 billion in total sales last year, according to the companies.

The centre spans 141,700 square metres and comprises 376 tenants, making it one of Queensland's largest retail precincts.

QIC Real Estate managing director Deborah Coakley said the transaction would complement ART's existing retail exposure and strengthen the partnership between the three groups.

"The addition of Westfield Mt Gravatt complements ART's investment in Westfield Sydney and reflects a disciplined approach to investing in assets with proven performance, strategic locations and long-term growth potential," Coakley said.

Scentre chief executive Elliot Rusanow said the transaction demonstrated the group's ability to create long-term investment opportunities for capital partners.

"The group is very pleased to extend our strategic relationship with ART with this transaction which follows their 19.9% investment in Westfield Sydney," Rusanow said.

The investment follows a record $3 billion deployed by ART into Australian real estate during FY26, with the fund also committing a further $2.2 billion.

ART manages more than $375 billion in retirement savings and holds around $188 billion in Australian-based investments.

The fixed administration fee for all retirement products will be reduced by 16.7% to $65 p.a., while the asset-based fee will be cut from 0.23% to 0.18% per annum.

The $108 billion fund will also cut the current $10,000 minimum balance requirement for starting a HESTA income stream for better accessibility, with only a 'residual balance' of $250 required to process pension payments.

The changes mean a HESTA retirement income stream member with a $50,000 balance will see the total of these two fees fall by more than 18% to $170 per year, the super fund said.

The announcement follows the reduction of investment fees last year and an average 12% drop in insurance fees across all cover types delivered on July 1 this year.

Notably, the super fund also introduced an option for members to make a non-lapsing binding death benefit nomination earlier this month.

Commenting, HESTA chief executive Debby Blakey said the changes would make a real difference for members.

"These are significant changes for our members in, or about to enter, retirement," Blakey said.

"We understand the challenges many Australians face in retirement and it's terrific to be able to deliver lower fees at a time when persistent inflation is driving cost-of-living pressures.

"We are also pleased to be able to offer income stream accounts to even more members, so they have the opportunity to take advantage of tax-free investment returns."

HESTA said it is continuing to advocate for changes that support modernising the retirement system, including the ability to top-up income stream accounts.

"We want to support more flexibility in retirement and in line with that focus, continue to advocate for changes that would allow retirees to top up their retirement income streams with money earned from work," Blakey added.

"Right now, retirees who return to work need to open a new super account, which is a needless inconvenience that often comes with a financial cost."

APRA laid out its priorities in its newly published 2026-27 Corporate Plan, firing warning shots at trustees and platforms, in particular, which have been in the hot seat since the collapse of the Shield and First Guardian master funds.

"Trustees offering platforms should expect intensive and risk-based supervisory oversight. This will include ensuring entities currently subject to enforcement action take timely and appropriate remedial action," APRA said.

"APRA will take further supervisory and enforcement action should trustees fall short of meeting their prudential obligations."

Platform trustees and providers can expect more scrutiny. This comes ahead of APRA undertaking work to consult on a proposed package of reforms that takes into account findings from its review of platform providers and lessons learned from the collapse of Shield and First Guardian.

"The impact of the reforms will be most significant for platform trustees, given that investment menus are typically broader, products are more complex, and advisers can play a larger role in selecting and recommending investment options," APRA said.

As previously reported, a key theme for APRA this financial year is investment governance with respect to valuation practices and platforms.

This is part of assistant treasurer Daniel Mulino's newly announced reforms, by which APRA will be given greater oversight to ensure trustees have the financial capacity to meet their obligations under the proposed compensation scheme.

APRA did not provide any details on any changes to the superannuation Performance Test and Comprehensive Product Performance, other than saying the package remains "an important transparency and accountability mechanism."

"We continue to work with government on potential future revisions to the Performance Test," APRA said.

Meanwhile, APRA said cyber security, artificial intelligence and operational resilience would remain in focus following the introduction of Prudential Standard CPS 230 Operational Risk Management.

The standard, which took effect on 1 July 2025, strengthened requirements around operational risk management, business continuity and oversight of material service providers.

APRA said entities should expect more frequent and deeper engagement on cyber and AI risks and must be able to demonstrate how those risks are being managed.

The regulator will also continue reviewing implementation of CPS 230 through prudential and thematic reviews across several industries.

Prior to the announcement, Johnson was a senior portfolio manager at AustralianSuper where he worked in the global internal fundamental equities team for 10 years across the fund's Melbourne and London offices.

During his tenure, Johnson was a co-architect of the internal fundamental equities capability, which he helped design and scale to approximately A$20 billion in assets under management.

Earlier in his career he held global equities research and portfolio management roles at Alliance Trust, Nomura Asset Management and Exane BNP Paribas across London and Paris.

Tom King, Nanuk's chief investment officer, said he was delighted to welcome Johnson to the group. "He is a highly regarded portfolio manager with a track record of alpha generation and deep expertise across a wide range of opportunities relevant to the New World strategy."

King added that the appointment reflects Nanuk's ongoing commitment to clients as the firm grows across Australian and New Zealand markets>

While at AustralianSuper, Johnson also led the evaluation and benchmarking of AI tools used to augment the fund's fundamental research. In his new role, he will bring the same hands-on experience integrating quantitative, alternative data and artificial intelligence tools to the fund's research workflows.

"This is an area of active development for Nanuk as [we] embed LLM-based capabilities into our research process in conjunction with our recently appointed Head of Research, Marco Lo Blanco," the group said in a statement.

Research commissioned by Rest found 43% of members were unsure the steps they needed to take to prepare for life after work, while 61% supported greater integration between super funds and Centrelink to simplify access to the Age Pension.

The findings come as 2.7 million Australians ages 65 and over rely on the Age Pension, including around two-thirds receiving the full rate and one-third receiving a part pension.

Rest chief executive Vicki Doyle said the findings highlighted a disconnect between the two major components of Australia's retirement system.

"Superannuation and the Age Pension are meant to work together, but too often people are left trying to bridge the gap between them," said Doyle.

"When people don't know what steps to take as they approach retirement, it's a warning sign that the two biggest parts of Australia's retirement system aren't working together as seamlessly as they should."

Members aged between 46 and 66 were most likely to describe the retirement system as complex, while women and renters reported lower levels of preparedness. Almost two thirds of renting members said they were unclear how to prepare for retirement, compared with around one third of homeowners.

The findings coincide with separate research from MLC, which found only 31% of Australians believe they will be able to retire when they want to, highlighting the broader impact of retirement uncertainty throughout working life.

MLC Super chief executive Dave Woodall said retirement confidence was increasingly influencing employee wellbeing and workplace experiences.

"Over recent years, it's become clear that retirement confidence doesn't sit neatly at the end of a career, it's built over a working life. And when confidence is missing, the effects start to surface in how people feel, engage and make decisions about work," Woodall said.

"For employees, that framing matters. It shapes how supported they feel at work today, and whether they believe their employer is thinking beyond the immediate."

The report also reveals shifting expectations around financial wellbeing, with 84% of Australians believing that employers should provide access to free or subsidised financial advice.

Rest has called for greater integration between super funds and government services, alongside progress on the Delivering Better Financial Outcomes reforms to give funds greater scope to provide practical retirement guidance.

Doyle said the system needed to do more of the work for Australians approaching retirement.

"People shouldn't have to become experts in superannuation, the Age Pension and Centrelink just to plan for retirement," she said.

The loan comes off the back of APRA hitting Equity Trustees' subsidiary HTFS, the trustee for the HUB24 Super Fund, with additional licence conditions May, concerned about weak, ill-defined and inconsistent investment option selection criteria.

HUB24 said the capital received by the trustee is reserved for the purpose of meeting the ORFR for the fund in accordance with APRA Prudential Standard SPS114 Operational Risk Financial Requirement. This is in addition to meeting enhanced operational risk obligations under CPS 230 Operational Risk Management.

"Funds drawn are reserved for ORFR purposes, and additional drawdowns may occur as needed to maintain or replenish the ORFR in compliance with these updated prudential standards," the company said.

The loan agreement was entered into on an arm's length basis at a fixed interest rate of 10% p.a.

HUB24 Group set up the loan facility that totalled $100 million in FY25 and $5 million was drawn during that period. As at 30 June 2026, $77.5 million was drawn and further tranches can be drawn down to the $100 million limit.

HUB24 is in the process of acquiring HTFS Nominees, which is still subject to regulatory approval.

"As HUB24 Super has grown significantly in scale, and the HUB24 Group has expanded its capabilities, we are now well positioned to bring the trustee function in-house," HUB24 chair Paul Rogan said in the latest 2026 financial year update.

"In anticipation of the transition, the board and management have commenced preparatory work to establish an Office of the Trustee and an Independent Trustee Board, supported by robust governance frameworks aligned to relevant APRA and ASIC standards.

"This important step will support the long-term financial interests of HUB24 Super members, and we will continue to work closely with EQT and regulators throughout FY27 to complete the transition, fulfil all regulatory obligations, maintain best practice governance standards, and ensure the effective establishment of the trustee board, governance processes and resources."

The group is also in the process of appointing an independent chair-elect for HTFS Nominees as a key part of the transition.

Elsewhere, HUB24 chief executive Andrew Alcock said the group delivered an "exceptional" performance for the year.

"In an environment of increasing complexity, evolving client expectations and growing demand for advice, our focus remains on addressing these challenges through solutions that improve productivity, increase choice and flexibility, and enable better client outcomes," he said.

Total revenue for FY26 rose to $501.1 million, up 23% annually, driven by the platform business and consistent revenue growth in Tech Solutions.

Statutory NPAT of $120.2 million jumped by 51%, while underlying NPAT of $137.3 million was up 40% year on year.

Total funds under administration grew to $164.3 billion, which was up 20% on the prior financial year.

SuperAPI, a payroll reg-tech infrastructure provider, revealed how super funds performed during the first month of the new regime, according to its member verification request (MVR) data.

Over the period, SuperAPI processed some 62,000 MVRs to 171 super trustees on behalf of employers each time they hired a new employee.

Notably, 46% of MVRs across its network received a fund response with "member found" during the first month, while 6% were rejected as "no member found". A staggering 48% remained without a response or were unable to be processed at the point of onboarding.

