Jane Hume (Victoria, Liberal Party, Minister for Superannuation, Financial Services and the Digital Economy) Share this | Hansard source

When the government announced the Your Future, Your Super policy back in October 2020, we set out a path for the extension of the MySuper products in the first interest to include trustee directed products from 1 July 2022, with an intent to expand to other investment options over time. The Treasury estimates that the performance test will cover 90 per cent of APRA regulated accumulation assets from 1 July 2022. Delivering on the intent to further extend the reach of the underperformance test, the government has tasked Treasury with undertaking a consultation process by 1 July 2022 to consider how best to expand the annual performance test to other superannuation products, and that includes non-trustee directed products and retirement phase products. So this will ensure that the performance test continues to have appropriate coverage.