Australia’s Treasury released a consultation paper on 8 May proposing a shift from asset‑class benchmarks to total superfund returns in the performance test. The change aims to simplify measurement and reduce friction for investment teams.

The proposal, described as responsible changes, seeks to preserve member outcomes while offering a clearer, objective standard. By collapsing multiple asset class metrics into one figure, fund managers could streamline compliance and potentially lower administrative costs.

If adopted, the reform would alter how performance is reported across the industry, affecting fund ratings, fee structures, and investor communication. The move underscores the government’s focus on long‑term stability in retirement savings oversight.