Under the new framework, participating funds are required to respond to an MVR within 24 hours.

However, across all funds, the proportion of MVRs rejected by super funds fell from 11.92% in the first week of July to 3.04% by mid-August - a reduction of approximately 75%.

The firm said this shows industry performance has "improved" since implementation but highlighted uneven levels of preparedness are emerging across the super sector as funds are still adjusting to the new law.

Commenting, SuperAPI chief executive Riley James said the scale of the industry's transition highlighted the importance of having multiple layers of verification embedded into employer workflows.

"Payday Super has introduced a much tighter operating environment for employers, payroll providers and super funds, and the first month shows the industry is still working through some very understandable teething issues," James said.

"MVR is an important new validation step, but it doesn't help an employee who doesn't know which super fund they are a member of.

"The goal has never been to make employers compliant by sending MVRs. It is to make sure employers have the highest possible confidence that contributions will arrive at the right fund, for the right member, on time."

Among the 10 funds receiving the greatest volume of member verifications over the period - which collectively accounted for 55% of member verifications - three were not validating MVRs during the period measured. In the next 10 highest-volume funds, accounting for a further 14.5%, six returned no positive verifications.

James said the results should be viewed as evidence of a system rapidly maturing rather than a criticism of individual funds, and the remaining gaps reinforce why employers and payroll providers should not rely on MVR as a standalone solution.

"An MVR tells you whether the receiving fund can validate a member at that point in time. It does not replace the other checks that should happen during onboarding," James said.

"ATO Stapling, direct fund lookup APIs, and an MVR together create a much stronger validation chain. When those services are embedded directly into payroll and HR software, employers can resolve issues before they become failed contributions or compliance problems.

"This is a shift away from fixing errors after a contribution has failed, towards getting the data right before the money moves."

The result was supported by a 19% increase in annuity sales to $6.2 billion, while total Life sales rose 12% to $9.6 billion. Annuity book growth reached 10.7%, reflecting continued demand for guaranteed income solutions in retirement and aged care.

Challenger managing director and chief executive Nick Hamiliton said the result reflected the execution of the group's strategy and growing momentum across its business.

"Our FY26 result reflects the successful execution of our strategy and the growing momentum across our business," Hamiliton said.

"We delivered strong earnings, increased annuity sales and continued to invest in the strategic priorities that will support Challenger's future growth."

Normalised earnings per share increased 3% to 68.1 cents, while statutory NPAT rose sharply to $506 million from $192 million a year earlier. Normalised return on equity was 11.6%, coming in above target.

Challenger said its retirement strategy had advance through new partnerships with superannuation funds, platforms and advice technology providers, aimed at making retirement income solutions more accessible.

Offshore reinsurance annuity sales reached a record $1.2 billion, up 25%, while the group also launched its $6 billion Challenger Annuity Backed Notes program in July to support annuity book growth and diversify funding.

The group declared a full-year ordinary dividend of 31.5 cents per share, up 7%, alongside a special dividend of 1.5 cents per share.

Challenger also increased its on market share buy-back program to $450 million, comprising the previously announced $150 million program and a further $300 million, subject to market conditions and regulatory approval.

For FY27, Challenger expects core basic EPS of between 45 and 49 cents per share, with the 47-cent midpoint representing a 6% increase on FY26 core EPS of 44.2 cent.

"We enter FY27 with strong momentum and focus on our growth trajectory, reinforcing Challenger's leadership position in retirement income and creating long-term value for shareholders," Hamilton said.

Recently, Cbus also rolled out changes to fund's death benefit nominations, where it offered new non-lapsing binding death benefit nominations allowing members to make them online, effective October 16.

This follows research by Super Consumers Australia (SCA) which found at least 15.5 million Australians may not have a binding death benefit nomination. The Your Say on Super survey showed two-thirds of Australians have not been contacted by their super fund over the past year encouraging them to make a binding death benefit nomination.

"You can only nominate your dependants, your legal personal representative (usually the executor or administrator of your estate), or both. As long as your nomination remains valid, we must pay your benefit according to your nomination," HESTA said.

"Your nomination stays in place until you change it. In circumstances specified by the trustee, such as your nominated beneficiary dying before you, your nomination will not be binding on the trustee."

HESTA added members can make or update non-lapsing binding nominations online, and if the member already has a lapsing binding nomination in place, they will need to cancel it first.

Along with the new option, HESTA continues to offer lapsing binding death benefit nominations, which must be renewed every three years, and non-binding beneficiary nominations.

This is in contrast to Cbus, which will no longer offer non-binding death benefit nominations and removed non-binding nominations listed on member accounts from August 7.

Last October, Cbus agreed to pay $23.5 million to settle the matter brought against it by ASIC in relation to delayed death benefit payments to members. Some members were impacted by delays to death and Total and Permanent Disability (TPD) claims processing, having to wait more than 90 days.

Designed for individuals aged 50 to 80, Allianz Guaranteed Income for Life: Super+ (AGILE Super+) allows clients to invest directly using their super money, without requiring a platform, expanding the product to broader adviser and client market.

Unlike platform-based implementation, clients can rollover their super directly into AGILE Super+, providing advisers with a simple and efficient way to access its guaranteed lifetime income solution.

AGILE Super+ can also accept super investments before a client has met a Relevant Condition of Release, allowing advisers and clients to plan and establish a future guaranteed lifetime income strategy ahead of retirement.

Allianz Retire+ chief distribution and marketing officers Catherine van der Veen and Lucy Foster said the launch is in response to growing adviser demand for access to AGILE beyond the existing platform-based offering.

"Demand for AGILE is up approximately 40% on this time a year ago, with levels of interest and inquiry increasing significantly as the market's understanding of AGILE and similar products develops," the pair said.

"There is no doubt that this segment of the market is a game changer for retirees - especially in a time of volatile markets - and that is becoming much more clearly understood and accepted by advisers.

"The introduction of AGILE Super+ is fundamentally an access and advice story. We're enabling a broader range of advisers to incorporate guaranteed lifetime income solutions into retirement strategies, regardless of the platform they use."

Allianz said AGILE Super+ provides advisers with "income bandwidth" by allocating a portion of their clients' retirement savings to a future guaranteed income stream while maintaining flexibility across the remainder of their portfolio creating a future guaranteed income stream which will grow over time before being activated in retirement.

"As the client's broader portfolio evolves through investment returns and ongoing contributions, AGILE can represent a relatively smaller proportion of total assets while potentially contributing a disproportionately larger level of guaranteed income when switched on," van der Veen and Foster said.

"This layered retirement income approach can help clients feel more confident about spending and enjoying their retirement, knowing part of their future income is secure regardless of market conditions."

Another key component from the offering is the automatic inclusion of the Age Pension+ feature upon meeting a Relevant Condition of Release. AGILE Super+ may assist eligible retirees in optimising Age Pension entitlements through favourable assets test treatment, while continuing to benefit from a guaranteed income stream, which can help improve overall retirement income sustainability.

The automatic application of Age Pension+ distinguishes AGILE Super+ from AGILE, where the feature is elective.

van der Veen and Foster also highlighted the offering can help address the common fear of running out of money in retirement, as many retirees tend to spend less than they can afford, despite having accumulated significant retirement savings.

"Guaranteed lifetime income is not just about securing income. It's about providing retirees with the confidence to use the savings they've worked so hard to accumulate," van der Veen and Foster added.

"By creating certainty around future income, advisers can help clients make more informed spending decisions and approach retirement with greater peace of mind.'"

While there are some differences in features, the solution maintains the core AGILE proposition advisers are familiar with, including investment growth potential; guaranteed income for life; and flexible access to money, Allianz Retire+ said.

As previously mentioned in May, the CFS Pension Bonus is available to eligible FirstChoice members transferring into a new FirstChoice Wholesale Pension, with members automatically assessed and no application or additional paperwork required.

Under the current published rate of 0.80%, a member transferring an eligible balance of $350,000 would receive a Pension Bonus of $2800, which is added to the opening balance of their new pension and invested according to their selected investment options.

CFS Superannuation chief executive Kelly Power said the initiative was designed to provide practical support during the transition into retirement.

"Pension Bonus delivers an immediate financial benefit for eligible members when they commence a pension and removes the need for additional applications or paperwork," Power said.

"It's a simple way of supporting members at an important stage of their retirement journey."

The launch forms part of the CFS's broader strategy to expand its retirement offering, with further solutions planned to help members generate income, manage wealth and navigate retirement decisions.

Power said longer life expectancies were increasing the importance of helping Australians manage their super once they stopped working.

"Australians are living longer and spending more years in retirement, increasing the importance of helping people make the most of their superannuation once they stop working," Power said.

"Our focus is on providing practical solutions that help members move confidently from accumulation into retirement income."

CFS will launch its Retirement Income Optimiser later this year, a FirstChoice capability designed to help improve retirement income outcomes by optimising how assets are assessed for Age Pension purposes.

The group said additional retirement income solutions are planned for 2027 as it continues to expand its retirement offering.

The update was flagged by the manager of the $94 billion fund following a verdict finding two of its policy documents were not formulated in accordance with the relevant statutory requirements.

The updated Statement of Investment Policies, Standards and Procedures (SIPSP), which establishes the framework for the governance and investment of the fund, including the integration of ESG considerations into its investment decisions and the ongoing monitoring of portfolio under ESG issues.

The new policy also processes for engagement with investee companies and, in certain circumstances, excluding securities from the portfolio to reduce exposure to investments with significant ESG risk, Guardians said.

Guardians said it also applies those procedures against the backdrop of "its statutory independence from the Crown, its status as an autonomous Crown entity, and its commercial mandate to invest the fund on a prudent, commercial basis."

That context also significantly mitigates risk to New Zealand's reputation as a responsible member of the world community arising from our investment activities, it said.

Further, the Sustainable Investment Policy sets the UN-backed principles for responsible investment "as our performance benchmark for sustainable investment."

These include policy statements covering the integration of ESG considerations into investment decision-making; active ownership, including prioritisation of activities, portfolio monitoring, engagement, exclusions, participation in class actions, and the retention, exercise and delegation of voting rights acquired through investments (including in the context of securities lending); climate change investment activities and setting reduction targets; and sustainable investment communication and reporting.

