Chalmers teases release of performance test reforms

Treasurer Jim Chalmers has teased the release of the superannuation performance test reforms, saying they should be expected "in the coming days or weeks".

While Chalmers did not say what the reforms will be, he was clear about what he does not want for the performance test.

"We have been trying to progress this work for some time, as you know. I want to be really clear that I have absolutely no interest in watering down or ditching the performance test. I see it as a really crucial part of the superannuation system," Chalmers said.

"There are also barriers to some types of investment, and we have indicated a willingness privately and publicly with the funds and publicly with all of you to reform the performance test if we can do that in a way that doesn't diminish the high standards and in a way that doesn't diminish super funds' responsibilities to members."

Chalmers added that despite having had discussions with the superannuation sector "for some time", there is still no consensus on how to move forward with the changes.

"We would prefer a consensus, if one is possible, but at the very least the paper that I'll be releasing with [minister for financial services] Daniel Mulino soonish will give you an updated sense of our thinking here in the hope that we can try and get some people around one of the options presented in the paper," he said.

Chalmers initially flagged changes to the superannuation performance test in August 2025 after hosting the Economic Reform Roundtable.

Speaking at the ASFA Conference in November 2025, Chalmers said Treasury had established a technical working group which was working on possible changes and how to enact them.

"That consultation will be really targeted with industry and with experts like yourselves, and it will be guided by three main principles. First, any change to the performance test must uphold member outcomes as the core purpose of the test. Secondly, changes must maintain an objective standard or benchmark for fund performance. And third, any changes must be enduring to set the test up for long term stability," Chalmers said at the time.