X
  • About
  • Advertise
  • Contact
  • Events
Subscribe to our Newsletter
  • News
    • Markets
    • Regulation
    • Super
    • M&A
    • Tech
    • Appointments
  • Podcast
  • Webcasts
  • Video
  • Analysis
  • Promoted Content
No Results
View All Results
  • News
    • Markets
    • Regulation
    • Super
    • M&A
    • Tech
    • Appointments
  • Podcast
  • Webcasts
  • Video
  • Analysis
  • Promoted Content
No Results
View All Results
No Results
View All Results
Home News

APRA faces heat on industry fund donations

The prudential regulator was grilled by the House economics committee on Friday around the appropriateness of industry fund political donations, saying the “principles-based” nature of the sole purpose test made it hard to identify whether such donations would constitute a breach.

by Sarah Kendell
October 26, 2020
in News
Reading Time: 2 mins read
Share on FacebookShare on Twitter

Facing questioning from committee chair and Liberal MP Tim Wilson around donations made by Sunsuper and Industry Super Australia to state divisions of the Labor Party, APRA deputy chair Helen Rowell said it was “difficult to comment” on the nature of the donations without more specific information.

“We’ve had donations made by Sunsuper to the Queensland branch of the ALP and APRA has dismissed it,” Mr Wilson said.

X

“I raise it in the context that we’ve raised this issue publicly with Industry Super Australia who has misled this committee – they’ve said they made no donations, then we found out there were tickets to events, and we’ve then found out they made donations of up to $150,000 when you factor in state divisions of political parties. 

“How is this consistent with the sole purpose test?”

“It’s difficult without looking at the specifics to comment on individual cases,” Ms Rowell said. 

“As we’ve said in many responses to questions on notice in this issue, it’s difficult to see how direct political donations via the trustee could be consistent. If it is not an APRA-regulated entity, that’s a different thing where considerations don’t arise. 

“With the principles-based nature of the sole purpose test, you need to look at the circumstances to determine whether it would be likely to comply. I’m happy to look into the specific cases mentioned, but with the information you’ve provided it’s hard for me to look into it.”

Mr Wilson further questioned how state political donations could have “any consistency” with the sole purpose test.

“According to the AEC they are classified as a donation – if they consider it a donation I expect you would,” he said.

“We’ve found there is varying practice in terms of how information is reported to the AEC – it’s a different nature of payment so it’s a difficult area to provide a black and white answer on,” Ms Rowell said.

“We’re happy to look at cases where we can get information, [but] the sole purpose test isn’t framed around black and white ruling out of particular types of expenditure.”

Related Posts

Nvidia surge stokes AI-bubble fears

by Adrian Suljanovic
November 21, 2025

A renewed surge in Nvidia’s earnings outlook has intensified debate over whether the artificial intelligence boom is veering into bubble...

APRA report highlights super’s outsized role in times of crisis

by Georgie Preston
November 21, 2025

In its newly released Systemic Risk Outlook report, the Australian Prudential Regulation Authority (APRA) has flagged rising financial system interconnectedness...

Tariff slowdowns clash with AI optimism heading into 2026

by Georgie Preston
November 21, 2025

Despite widespread scepticism over President Trump’s follow-through on tariffs - highlighted once again this week by his dramatic reversal on...

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

VIEW ALL
Promoted Content

Global dividends hit a Q3 record, led by financials.

Global dividends surged to a record US$518.7 billion in Q3 2025, up 6.2% year-on-year, with financials leading the way. The...

by Capital Group
November 18, 2025
Promoted Content

Why smaller can be smarter in private credit

Over the past 15 years, middle market direct lending has grown into one of the most dynamic areas of alternative...

by Tim Warrick, Managing Director of Principal Alternative Credit, Principal Asset Management
November 14, 2025
Promoted Content

Members Want Super Funds to Step Up Security

For most Australians, superannuation is their largest financial asset outside the family home. So, when it comes to digital security,...

by MUFG Pension & Market Services
October 3, 2025
Promoted Content

Boring Can Be Brilliant: Why Steady Investing Builds Lasting Wealth

In financial markets, drama makes headlines. Share prices surge, tumble, and rebound — creating the stories that capture attention. But...

by Zagga
October 2, 2025

Join our newsletter

View our privacy policy, collection notice and terms and conditions to understand how we use your personal information.

Latest Podcast

Podcast

Relative Return Insider: Economic shifts, political crossroads, and the digital future

by InvestorDaily team
November 13, 2025
After more than two decades, InvestorDaily continues to be an institution that connects and influences Australia’s financial services sector. This influential and integrated media brand connects with leading financial services professionals within superannuation, funds management, financial planning and intermediary distribution through a range of channels, including digital, social, research, broadcast, webcast and events.

Subscribe to our newsletter

View our privacy policy, collection notice and terms and conditions to understand how we use your personal information.

About Us

  • About
  • Advertise
  • Contact
  • Terms & Conditions
  • Privacy Collection Notice
  • Privacy Policy

Popular Topics

  • Markets
  • Appointments
  • Regulation
  • Super
  • Mergers & Acquisitions
  • Tech
  • Promoted Content
  • Analysis

© 2025 All Rights Reserved. All content published on this site is the property of Prime Creative Media. Unauthorised reproduction is prohibited

No Results
View All Results
NEWSLETTER
  • News
  • Markets
  • Regulation
  • Super
  • M&A
  • Tech
  • Appointments
  • Podcast
  • Webcasts
  • Promoted Content
  • Events
  • About
  • Advertise
  • Contact Us

© 2025 All Rights Reserved. All content published on this site is the property of Prime Creative Media. Unauthorised reproduction is prohibited