The Guardians will review the companies named in the Nazzal proceedings using the updated policy framework and will provide a further update once that process is complete but will require time for "proper consideration".

Commenting, NZ Super general manager corporate affairs Cristina Billett said the new standalone policy clarifies the components underpinning the Guardians' sustainable investment activities.

"Our approach continues to place significant emphasis on integration of sustainable investment considerations into investment analysis and decision-making, monitoring, engagement and exclusions," Billett said.

"Human rights considerations remain integral to the Guardians' Sustainable Investment Policy. Our policy documents now explicitly record our long-standing position that human rights is a key ESG issue for us."

Research commissioned by the Super Member Council (SMC) found two thirds of Australians have either used AI for super and retirement information or would consider doing so, while more than one in three have already used tools including ChatGPT, Gemini and Claude.

Among those using AI, the technology is primarily being used to learn the basics, ask questions and compare options.

However, Australians remain concerned about the privacy, security and accuracy of AI-generated financial information, with many preferring human support when dealing with sensitive financial matters.

SMC chief executive Misha Schubert said the findings highlighted demand for affordable and trusted financial guidance.

"Australians are increasingly turning to AI because they are looking for simple, accessible and affordable help to understand their super and retirement options," Schubert said.

"But people are also telling us they really don't want to rely on AI alone. They want trusted sources of information, strong consumer safeguards, and access to human support and reassurance when making financial decisions that will affect their future."

Nealy half of Australians who use AI said they would verify information directly with their super fund, while others would seek confirmation from government websites, financial advisers or other professionals.

Schubert said the findings strengthened the case for the government to progress its long promised Delivering Better Financial Outcomes (DBFO) reforms.

"Australians shouldn't have their advice options limited to only expensive full-service comprehensive financial advice on the one hand or the Wild West of unregulated AI tools on the other, with nothing in between to serve the needs of 'the missing middle'," she said.

The Financial Advice Association Australia (FAAA) has separately called on the government to prioritise affordable advice, citing a 65% increase in the median cost of financial advice over the past five years to about $4700.

FAAA chief executive Sarah Abood said rising costs were limiting access to advice as Australians faced increasingly complex financial decisions.

"Financial advice has never been more important, but too many Australians simply cannot afford it," Abood said.

The FAAA is calling for sustainable compensation arrangements, stronger protections against predatory lead generation, sensible DBFO reforms and measures to grow the advice profession.

According to FAAA research, nine in 10 advisers expect the CSLR levy to further increase the cost of advice, with the average practice facing a bill running into thousands of dollars per adviser.

"Innocent financial advisers are currently paying these bills, and in many cases are forced to pass the costs on through higher advice fees," Abood said.

"Consumers should not have to pay even more for professional financial advice because of failures by completely unrelated firms and in other parts of the financial services system."

The data also showed a sharp concentration of voluntary contributions around the end of the end of the financial year, with May and June accounting for 19% of contributions by number but 42% of their total value.

Average contribution amounts more than doubled during the two months, suggesting members who make more voluntary contributions at EOFY tend to contribute substantially larger amounts.

Contributions activity was relatively steady throughout the remainder of the year, with the other 81% of contributions spread across the preceding 10 months.

Rest chief member officer Simone Van Veen said the findings presented an opportunity for members to take a more considered approach to their retirement savings.

"The start of a new financial year is a great opportunity to think about the steps you can take over the next 12 months to help build your retirement savings," Van Veen said.

The fund also recorded a surge in member engagement with contribution-related information, with visits to contribution focused content more than tripling in May and June compared with the preceding two months.

Van Veen said members could benefit from moving away from an EOFY-driven approach and considering their options earlier.

"Rather than waiting until June, members may benefit from taking time earlier in the year to understand their options and make a plan that feels achievable," Van Veen said.

Salary sacrifice and member voluntary contributions were the most common contribution types, while downsizer contributions generally involved significantly larger one-off amounts.

Contribution amounts also tended to increase with age, according to the analysis.

Van Veen said members could use the start of the financial year to review their super balance, retirement goals and eligibility for measures such as government co-contributions.

"Even small changes made today can make a meaningful difference over time, particularly when you consider the impact of compounding returns over the long term," he said.

From September 12, the Guild Retirement Fund will move into the Smart Future Trust. The GuildSuper and Child Care Super brands, which focus on the pharmacy and early learning sectors respectively, will remain as they are.

Future Group said members will experience minimal disruption as the SFT marks the latest step in group's strategy to consolidate fund operations behind the scenes, leveraging increasing scale to benefit members.

The move follows the SFT of the Future Super Fund, which sits behind the Future Super and Verve Super brands, into the Smart Future Trust in May 2025.

Future Group now has more than 400,000 members and manages some $14 billion in assets under management.

Future Group chief executive Simon Sheikh said: "As we grow, we can use that scale to reduce duplication, increase our negotiating power with service providers and continue investing in services and investment capabilities for members."

"This latest transfer builds on the successful SFT of the Future Super Fund into the Smart Future Trust last year. It is another important step towards a simpler and more scalable structure across Future Group."

Dollar-based administration fees are set to decline for GuildSuper and Child Care Super members from $72.80 to $67.60 per year.  Members will also gain access to a revised MySuper LifeStage approach with four age-based options and a refreshed Choice investment menu.

"GuildSuper and Child Care Super will retain the brands, member relationships and industry focus that make them distinctive, while benefiting from the scale and operating capabilities of a larger structure behind the scenes," Sheikh said.

In late 2023, Future Group entered the default super space with the acquisition of GuildSuper.

The deal with GuildSuper saw Future Group add about $2.77 billion in funds under management and 99,000 members.

This included members in Child Care Super, which also forms part of Guild Group's offering.

Future Group's superannuation brands also include Future Super, Verve Super and smartMonday.

Lendlease's Australian Prime Property Fund Retail (APPF Retail) offloaded its 50% stakes in Lakeside Joondalup in Perth and Westfield Carindale in Brisbane to Cbus Property.

APPF Retail, a wholesale unlisted property trust established in 1989, invests predominantly in prime direct retail properties across Australia with an institutional client base. Its operations involve the acquisition, management, leasing, administration and disposal of retail real estate assets.

Cbus Property chief executive Chris Kakoufas said: "The acquisition of 50% interests in Lakeside Joondalup and Westfield Carindale represents a significant expansion of Cbus Property's premium flagship retail portfolio, adding two high-quality assets in prime locations."

Kakoufas noted the acquisition extends the super fund's retail portfolio into the Brisbane and Perth markets.

"Our ownership of some of Australia's leading super regional retail destinations will provide resilient income and, in turn, long-term returns for Cbus Super members. We also see significant opportunities for long-term precinct evolution, underpinned by the centres' important roles in their local communities," he said.

Vanessa Orth, managing director at Lendlease Investment Management Australia, said the transaction "represents a successful outcome for APPF Retail's liquidity program, achieving a positive result for investors and returning capital through a well-executed and timely process."

In May, Australian Prime Property Fund Commercial (APPF Commercial), announced it would offload its stake in a Sydney office precinct to Charter Hall.

A series of transactions relate to the Spring and O'Connell Street precinct in Sydney's CBD.

The first transaction includes the completed exchange of contracts on 19 O'Connell Street and strata lots within 23 O'Connell Street. Charter Hall also accepted a pre-emptive offer for the remaining interests in 1 O'Connell Street, 8, 10, 16 Spring Street and the remaining strata lots in 23 O'Connell Street.

"The overall transaction represents a strong outcome for both parties, aligning with APPF Commercial's portfolio strategy of prime assets and capital recycling objectives, while enabling Charter Hall to expand its exposure to quality, well-located Sydney office assets," Charter Hall said.

In a new whitepaper titled Building a Sustainable Compensation Scheme of Last Resort - benchmarked by Marsh Risk Consulting - ASFA argued the CSLR is falling behind similar policies enforced across the UK, the US and Europe.

In the schemes Marsh examined, the sectors that generate investor losses are the sectors that fund the compensation, which is not the case in Australia.

Despite accounting for almost all (96%) compensation the CSLR has paid, the personal financial advice sector has only contributed 84% of its funding. ASFA acknowledged it would be "impossible" for financial advisers to fund 100% of compensation claims, as it would put small advice firms out of business, but said the funding should not be spread to other sub-sectors for compensation.

This comes as the CSLR has increased the estimated levy for the current financial year to be paid by the financial services sector to $198.1 million, some $60.7 million increase form its initial estimate in November 2025.

ASFA chief executive Mary Delahunty said the dynamic playing out in Australia is very different to other jurisdictions.

"Every other country we looked at asks simple questions: has the firm failed, is the client's money missing, and how much have they lost?" Delahunty said.

"In Australia, we ask how much an investor would have if they had never received bad financial advice and had hypothetically been put into a better investment option.

"That pushes the CSLR's compensation bill higher. The more than 16 million Australians who are members of traditional super funds are now having to help pay that bill even though they can't claim from the CSLR themselves."

In FY26, $6.1 million of a $47.3 million special levy was charged to the savings of members of traditional, institutional super funds. However, the overwhelming majority of CSLR claims came from people who were advised out of institutional super and into self-managed funds, she added.

"It is like being forced to insure not just your own house, but someone else's house in another town, and then being told the premium will rise every year because the other town keeps burning down," Delahunty said.

"Institutional super is a low-risk sector, where the likelihood of losing your investment is extremely low. Even on the chance that losses do occur, super fund trustees are legally obliged to pay compensation, so we wouldn't see the uncompensated losses that lead to CSLR claims happening in institutional super.

"Members of super funds already pay for institutional super's own compensation arrangements. Those same members are now being asked to fund a second compensation scheme they cannot use."

She said the principle of the scheme "conflicts" with the legislated purpose of super, which is to secure Australians' retirements, "not to fund unrelated schemes that don't add up financially."

Additionally, the paper described the CSLR as a "self-reinforcing cycle", meaning if action is not taken to improve the sustainability of the scheme, the result can rapidly compound growth in levies unless it is reformed.

In response, Delahunty said there are several design issues with the CSLR to make the scheme "fundamentally unsustainable", reiterating the scheme should only pay compensation where a consumer's money is "genuinely gone".

