Super giants go up in towering inferno


In one of those marvelous pro-cyclical moments unwittingly favoured by regulators, APRA has just dealt super funds a major shit sandwich:

The corporate and prudential regulators have warned the $3.4 trillion superannuation industry to be proactive about updating the values of unlisted assets, amid price falls spurred by rising interest rates and the global banking crisis.

Australian Securities and Investments Commissioner Danielle Press said it was “really critical to get [unlisted asset valuations] right” following increased volatility and the “banking issues we’ve seen recently”.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.