Original article by Joanna Mather
The Australian Financial Review – Page: 3 : 16-Apr-19
KPMG has forecast that Australia’s superannuation industry will boast $5.4trn worth of funds under management by 2029, compared with just $2.7trn at present. The firm’s 2019 Super Insights report also forecasts that industry funds will manage $2trn in 2029, up from $631bn in 2019. Paul Howes of KPMG says union-backed industry funds must ensure that they comply with the ‘sole-purpose test’ as their dominance of the super industry increases.
KPMG AUSTRALIA PTY LTD, AUSTRALIANSUPER PTY LTD, SUNSUPER PTY LTD, HOST-PLUS, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. DEPT OF THE TREASURY, MLC LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BT FINANCIAL GROUP PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, BHP GROUP LIMITED – ASX BHP