She also called for the sectors generating the losses to fund the compensation, instead of spreading the cost, and focusing on stopping losses happening in the first place.

"Because prevention is better than compensation. Stopping unregulated lead generators, aggressive sales tactics and conflicted advice from causing these losses in the first place is the most effective way to bring the CSLR's costs under control," she added.

Multiple peak bodies, including the likes of the SMSF Association, the Council of Australian Life Insurers and the Financial Advice Association Australia, have, however, advocated for the cost to be spread across all sub-sectors and the government.

The service will be available to members via the AustralianSuper member portal. Launching in stages starting this year, it will allow members to access personalised advice and guidance on topics including investment options, contributions and retirement health checks.

AustralianSuper general manager of retirement Shane Hancock said receiving quality financial advice can make a real difference to members' confidence about retirement.

"We want members to feel in control, so we're giving them the tools to get quality advice in a secure environment at a time that suits them," Hancock said.

"When the roll-out is complete, members will be able to take their online journey even further, by choosing to speak with a qualified adviser virtually or on the phone.

"Our growing base of 3.6 million members will be able to access the platform - one of the largest advice offerings in Australia."

The advice will be provided by an entity within the AustralianSuper group, AustralianSuper Advice Pty Ltd. Financial services lawyer and policy expert, Michelle Levy, has been appointed as an independent director.

Levy was previously chair of the Quality of Advice review and partner at Allens.

"Financial advice that takes into account someone's personal circumstances can make a big difference to their retirement outcomes. That advice should be accessible and simple to understand and follow," Levy said.

"Through the online advice journeys, AustralianSuper members will be able to get just that - quality personal advice and guidance whenever they need it.

"This will help members to make good decisions about their superannuation and, ultimately, enjoy greater financial security in retirement. That's what superannuation and financial advice are all about."

AustralianSuper said if online advice is enough to meet a member's needs, they can receive personalised recommendations and take steps to action these via the advice platform.

The super fund said those who choose to speak with an adviser can do so by phone or video call. Complex cases can be referred to a Comprehensive Advice adviser made available to members by the fund.

AustralianSuper said the new tools will complement the existing online education, tools and calculators it offers, which it said around 1.6 million Australians accessed in the last calendar year.

"Our ambition is to provide personalised guidance to every member, and we are investing in our people, technology and processes to achieve this within the decade," Hancock said.

"We are committed to giving members the advice they need, when they need it, and giving them the tools and confidence to create their own financial future."

The new service will be rolled out in phases, with the first online journey to launch in the coming months. Adviser-led journeys will be offered to members from early 2027. Technology provider, Ignition Advice, is helping to build the online capability.

The Your Say on Super survey showed at least 15.5 million Australians may not have a binding death benefit nomination, a form that tells your fund who should get your super when you die.

SCA had done the same survey in 2024, which had found 36% of people, or at least 6.5 million Australians didn't have a death benefit nomination with their super fund.

"Again, funds are dropping the ball on customer service, and it is leading to real consumer harm. Reducing avoidable delays and uncertainty for grieving families is a no brainer," SCA chief executive Xavier O'Halloran said.

"So why aren't funds doing more to help members decide where their super goes after they die?"

SCA is calling on the government to introduce mandatory customer service standards requiring funds to communicate clearly with members and process death benefits within clear timeframes.

"Too many Australians only learn about the importance of a binding death benefit nomination after someone they love has died," O'Halloran said.

"An effective reminder from a super fund could help people make an informed decision, reduce delays and make an incredibly difficult time a little easier for grieving families. We know that some funds have had a lot of success with nomination campaigns. It's past time for the government to make this mandatory for all funds."

The findings come after SCA recently released a mystery shopping study of 20 major super fund call centres, which found on average, the customer satisfaction score did not clear 49.9%.

This study examined how frontline service providers engaged with three customer enquiry scenarios: prospective customers (40% of calls), culturally and linguistically diverse (CALD) customers (30% of calls), and customers experiencing vulnerability (30% of calls).

No super fund scored above 55% across the metrics of ease, success and sentiment. None reached the 80% benchmark considered as the best practice "green zone".

The Super Members Council (SMC) had noted limitations on the research methodology, as the testers were not actually fund members, which meant a lot of the calls did not progress beyond the member verification process.

Effective October 16, Cbus will offer new non-lapsing binding death benefit nominations and allow members to make them online.

The super fund will no longer offer nominations which expire in three years, although it will follow up any nominations before they expire. Currently, binding death benefit nominations have to be renewed every three years.

Finally, it will no longer offer non-binding death benefit nominations and remove non-binding nominations listed on member accounts from this date.

Last October, Cbus agreed to pay $23.5 million to settle the matter brought against it by ASIC in relation to delayed death benefit payments to members. Some members were impacted by delays to death and TPD claims processing, having to wait more than 90 days.

ASIC alleged the number of impacted members was closer to 10,000 - more than 50% of all the claims Cbus was dealing with in late 2022 - and that some claimants were left waiting more than 12 months for a payout.

Cbus vowed to pay them faster. Where members have not nominated a beneficiary, Cbus said death benefit payments will be paid to the surviving current spouse.

If there is no surviving current spouse, surviving children will receive the benefit in equal shares, and in cases where there is neither a surviving current spouse and no surviving children, the benefit will be directed to the member's estate.

Cbus said this reform will eliminate the need to undertake lengthy and complicated "claim staking" in most cases - a process the fund uses to determine eligible beneficiaries. It will also reduce the death claim process by about four to six weeks.

In the 2025 financial year, Cbus dispensed $437.4 million in death benefits, according to APRA, making it the fourth-largest payout behind AustralianSuper ($1.1bn), Australian Retirement Trust ($764.3m) and Colonial First State First's Choice Superannuation Trust ($621.3m).

This comes just a month after the Payday Super reform went live from July 1, where employers must pay their employees' superannuation at the same time as their salary and wages.

While IFS noted the reforms are a significant step forward and help funds and members with greater real-time insight into missing payments, it also recognised visibility alone won't resolve every instance of unpaid super.

"Payday Super is one of the most significant superannuation reforms in decades, and we strongly support it," IFS executive manager of super recoveries Natalie Lister said.

"However, it doesn't address the billions of dollars in historical unpaid super still owed to Australian workers, nor does it remove the cashflow challenges many businesses face."

Payday Super applies prospectively from the new financial year, with existing quarterly rules continuing to govern superannuation entitlements accrued up to 30 June 2026. As a result, a significant pool of historical unpaid super remains outside the scope of the reform and will continue to require active recovery efforts, IFS said.

"Where employers carry legacy super arrears, there is also a risk that new Payday Super contributions may be applied against older outstanding balances, potentially creating confusion about an employer's overall superannuation compliance position, despite historical arrears remaining," IFS added.

Lister also noted employers still need to meet super obligations and additional compliance requirements while managing cashflow and waiting for customers to pay their invoices.

"As long as those pressures exist, there will continue to be instances of unpaid super, making recovery services an important safeguard for members' retirement savings," Lister said.

Super Members Council (SMC) analysis showed Australians missed out on $24.4 billion in unpaid superannuation in the five years to 2023.

"This achievement reflects the continued dedication of our team and the trust our clients place in us. Behind every dollar is a real person's retirement, and our focus has always been on getting that money working for them as soon as possible," Lister added.

IFS said it continues to invest in advanced recovery technology, including intelligent automation, AI enabled analytics and integrated data capabilities designed to improve recovery outcomes for members, reduce costs and support clients as they adapt to Payday Super.

"These initiatives align with IFS' broader mission to modernise operations and empower the profit-to-member superannuation industry as it adapts to Payday Super," IFS said.

IFS is a wholly owned subsidiary of Industry Super Holdings (ISH) and ISH is owned by a number of shareholders including some industry superannuation funds.

Brighter Super said the move makes it the first member-owned fund to announce the development of this style of product, that enables eligible members still in the accumulation phase to begin building future potential Age Pension benefits while still enabling choice as to how their super is invested.

The fund said Australia's superannuation system has been highly successful in helping people accumulate retirement savings, but many Australians remain uncertain about how to convert those savings into a reliable income that lasts throughout retirement.

Brighter Super said the solution is designed to help address that challenge by allowing eligible members to begin building future lifetime income benefits during their working years, with greater income certainty and longevity in their retirement years.

By beginning to accrue these benefits during the accumulation phase, members may be able to increase their overall retirement income, potentially improve their Age Pension outcomes depending on their individual circumstances, and gain greater flexibility and choice in how they structure their income in retirement, Brighter Super said.

The fund's modelling suggests members could receive additional income of between $70,000 and $95,000 on average over 25 years of retirement.

Brighter Super chief executive Kate Farrar said the announcement reflected the fund's commitment to helping members achieve better retirement outcomes.

"Australians have become very good at building super balances. The next challenge for our industry is helping people turn those balances into an income that provides confidence throughout retirement," Farrar said.

"Bringing this approach to the member-owned sector is an important step. Rather than waiting until retirement to start thinking about lifetime income, we're helping members begin preparing and maximising future retirement income outcomes while they're still working."

The initiative builds on Brighter Super's growing retirement offering, which it said is a priority. The new solution aims to further strengthen the fund's support for members as they move from accumulating super to using their super to provide an income in retirement.

Brighter Super will develop the solution in partnership with TAL, who will provide the lifetime income guarantee underpinning the retirement solution.

TAL chief executive, group life and retirement Jenny Oliver said the partnership reflected a shared commitment to improving retirement outcomes for Australians.

"We're focused on helping more Australians have a confident retirement. TAL is proud to partner with Brighter Super on this lifetime income solution, because we're passionate about helping more people plan for retirement and enjoy access to savings that can last for life," Oliver said.

The solution will be introduced progressively, with the accumulation feature expected to become available to eligible members in the first half of 2027 and the guaranteed lifetime income option in 2028.

According to Morningstar's Superannuation 360 report for Q2 2026, super returns recovered through their underlying growth-asset exposure, with higher-risk options leading the recovery, while more defensive assets experienced a mixed quarter.

Aggressive and Growth options gained 7.58% and 6.12%, respectively, while Balanced options rose 4.80%. Moderate and Flexible options also delivered positive returns of 3.48% and 3.84%, respectively, while Conservative options gained a more modest 1.92%, the report highlighted.

