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RSEs consulted on ABS super data
The Australian Bureau of Statistics (ABS) is consulting with registrable superannuation entity (RSE) licensees on superannuation data collection for its use.
The Australian Prudential Regulation Authority (APRA) put out new reporting standards for the super industry over 2013 in line with Stronger Super reforms and to update APRA's reporting needs for prudential purposes.
The response to submissions on this released by APRA in March 2013 recommended that the ABS and APRA would consult further on extra data to be collected under reporting standards chiefly for ABS' use.
The ABS now wants this data collection to begin from 1 January 2016.
The ABS uses super data given to APRA under the Financial Sector (Collection of Data) Act 2001 to gather the Australian National Accounts and related statistics, which are then used for government economic policy and business decision making.
APRA will oversee the data collection, which will be collected using the Direct to APRA reporting system, which RSEs already use to report data to APRA.
It will also follow the Standard Business Reporting (SBR) requirements, which aims to simplify business-to-government reporting.
The ABS will carry out a formal consultation process with the super industry, with a final submission deadline of 13 April 2015.
Final reporting standards will be released on 31 July 2015.
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