Annual Superannuation Performance Test – design options

7 days left to have your say
Consultation Type
Options Paper

Key Documents

The Annual Superannuation Performance Test (the test) was introduced as one of four Your Future, Your Super measures. It was introduced to protect Australians’ retirement savings by holding trustees to account for the investment performance they deliver and the fees they charge to members.

The test has applied to MySuper products since 1 July 2021 and to Trustee‑Directed Products (TDPs), a subset of the choice accumulation sector, since 1 July 2023.

The test has improved member returns by holding trustees to account for investment performance and encouraging continual improvement or exit of poor performing products. However, there is evidence that the test may be influencing investment decisions to the detriment of member outcomes, including discouraging investment in asset classes that may otherwise be in the best financial interests of members.

The purpose of this paper is to canvass a range of options for reforming the test, should the government decide to do so in the future. In considering improvements to the performance test, the government is focused on ensuring the test holds trustees to account for delivering the best financial outcomes for members.

All interested parties are encouraged to provide input on the consultation paper by 19 April 2024.


You can submit responses to this consultation up until 19 April 2024. Interested parties are invited to comment on this consultation.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

View our submission guidelines for further information.

How To Respond



Address written submissions to:

Superannuation Efficiency and Performance Unit
Retirement, Advice and Investment Division
Langton Cres
Parkes ACT 2600