Morningstar recognisedwithin the Superannuation Multisector Growth peer group, comprising investment options that typically hold between 61% and 80% in growth assets, the leaders among the more widely held options were low-cost index and enhanced-index strategies.

In particular, CFS topped the chart with its Enhanced Index Growth option, returning 12.43% per year over three years.

It is followed by OnePath-BlackRock Diversified ESG Growth (11.81%), Aware Super Balanced Indexed (11.78%), Hostplus Indexed Balanced (11.76%) and Vanguard Lifecycle - Age 52 (11.63%) in the ladder.Each of these comfortably outpaced the peer-group median of 9.52% per year and each edged ahead of the Morningstar Australia Growth Target Allocation Index benchmark of 11.37% per year, Morningstar said, noting the outperformance was attributed to higher exposure to global equities, Australian equities, and real assets.

"Given their high strategic weighting in growth assets, the leading options benefited most from the sharp second-quarter rebound in global equities, where the MSCI World Index rose 12.46%, led by the US and, above all, technology stocks on renewed enthusiasm for artificial intelligence and semiconductor demand," the report said.

The report also noted the rotation back to growth-oriented sectors, including the large-cap technology, were "rewarded", and the strong showing of index-based options is consistent "with a rally concentrated in mega-cap names, which are heavily represented in capitalisation-weighted portfolios."

"The quarter was effectively a mirror image of the first quarter, when higher-risk allocations bore the brunt of equity-market weakness. By the end of June, all target-allocation indexes had moved back into positive territory for the year, though the strength of the recovery varied materially by risk profile," the report said.

"Overall, the second quarter reinforced the importance of growth exposure during market rebounds, while also showing that defensive assets provided positive but less powerful support."

Meanwhile, the domestic fixed income markets also recovered in the second quarter after a weak first quarter, with bank credit and cash returning 1.07% and 1.03%, respectively.

Furthermore, supporting contributions also came from emerging-market equities (MSCI Emerging Markets gained 22.64%, powered by Taiwan and South Korea).

The main offset was the Australian dollar's continued appreciation (up 1.15% against the US dollar), which trimmed returns from unhedged international shares and has provided a relative advantage to options with higher levels of currency hedging on their international equity exposures, Morningstar said.

GrowthX investment fees will rise from 0.243% to 0.267% per annum, the Balanced option will rise from 0.249% to 0.256% per annum, and the cost for the Moderate option will rise from 0.235% to 0.257% per annum.

"The increase in investment fees and costs reflects the introduction of unlisted asset classes into the GrowthX, Balanced, and Moderate investment options," Spaceship Super said.

"These asset classes typically carry higher management costs than listed investments, but the trustee considers these costs to be appropriate given the expected improvement in risk-adjusted returns and downside protection they provide."

In the GrowthX option, the super fund is slightly reducing exposure in Australian and international equities, while raising exposure to listed and unlisted property from 10% to 21%.

It's applying the same changes for the Balanced option, while also increasing exposure to Australian and international fixed interest, which includes the introduction of private credit in the portfolio.

For the Moderate option, Spaceship Super is reducing exposure to real assets and Australian fixed interest, while increasing exposure to international fixed interest by 10%.

"The Balanced and Moderate options were trending toward a higher risk classification than intended, due to changes in how equities and bonds are expected to behave in current market conditions," Spaceship Super said.

"The addition of unlisted assets - specifically Australian unlisted property and private credit - is expected to improve risk-adjusted returns and provide better downside protection for members across GrowthX, Balanced, and Moderate."

The Global Index option is not affected by the changes.

For a member with a $50,000 balance, the change would mean a rise of $24 in the GrowthX option, and a rise of $12.5 and $18.5 for the Balanced and Moderate options respectively, on an annual basis.

From 14 August 2026, smartMonday's MySuper investment option will automatically transition from the current design to a more simple four-stage structure changing members' investments through four different life stages. The first one will consolidate every member aged 50 and under, with 92% of their portfolio invested in growth assets, followed by 51-60 (75%); 61-66 (65%); and 67 and over (55%).

The super fund said the change will be easier to understand for members and better support the modernised retirement journey.

"Higher allocations to growth assets for younger members, reflecting modern retirement patterns, increased longevity and the likelihood that members remain invested well into retirement." smartMonday said.

Meanwhile, it will also change its administration and investment fees, with annual administration fees reducing from $72 to $67.60. Percentage-based administration fees will also reduce from 0.29% to 0.16% per year, while a new $1000 annual cap will be applied on the percentage-based administration fee.

Investment fees and costs will, however, increase across most investment options, while fees for the cash option will decrease, smartMonday said.

For many members, lower administration fees are expected to offset some or all increases. The overall impact will vary depending on the account balance and investment option, it said.

"We're making these changes to simplify our MySuper investment option, improve member understanding, better reflect modern retirement patterns and keep fees fair, transparent and aligned with the cost of managing the fund. The changes are also designed to support long-term member outcomes," smartMonday said.

"The changes may affect the fees deducted from your account and, for MySuper members, the way your investments are allocated.

"The overall impact will vary depending on your account balance, age and investment option."

The data within the report was based on 1000 customer telephone enquiries, or 50 'mystery shopping' calls to 20 super funds between 7 August to 15 October 2025.

This study examined how frontline service providers engaged with three customer enquiry scenarios: prospective customers (40% of calls), culturally and linguistically diverse (CALD) customers (30% of calls), and customers experiencing vulnerability (30% of calls).

An SMC spokesperson noted: "The research methodology has limitations. It excluded the full spectrum of service channels that customers typically use, being limited to the telephone."

By design, in no conversation was identity verification completed, or account specific information discussed, SCA noted in the report.

"Testers were not actually fund members, which means the calls did not progress beyond the member verification process - a critical first step for super fund call centres given the growing risks of fraud and scams," SMC spokesperson added.

"Real super fund members expect their funds to take identity security very seriously, and they know that funds must do appropriate identification checks with callers before having in depth discussions."

The Association of Superannuation Funds of Australia (ASFA) chief executive Mary Delahunty noted while SCA has provided some helpful information about where super funds can improve, it's important to note the experience of mystery shoppers is not same as that of actual fund members.

"Keeping members' funds and data safe from fraud is the highest priority, so funds ask rigorous identity confirmation questions which mystery shoppers will find frustrating, as they cannot successfully make their way through the member verification process," Delahunty said.

SCA chief executive Xavier O'Halloran noted prospective customers accounted for 40% of the calls and did not have to go through the verification process.

"They still perform poorly when they tested those people," O'Halloran said.

The other two scenarios of culturally and linguistically diverse (CALD) customers and customers experiencing vulnerability which accounted for the rest of the calls, O'Halloran said the research factored in they would need to go through the identity checks.

"What we were testing them on is what occurred in the conversation before that identity document test. So, for example, we tested someone who was in financial hardship, had lost a family member and was inquiring about getting their superannuation out," O'Halloran said.

"What we were looking for is basically for them to act like a human to say things like, 'I'm sorry for your loss, here's the process, here's what you'll need to do,' and show a bit of empathy and compassion as part of the conversation. They didn't do that. They performed really poorly on that."

While no fund achieved a customer experience score in the 'green zone' of 80% or higher, AustralianSuper and Team Super were pulled out specifically for struggling to answer the phone.

"Two funds - AustralianSuper and Team Super - answered so few of their calls, their performance was not able to be assessed in a reliable way. Calls to AustralianSuper connected only 10% of the time and calls to Team Super connected 52% of the time within 15 minutes," SCA's report read.

"Calls were made randomly at various times during the business day over a ten-week period. Long wait times compared with other funds over a nearly three-month period amounts to a systemic failure to manage normal call volumes rather than simply a busy period. Three months is a long time for people not to be able to call their fund or access their money."

AustralianSuper, however, noted the survey was taken a year ago when it was transitioning to a new call centre provider.

"Our customer satisfactions scores right now are the highest they've ever been, and our average speed of answer is less than 2 minutes," AustralianSuper spokesperson said.

"We are extremely happy with how the team is performing for members. At the time of the transition, members who contacted us across our channels were advised of delays and given advice on other ways they could resolve their queries."

Team Super declined Financial Standard's request for a comment.

The report found while two-fifths of the super funds in the pilot study insourced their call contact centre operations, the rest had it outsourced. AustralianSuper outsources its call centre services.

Care Super, which was one of the best performing super fund with a 96% call answer rate and a score of 54.7%, has two in-house contact centres based in Melbourne and Hobart.

"We know CareSuper members value responsive and personalised support. Our in-house service model helps us stay close to our members, and we continue to invest in our people, technology and service capabilities so members can access help when they need it," Care Super chief executive Jason Murray said.

Both SMC and AustralianSuper backed the government's commitment to enact mandatory service standards.

"AustralianSuper has consistently and strongly supported the introduction of mandatory service standards across the industry. Members deserve great service from all funds," AustralianSuper spokesperson said.

SMC added: "We know that funds have made very significant investments in recent years to uplift service standards, and we can see that work starting to translate into higher rates of customer service satisfaction and fewer complaints, but there is always more to do."

Aware Super and Prime Super are undertaking a comprehensive due diligence process to ensure the proposed SFT is in the best financial interests of their respective members.

The merger presents a potential to provide "stronger retirement outcomes, enhanced financial guidance and advice, and a member experience that combines the best of both funds."

Pending the outcomes of due diligence, it is anticipated the SFT would be completed towards the end of 2027.

Commenting, Prime Super chair Nigel Alexander explained the rationale behind the merger.

"Prime Super has built a proud legacy based on trusted relationships, personalised service and a deep connection to regional Australia. In Aware Super, we have found a potential partner that shares those values and has the scale, capability and financial strength to help deliver even better outcomes for our members into the future."

Aware Super chair Christine McLoughlin believes the consolidation of the two super funds would create meaningful benefits for members.

"Through shared values, enhanced investment capability and a broader range of retirement solutions, we believe this potential partnership could support stronger long-term outcomes for members of both funds," McLoughlin said.

While the due diligence process is underway, both funds have confirmed they will continue to operate independently with no disruption to members or employers.

Aware Super declined to comment when questioned by Financial Standard on the name of the potential combined fund.

