The Reporting Burden is Real, and the Industry is Finally Being Heard

We're hearing it everywhere right now: reporting is overwhelming. If you've been feeling like the demands from ASIC, ATO, AUSTRAC and APRA are becoming impossible to keep up with, you're not alone.

The conversation has shifted.

Over the past few weeks, some of the biggest voices in superannuation have said what many of you have been thinking. The Super Members Council has called for a streamlined approach where funds report once and regulators share the data amongst themselves. Read the full story here.

AustralianSuper's CEO, Paul Schroder, used his National Press Club address to talk about the need for simpler systems that work for modern retirees. You can read his full address here.

The message is clear: the volume and duplication of reporting needs to change. This is not a problem without a solution, and change is on the horizon.

But it's not just about volume. Yesterday, ASIC released findings highlighting gaps in reporting quality, including inconsistent valuation practices for unlisted assets and inadequate disclosure of expenses. Read the article here.

What's actually happening?

Right now, funds are reporting the same information multiple times to different regulators. It's duplicative, expensive, and frankly exhausting. The compliance burden has nearly doubled in seven years, hitting $1.05 billion for APRA-regulated funds.

And here's another frustration many of you are dealing with: the overlap between old requirements and new requirements. You're often stuck maintaining legacy reporting whilst simultaneously implementing new frameworks. It's a double workload that wastes time, energy, and money.

Meanwhile, ASIC's latest report flags concerns about how unlisted assets are being valued and reported, with different funds taking wildly different approaches. This makes it difficult for members, analysts, and trustees to compare funds or assess the reliability of valuations.

The real question everyone's asking: when will regulators start sharing data?

What this means for you

If you're a trustee or fund administrator, you're likely already stretched thin. The regulatory expectation for transparency and better member outcomes is absolutely the right goal, but the current approach is creating significant strain.

Here's what matters right now:

Get ahead of the quality scrutiny. ASIC has made it clear they'll be watching financial reporting and audit quality closely in 2025-26. Clear valuation disclosures and robust audit evidence are no longer optional. Clean, validated data is your foundation.

Find efficiencies in your processes. Whilst we wait for regulatory reform, streamlining how you work can make a real difference. Data validation and cross-correlation mean your data is clean and consistent. Cross-ecosystem workflows with commenting, task assignment, and proper audit trails make reporting smoother. Visualisation and analysis mean you can spot anomalies quickly and understand the narrative your data is telling.

Stay informed. The momentum is building. There's talk of the Productivity Commission conducting a fresh review of system efficiency, and growing pressure for regulators to simplify how they work together. The conversation has started, and it's worth paying attention to.

This is precisely why we built Nuj – to help you validate your data, reduce your risk, and simplify SDT reporting so you can focus on delivering better outcomes for members.

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Ready to see how we can help? 

Book a demo or get in touch to chat about your reporting challenges. We're here to help.

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P.S. Spotted something in the news we should cover. Please let us know; we're always keen to hear what matters to you.