The prudential regulator considered a blanket ban on superannuation funds making payments to unions or spending large amounts on advertising but ultimately decided against it, despite ongoing concerns.
Revealing funds spent almost $11 billion on their own expenses in the 2022–23 financial year, Australian Prudential Regulation Authority deputy chairwoman Margaret Cole said on Tuesday that she had decided against “blacklisting certain types of expenditure” but would keep increasing scrutiny over spending.