From October 31, the administration fee for accumulation members will increase from 0.10% to 0.12% per year.

For balances of up to $50,000, for example, members will see an increase of up to 49 cents per week.

For balances between $350,000 and $500,000, members will see an increase of up to $5.97 per week.

AustralianSuper has more than 3.6 million members, the majority of whom (88%) are accumulation members. For accumulation members with balances up to $250,000, administration fees will increase by up to $1.83 per week.

For members in Choice Income and Transition to Retirement Income this change is effective from November 1.

The asset-based fee cap for accumulation accounts will also rise from $350 to $600 per year. This will affect about 7% of accumulation members. In addition, the administration fee tax benefit will no longer apply to members in accumulation and Transition to Retirement Income accounts.

AustralianSuper said the increased fees will go towards services, support and security for members.

It promises members will also see "further improvements in cyber security, with industry-leading verification tools coming online soon."

In 2025, 10 members of the super fund collectively lost $750,000 following a cyber-attack.

The admin fee increase comes after Super Consumers Australia (SCA) called out AustralianSuper and Team Super for failing to answer 90% of calls in a mystery shopper study. Team Super answered just half (52%) of phone calls compared to the industry average of 87%.

On the admin fee increase, AustralianSuper deputy chief executive and chief member officer Rose Kerlin said the fund remained focused on delivering strong long-term value for members.

"We have been investing significantly over the past few years to meet the evolving expectations of members when it comes to service and security," she said.

"We have brought more member-facing services in-house, strengthened account security, expanded access to advice and guidance services, and enhanced the digital tools members use to engage with their super."

The fund said insurance remains a core part of its commitment to help members protect themselves and their families, as many of the fund's members work in higher-risk occupations.

Effective August 1, manual workers received a 162.5% increase in TPD cover and a 25% increase in death cover for a weekly fee increase of $2.96. Non-manual workers received a 163.75% increase in cover for both death and TPD for an additional $1.31 per week.

For a manual worker, prior to August 1, a member with death cover to the amount of $200,000 was paying $384.80 per year. From August 1, that same member has default cover of $250,000 for $481 per year - an increase of $96.20 annually.

Prior to August 1, a manual worker with TPD cover of $60,000 was paying $230.88 per year. From August 1 that same member has default cover of $157,500 for $288.60 per year - and increase of $57.72.

"BUSSQ understands that people who work in building, construction and civil industries face unique risks throughout their working lives. Our insurance offering is designed to provide members with confidence that they have protection in place when they need it most, while making insurance accessible," BUSSQ chief executive Damian Wills said.

"Should members need to make a claim, we also have an in-house insurance claims team, which can ease the stress during one of the most difficult times for a member or their family."

BUSSQ said members can also access personal financial advice relating to insurance from its in-house team at no extra cost.

BUSSQ added its default insurance cover levels have remained the same for many years.

The SMC said the outdated law is prohibiting around 530,000 under-18 workers from their entitled super provided most of them don't meet the minimum 30-hour threshold, with 91% of under-18 workers employed for fewer than 30 hours a week.

According to its modelling, the workers each miss out on an average of $780 a year in super contributions, adding up to a total of $411 million every year, a 7% increase on two years ago.

A typical teenager who spends at least two years in part-time work before turning 18 could miss out on around $2500 in super contributions by age 18. That lost super could compound to an $11,000 reduction by retirement, the SMC noted.

Commenting, SMC chief executive Misha Schubert said super should be paid from the first hour of your first job.

"More than half a million young Australians are missing out on a workplace right to super that 17 million Australians have - and that's just not fair," she said.

"Australia's super system is meant to be universal. This outdated age-based exclusion is denying hundreds of thousands of teenage workers the opportunity to start building their retirement savings."

Notably, young women are more likely to be affected by the exclusion because they are more likely to work part-time than teenage men, as analysis showing a typical young woman misses out on around $2500 in super contributions before turning 18, about 6% more than a typical young man.

By retirement age, this loss grows to around $11,200 for women, compared with $10,600 for men.

Schubert reiterated it is crucial to help young Australians start building super as early as possible.

"The earliest contributions into your super make the biggest difference to how much super you'll end up with because they have the longest time to grow. A few thousand dollars missed during a teenager's first years of work can become more than ten thousand dollars lost by retirement," Schubert said.

"The gender super gap doesn't suddenly appear later in life. For many women, it starts from their very first job. Scrapping this outdated exclusion would ensure the next generation of young women get a fairer start to their retirement savings."

Axing the under-18 exclusion would also simplify super obligations for employers by giving workers of all ages the same super entitlement, she added.

The Labor government has recently pledged its commitment to compulsory super for under-18 workers, which was well-received by the industry including the SMC and Rest.

Another report by the Senate Economics Legislation Committee also supports the removal of the existing 30-hour threshold.

SMC said the reform has strong community support, with 85% of Australians agreeing those who do paid work should get super.

The SMC supports a transition period to allow businesses time to adjust to the change but noted business owners can generally claim a tax deduction for super contributions, and the estimated impact of paying super to all under-18s as a share of total compensation of employees would only be around 0.03%.

Headline performers were less about the dominance of global and local equities, but the role of alternatives, particularly private equity, and emerging markets in delivering an 11.51% p.a. return for the MySuper Diversified option. Commodities, in the form of gold, were also a standout contributor.

The super fund beat the Rainmaker MySuper Index's estimated return of 9.3% p.a.

NGS Super chief investment officer Ben Squires told Financial Standard: "The other important point of comparison between us and other funds is that we came into the year with a slightly higher assessment of recession risk."

"Ultimately, from an asset allocation perspective, that meant we held fewer equities. Our effective equity exposure was probably around 1% to 2% lower than peers. As a result, the portfolio had to work harder in other areas to make up for both relatively average equity returns and a slightly lower allocation to equities."

Being overweight emerging markets, not just on equities, during the year benefited the portfolio. Opportunities located South Korea, Hong Kong and China were prominent contributors.

"We also expressed it through the tactical asset allocation overlays we use," he said.

"Our internal trading activities added around 70 to 80 basis points of return over the year, and part of that came from having a higher weighting to emerging markets, among other things."

The fund's allocation to precious metals stems from research undertaken in 2019 around de-dollarisation trends and central bank demand for gold.

The fund also benefited from liquid alternatives, including biotech and long-short strategies, as healthcare and biotechnology sectors rebounded from prior-year weakness.

However, it was the super fund's bet on private markets that began to pay off during the period.

"The J-curve effect primarily comes from private equity. To some extent, it also comes from more opportunistic investments, whether that's opportunistic real estate or opportunistic infrastructure," Squires said.

"Private debt, on the other hand, is generally a more stable, income-producing asset class. We've been investing in it since 2017, so it's been a relatively stable allocation within the portfolio."

NGS Super had $17.1 billion in assets at the end of March managed on behalf of more than 111,000 members, according to APRA. The lion's share, or 75%, of membership sit in the MySuper Diversified option.

"Ultimately, when we think about what we're delivering for members, we're focused on generating the best possible risk-adjusted returns," said Squires.

"Member behaviour can be highly reactive during market downturns. If we can reduce sequencing risk and help prevent poor investment decisions, that's a positive outcome."

The industry fund's High Growth option delivered 12.7% p.a. while the Property and Infrastructure options returned 14.6% and 15% respectively.

Delegates at Labor's National Conference voted to include a policy to extend compulsory super regardless of the hours of worked, in its National Platform, a formal policy document that states the party's beliefs, values and program for government.

Currently, workers under the age of 18 are only eligible for compulsory Superannuation Guarantee payments from their employer if they work more than 30 hours per week for that employer.

"If you're working, you should get super, whether you're 16 or 60," said the Association of Superannuation Fund of Australia (ASFA) chief executive Mary Delahunty said.

"Extending the super guarantee to workers under the age of 18 could add thousands to their savings at retirement, and we welcome the commitment from the Australian Labor Party (ALP) to add this to their national platform."

Rest chief member officer Simone Van Veen said the inclusion of this reform in Labor's policy platform is an encouraging step towards more equitable retirement outcomes for the fund's younger members.

"Right now, a 15-year-old and an 18-year-old could work side by side in the same job, but only one of them would be entitled to compulsory super. In fact, most under-18 workers currently miss out on compulsory super contributions," Van Veen said.

"This doesn't make sense and needs to change. We welcome the Labor Party adding this reform to their policy platform and encourage the government to take the next step and outline a plan to implement this change."

Rest's analysis has shown that a typical 15-year-old super member could benefit from an estimated $3400 extra in super by their 18th birthday, and an estimated $18,100 in additional super by retirement if the rule was changed.

Rest made a priority recommendation on the policy in its pre-budget submission to Treasury.

Van Veen added it is essential the change is implemented through a multi-year, staged rollout after understanding the potential impact on employers.

The investment establishes a new partnership with Link Asset Management, with the two firms jointly overseeing the A-grade office tower, which compromises 28,339 square metres of office space across 10 levels.

The building is fully leased to a high-quality tenant base, a Commonwealth government agency and a sovereign wealth fund. It also benefits from direct integration with Westfield Sydney, strong transport connectivity and a 5.5-star NABERS Energy rating.

Aware Real Estate, the property investment platform established by Aware Super said the acquisition aligns with its strategy of investing in institutional-quality office, retail and industrial assets capable of generating resilient long-term returns.

Head of investment and capital transactions Pete Carstairs said the purchase represented high-conviction investment in one of Australia's premier office markets.

"100 Market Street is a high-quality CBD office asset that aligns strongly with our long-term investment strategy and commitment to delivering sustainable value for our investor, Aware Super, and its members," Carstairs said.

"We are pleased to partner with Link, whose experience with the asset complements our own investment and asset management expertise. Together, we look forward to stewarding the future of this asset through a collaborative partnership focused on long-term performance, tenant outcomes and value creation."

Aware Super head of property Alek Misev said the transaction demonstrated the fund's continued confidence in Sydney's prime office market.

"This was a rare opportunity for the Aware Real Estate platform to acquire a high-quality Sydney CBD office asset with cornerstone government and corporate tenants. Ideally located near transport and retail amenities, the building is well positioned to remain in demand through market cycles while appealing to a diverse range of businesses,"  Misev said.

