The corporate regulator ASIC has lashed out at the superannuation sector for the quality of its financial reports and audits, which it says make it difficult for members to be confident about the value of their holdings. This follows revelations by Bloomberg that the country’s second biggest super fund, Australian Retirement Trust, is defaulting on a loan for US office space. Bloomberg estimates it will cost members more than $450 million. UTS Industry Fellow, Rob Prugue, says as Australia’s superannuation pool grows, the risks multiply for members holding foreign illiquid assets that are harder to monitor than domestic investments. But on the whole, he says the flip side of not creating this nest egg is equally risky, if not worse.
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