Martin Fahy has stepped down as CEO of the Association of Superannuation Funds of Australia (ASFA) after seven years at the helm where he played a “pivotal role” in addressing the policy and regulatory changes of the period.
Investors say they want to build resilient portfolios but all they’re doing is making them robust. And that’s not enough to come back better from a downturn.
Super fund trustees are throwing their full weight behind nation building projects where they feel their funds can get a competitive return, while the Coalition’s competing super for housing policy has been labelled “elitist”.
ASFA’s 2023 conference began with a pessimistic but realistic view of what investors can expect. They either need to build more resilient portfolios, trade more or “nail their colours to the mast and sail”.
Treasurer Jim Chalmers appears to have set himself another impossible task: ending the super wars. But legislating an objective for superannuation and urging funds to take part in nation building projects will only inflame them.
Superannuation funds are rapidly offshoring their assets as FUM grows faster than GDP, according to new data from NAB and ASFA. Coming early to the barbell strategy party has also paid off.