"The 100 Market Street investment also reflects our continued confidence in the long-term strength of the Sydney CBD office market, where we continue to see opportunities to invest in high-quality institutional assets with strong tenant demand and enduring fundamentals."

Aware Real Estate chief executive Tracey Whitby said the acquisition reflected the platform's focus on building a portfolio of high-quality assets capable of delivering sustainable outperformance for Aware Super's 1.3 million members.

The transaction expands Aware Super's $16 billion property portfolio, adding to existing office holdings including 145 Ann Street in Brisbane and 207 Pacific Highway in St Leonards.

A latest research by FSC conducted by NMG Consulting found making relatively simple decisions early in a person's working life, such as switching to a lower-fee or higher-growth superannuation option, can substantially increase retirement savings compared to remaining in a default MySuper product.

SMC represents industry funds that provide default MySuper products such as AustralianSuper, Australian Retirement Trust (ART), HESTA and UniSuper. On the other hand, FSC represents the retail super funds including AMP, Mercer, Colonial First State and platform providers such as BT Financial and HUB24.

SMC has disputed FSC's report stating members of platform super products typically pay higher administrative fees, have lower exposure to growth assets and have lower risk-adjusted returns.

The SMC also stated FSC's asserted financial benefits of platforms exclude the cost of advice, while having an ongoing adviser is an inherent requirement for most consumers invested on super platforms.

"Rather than switching to more complex and costly products where higher fees can erode their super, most consumers would be best served by taking simple and practical initial steps to grow their retirement savings using tools, support and guidance available at no cost or low cost from their own trusted mainstream super fund," SMC said.

However, FSC report suggested an individual who switches to a lower-fee investment option from age 30 could retire with up to $1.2 million from a default MySuper fund to a high-growth option at the same age could increase retirement savings by as much as $690,000.

FSC chief executive Blake Briggs said greater engagement with superannuation at key life stages could materially improve long-term financial outcomes.

He added policy proposals that make it harder for Australians to exercise control over their superannuation will directly harm their financial wellbeing.

The research by FSC challenged the perception that platform products are inherently more expensive than MySuper and finding compact and mini wrap platforms can offer comparable fees, particularly for higher account balances.

Earlier in the year, FSC also questioned SMC's research which found a spike in younger members switching out of industry funds into self-managed super funds (SMSF) and platform products.

As a result, the industry fund is now calling for the government to strengthen alignment within the industry.

The survey collected responses from some 1450 member and identified just over one in three respondents found super and retirement products easy to understand.

Additionally, more than four in five (84%) said clearer, plain-language super and retirement products would make it easier for them to understand and compare options.

Observing this, Rest chief investment officer Michael Clancy said providing consistent and standardised investment options would not only provide better clarity but also improve consumer protections.

"We believe the inconsistent labels applied to investment options is a significant contributor to this confusion. It can be very difficult for members to make like-for-like comparisons of product features and risk levels," Clancy said.

"Many funds offer an investment option named Balanced, for example, but there can be a wide disparity in these options' individual risk and return profiles. One fund's Balanced option can be very different to another fund's option with the exact same name.

"This makes it hard for members to make meaningful comparisons and, worse, can inadvertently expose them to a level of risk they may not be comfortable with were they better informed."

He reiterated standard labels could prevent losses that occur when consumers enter options or products they do not understand and aligns with Treasury's consultation to emphasise consumer protection in super switching.

As such, Rest is calling on the government to work with industry to develop a standardised labelling framework that applies consistent risk categories and descriptors across comparable investment options.

"Members could benefit greatly from standardised investment labels that apply consistent definitions for different risk categories like Conservative, Balanced and Growth," Clancy added.

"A framework based on standardisation and consistency would improve transparency and allow members to make more meaningful comparisons as well as better-informed decisions."

The findings build on the work the government has already undertaken to develop a product labelling regime for sustainable investment products in July 2025.

Despite acknowledging technology is likely to continue its stellar run the fund warned valuations in parts of the private artificial intelligence market are showing signs of excess.

The $60 billion superannuation fund's Balanced option returned 10.4% for accumulation members and 11.2% for pension members in the year to 30 June 2026, marking a fourth consecutive year of double-digital returns for members.

Its International Shares option was the strongest performer, returning 17.9%, while Australian Shares delivered 4.7% and Australian Bonds returned 1.2%.

UniSuper chief investment officer John Peace said the global technology boom continued to underpin investment performance, particularly through exposure to the US market and semiconductor companies benefiting from AI infrastructure spending.

"Australia doesn't really have a tech sector to speak of, and as we know, tech is the dominant investment theme of our generation," Pearce said.

While maintaining an overweight position to technology, Pearce said UniSuper had become increasingly    selective and was steering clear of areas where valuations appeared detached from fundamentals.

"I am particularly concerned about the valuations I see in some of these private markets, the unlisted assets," he said.

"The two best examples I can give you are OpenAI and Anthropic... these are companies that are actually losing lots of money without the prospect of making profits for years to come."

Pearce said the fund was also avoiding direct investments in data centres despite strong investor enthusiasm, opting instead to take some profits from parts of its technology exposure while remaining constructive on the sector over the medium term.

Although Australia's share market has continued to lag international equities, Pearce argued the domestic market remained an important portfolio diversifier because of its higher dividend yield and greater resilience during technology-led market corrections.

Looking ahead, Pearce said geopolitical events, including tensions in the Middle East, remained fluid but should not distract long-term investors.

"I think what's important is to block out the noise and focus on the positives in the medium term," he said.

Australian Food Super will be the first fund to implement InvestStream's technology ahead of a pipeline of other funds still in development, InvestStream said.

RetireSmart+ combines retirement modelling with a conversational experience to help members better understand their decisions. Members can access information about projected balance, salary sacrifice perks, and more, instead of navigating multiple calculators and technical assumptions.

The tool does not rely on generative AI, instead, all projections and scenario modelling are handled by InvestStream's proprietary calculation engines, with the conversational AI layer used solely to translate those outcomes into clear, plain-language explanations, it said.

RetireSmart+ will launch through an exclusive early access programme, with selected members to experience it first ahead of a wider member rollout.

Commenting, Australian Food Super chief executive Michael Sykes said the decision to introduce the AI tool reflected a belief that innovation in the super sector must be earned through governance, transparency, and improved outcomes.

"Our members have told us that they want clear, practical support when making decisions about their future. This wasn't about adopting the latest technology for its own sake. It was about finding a better way to help members build confidence, and to understand and manage their super," Sykes said.

"Success won't be measured by how many digital tools we offer, it will be measured by whether members actually understand their superannuation and feel more confident making decisions. That's what RetireSmart+ is designed to achieve.

"As trustees, we have both the opportunity and responsibility to explore innovations that can improve the member experience at scale while maintaining the standards of governance, transparency and accountability our members expect."

The super fund believes the partnership positions itself at the forefront of a "new era" in member engagement, helping define the next generation of how funds support member understanding while maintaining strong governance and regulatory integrity at a time where Australians are expected to ramp up engagement with financial services.

"We needed to address questions about AI, risk, and member impact, and ensure there were appropriate guardrails and controls in a highly regulated environment," Sykes continued.

"What gave us confidence was understanding how RetireSmart+ works beneath the surface. The sophisticated modelling and calculations that underpin retirement planning have always existed, but for many members they've remained difficult to engage with, leaving valuable retirement insights out of reach for the people who stand to benefit from them most."

"RetireSmart+ doesn't replace traditional calculators and modelling - it unlocks them. The conversational experience helps members ask questions naturally, and explore scenarios at their own pace and in their own time, to build greater confidence and better understand the opportunities available to improve their retirement outcomes. That distinction is fundamental."

Meanwhile, InvestStream founder and chief executive Jason Hoang added: "Every meaningful shift in this industry starts with a fund willing to lead."

"For years, superannuation has invested in sophisticated retirement modelling, yet many members have struggled to engage with it. The next chapter isn't about building more calculators - it's about making that capability accessible through natural conversation while preserving the governance, controls and modelling integrity trustees require."

The consumer advocacy body, together with Customer Service Benchmarking Australia (CSBA), conducted a mystery shopping study of 20 major super fund call centres and found on average, the customer satisfaction score did not clear 49.9%.

No super fund scored above 55% across the metrics of ease, success and sentiment. None reached the 80% benchmark considered as the best practice "green zone".

Call centre staff often struggled to balance identity verification requirements with empathy, particularly when dealing with callers facing domestic violence, bereavement or serious injury, the Superannuation Call Centre Experience Report showed.

Frontline agents were also not prepared or equipped to handle emotionally sensitive interactions, involving customers experiencing vulnerability, demonstrating super funds failed the tests of both procedural understanding and human empathy. Some 70% of calls from customers experiencing vulnerability scored five out of 10 or lower for empathy.

Nearly a quarter of prospective customers were told to "go online" to seek help. In 58% of calls where someone rang on behalf of a customer with limited English, call centre staff failed to offer direct support to the customer.

SCA likened the customer service rendered as "a lottery" based on individual call scores ranging from 20% to 86%, showing callers didn't get consistent support, even within the same fund.

"People don't just need a healthy super balance to have a dignified retirement. They need to know their fund will pick up the phone when they're grieving, need to access their money or ask a simple question, and actually help them," SCA chief executive Xavier O'Halloran said.

"Superannuation is mandatory, but good customer service is not. That has to change. This pilot study shows that, right now, getting the right support can depend on who answers the phone."

He added the findings underscore the need for mandatory customer service standards across the super system, backed by public reporting, independent benchmarking and better staff training.

In early 2025, Treasury floated new mandatory minimum service standards for all large APRA-regulated superannuation funds, forced to take action on poor and widespread administration and back-office practices, notably led by Cbus and AustralianSuper.

Cbus paid a nearly $24 million fine for the lengthy delay of death benefit payments, while AustralianSuper sat on death benefit claims that exceeded internal targets of four months.

The government now wants all super funds to step up and force the timely and compassionate handling of death benefits, fair and efficient processing of insurance claims, and clear, respectful and accessible communications with members. It also expects trustees to have better documentation and audit trails and carry out mandatory processes replacing discretionary practices. The first tranche of the standards is set to go live in July 2028.

