Industry is supporting Minister for Superannuation Nick Sherry's push to produce Government-backed data on the performance of Australia's superannuation funds.
Speaking at a conference in Queensland this week, Sherry said he would support any move by the Australian Prudential Regulation Authority (APRA) to produce information on the best and worst performing superannuation funds.
"We welcome any move to have consumer-friendly information available on the performance of superannuation funds," Investment and Financial Services Association chief executive Richard Gilbert said.
"Of course any information and data must be reliable and informative. We are working together with APRA and the Government to develop such standards," he said.
The Australian Institute of Superannuation Trustees (AIST) stressed the importance of the role of superannuation as a long-term investment.
"We think independent information produced by APRA and the Government is important. However, we would like data on fund performance to be produced annually and not on a monthly basis," AIST chief executive Fiona Reynolds said.
"Emphasis must be placed on five-year and three-year performance. People must recognise the importance of superannuation savings as a long-term investment," she said.
