The Government made an election commitment to allow the Australian Prudential Regulation Authority (APRA) to consider the religious affiliation of a super fund when applying the annual performance test.
This legislation was introduced to Parliament on 8 September 2022, having consulted publicly on the exposure draft between 20 July 2022 and 16 August 2022.
The Government is now seeking stakeholder views on exposure draft regulations supporting the primary legislation.
- prescribe additional information that must be provided in an application for faith‑based product status
- set out how APRA is to operate the supplementary performance test for these products
- set out when APRA must notify trustees of the supplementary test result.