AustralianSuper also stood out in the new report, failing to answer 90% of calls. Team Super answered just half (52%) of phone calls compared to the 87% average.

A spokesperson from AustralianSuper said this survey was taken a year ago when the super fund was transitioning to a new call centre provider.

"Our customer satisfactions scores right now are the highest they've ever been, and our average speed of answer is less than two minutes," the spokesperson said.

"We are extremely happy with how the team is performing for members. At the time of the transition, members who contacted us across our channels were advised of delays and given advice on other ways they could resolve their queries."

Mary Delahunty, the chief executive of the Association of Superannuation Funds of Australia (ASFA), said "the sector is listening to feedback from consumer advocates on where we can do better."

"Super Consumers Australia have provided some helpful information about where super funds can improve, but it's important to note the experience of mystery shoppers is not same as that of actual fund members," she said.

"Keeping members' funds and data safe from fraud is the highest priority, so funds ask rigorous identity confirmation questions which mystery shoppers will find frustrating, as they cannot successfully make their way through the member verification process."

Worse still, compared to service levels across utilities, education, local government and banking, superannuation scored the lowest. The education sector scored 55.7, while the other three recorded 77.6.

"The tighter distribution of performance in superannuation than comparative sectors offer an opportunity for some funds to use customer service as a differentiator. When customers interact rarely with a business, such as in superannuation, each interaction can become a moment that matters in competitive differentiation," SCA's report read.

Team Super declined to comment for this article.

"Before the merger with Aware Super, TelstraSuper informed Personal Plus members that their insurance arrangements were scheduled for review and premiums were likely to increase," Aware said.

"Aware Super has now completed the independent market review, which aimed to achieve the best outcome for members and ensure the new insurance arrangements remain appropriate, fair and competitive.

"Following the review, there will be an increase in premium rates for death cover, and death and total and permanent disablement (TPD) cover. This change only affects your insurance premium - your insurance cover level remains the same."

From 1 September 2026, the premium rates for death only cover are increasing by an average of 12% and the premium rates for death and TPD cover are increasing by an average of 53%.

The changes mean a member aged 38 with fixed default death and TPD cover in the amount of $109,260, and fixed additional death and TPD cover in the amount of $500,000, for a total amount of $609,260 fixed death and TPD cover, would see their annual premium jump from $631.28 to $921.83.

"Premiums are increasing so we can continue to provide members with cover that's sustainable and meets the cost of claims," Aware said.

"The increase also reflects wider trends in claims across the super and insurance industries that are impacting the cost of insurance."

Recent data from the Council of Australian Life Insurers (CALI) showed mental health claims now account for one in three claims paid and these claims for people in their 30s have risen by more than 700% over the past decade.

This rise in mental health claims has spurred ASIC and APRA to call on the industry to take "decisive action" to address the sustainability challenge facing TPD insurance.

In group insurance, APRA and ASIC encouraged insurers to maintain proactive and constructive engagement with trustees and be open to facilitating joint insurer trustee efforts to drive better outcomes for members.

"Structural shifts in claims patterns are often managed through premium increases and reduction in cover rather than more fundamental product redesign. This reflects trustees' competing priorities and resources required to implement more complex product changes," the regulators said.

Hostplus chief investment officer Sam Sicilia said the results across the fund's investment suite reflected a disciplined approach to investing and a focus on long-term opportunities through periods of market volatility.

"We have built a portfolio designed to perform through changing market conditions, and this year's result reflects that strategy at work," he said.

"Despite ongoing geopolitical uncertainty and market volatility, strong performance from global equities, particularly technology and AI-related investments, helped drive returns, while our diversified exposure to private markets provided additional resilience."

Sicilia also noted growth in the technology sector was not confined just to the US.

"The results also highlight that technology-driven growth is not confined to the US or the Magnificent Seven, with economies such as Taiwan and South Korea generating significant value and supporting strong returns across the emerging markets asset class," he said.

Hostplus' pension members also performed well, with the Balanced and Indexed Balanced pension options returning 11.80% and 12.09% respectively for the year.

Hostplus chief executive David Elia said strong long-term performance can have a profound impact on members' financial security and quality of life in retirement.

"For members, investment returns aren't numbers on a page. They represent future opportunities, choice and confidence in retirement," Elia said.

"We're very conscious that members entrust us with their retirement savings and expect us to make the most of every dollar on their behalf. Strong long-term performance is one of the most important ways we can honour that responsibility."

The Balanced option delivered 8.90% per annum over 10 years and 7.50% per annum over 20 years after fees and taxes.

HESTA, Cbus, Mercer, Australian Retirement Trust (ART), AustralianSuper, UniSuper and Aware Super have also delivered strong returns for members.

The comments come as Treasury reviews the performance test, introduced July 2021, to assess whether superannuation products are delivering competitive returns for members.

ASFA chief policy and advocacy officer James Koval said the test had achieved its original objective of improving member outcomes but now required reform to reflect today's investment environment.

"The performance test has increasingly been seen as a barrier to productive investment by super funds, and requires modernisation," said Koval.

Koval said the current framework works well for listed assets that can be easily benchmarked but is less suited to long-term, illiquid investments such as infrastructure, private equity, housing and energy projects, where annual comparisons are less meaningful.

"Annual benchmarks are less meaningful for these investments, particularly if the investment horizon spans a decade or longer," Koval said.

The industry body has proposed three key changes to the framework, including the creation of an 'emerging assets' category that would assess investments against inflation-based return objectives rather than difficult-to measure market benchmarks.

Under the proposal, funds would still be required to deliver returns above inflation while removing barriers to investing in assets that support long-term economic growth.

ASFA also wants the performance test expanded beyond the current focus of MySuper and selected Choice products to cover all trustee-directed products.

A third recommendation calls for a review of the benchmark methodology, with greater flexibility for APRA to update benchmarks in consultation with industry experts as investment markets evolve.

Koval said the review comes after Treasurer Jim Chalmers announced the government was looking at changes to the performance test after hosting the Economic Roundtable in August last year.

"There is a clear and united sector position on this issue," Koval said.

"The sector supports three areas of reform: reducing investment barriers in areas that matter, while still ensuring the test remains a strong consumer tool; expanding the coverage of the test; and future-proofing the benchmark framework so that it remains enduring."

Treasury has conducted consultation on strengthening the performance test and is expected to outline the government's position in the coming months.

The new investment follows the initial investment of $240 million in the fund in 2019, which was part of an agreement with the Indian sovereign wealth fund to invest up to US$1 billion in infrastructure opportunities at the time.

The NIIF was established in 2015 to attract investors from around the world to deploy capital into infrastructure developments in India, AustralianSuper said.

Commenting, AustralianSuper chief investment officer Shaun Manuell claimed the investment in the NIIF has been one of its "most successful" partnerships.

"Our experience with NIIF demonstrates what can be achieved when long-term capital is combined with visionary policy, trusted institutions and strong partnerships," he said.

"India is an attractive place to invest due to its strong economic growth and expanding middle class, and the Indian government has made it easier for institutions to deploy capital successfully.

"AustralianSuper is making a second investment in the NIIF because those fundamental strengths are still there and we see the potential for more returns for members."

Manuell said policy consistency was a key factor behind the decision.

Further, AustralianSuper chief executive Paul Schroder attended the Australia-India Annual Leaders' Summit yesterday to discuss the announcement.

The new investment follows the initial investment of $240 million in the fund in 2019, which was part of an agreement with the Indian sovereign wealth fund to invest up to US$1 billion in infrastructure opportunities at the time.

The NIIF was established in 2015 to attract investors from around the world to deploy capital into infrastructure developments in India, AustralianSuper said.

Commenting, AustralianSuper chief investment officer Shaun Manuell claimed the investment in the NIIF has been one of its "most successful" partnerships.

"Our experience with NIIF demonstrates what can be achieved when long-term capital is combined with visionary policy, trusted institutions and strong partnerships," he said.

"India is an attractive place to invest due to its strong economic growth and expanding middle class, and the Indian government has made it easier for institutions to deploy capital successfully.

"AustralianSuper is making a second investment in the NIIF because those fundamental strengths are still there and we see the potential for more returns for members."

Manuell said policy consistency was a key factor behind the decision.

Further, AustralianSuper chief executive Paul Schroder attended the Australia-India Annual Leaders' Summit yesterday to discuss the announcement.

The company lifted its interim dividend to 3.8 cents per share, fully franked, taking the annualised payout to 7.6 cents per share, a 5.6% increase on the prior year. Based on its closing share price on July 7, the annualised dividend yield stands at 5.7%, or 8.1% including franking credits.

The increase marks the eleventh consecutive annual dividend rise since Future Generation Australia listed in 2014. The company said its profits reserve of 41.8 cents per share provides around 5.5 years of dividend coverage.

Future Generation Australia chair Phillip Lowe said the result reflected the strength of the company's investment strategy and unique business model.

"Future Generation Australia's long term investment portfolio performance has enabled the board to increase the fully franked interim dividend to 3.8 cents per share," Lowe said.

"The increased dividend demonstrates the strength and sustainability of the company's model, delivering value for shareholders while supporting social impact partners working to improve outcomes for Australia's most vulnerable children."

Since inception, the portfolio has delivered annualised returns of 9.1%, outperforming the S&P/ASX All Ordinaries Accumulation Index by 0.9%, per annum, while doing so with less volatility than the broader market.

Future Generation chief investment officer Lee Hopperton said the fund's manager selection process and portfolio construction helped deliver strong long-term returns while managing risk.

"We are pleased to have outperformed the market since inception. Our diversified portfolio of leading active fund managers, selected by the experienced Investment Committee, is designed to reduce concentration risk and volatility while generating attractive risk-adjusted returns," Hopperton said.

The portfolio is managed by 16 active fund managers and has significantly lower exposure to Australia's largest listed companies than the benchmark, with the top 10 stocks accounting for just 16.6% of the portfolio compared with 45.3% of the index.

Future Generation also maintained its philanthropic focus, with fund managers continuing to waive management and performance fees, enabling the company to donate 1% of net assets annually to Australian charities without reducing shareholder returns.

The company said it has now donated $100 million to charitable organisations since inception, supporting programs focused on vulnerable children, youth mental health and improving economic outcomes for women.