Australian Prudential Regulation Authority

Yeah.

Um, it says APRA data puts the average APRA-regulated fund at roughly 24% Australian equities, so less than I thought.

Um, reasons why, franking credits, currency, and liquidity, um-

So wh- when you say 24%, is that across a portfolio, or is that if you've-

So, so that's what it is at the moment.

According to that answer.

APRA data according to Claude, and then it says it's higher for self-managed super funds.

That sits between 30 to 60%.

What do you think is going to happen, Peter, if...

If more of these types of announcements are being made, I mean, what is really next on the list? If it's this type of capital control from APRA funds to SMSF, is unrealized capital gains tax the next that they bring in? Because, of course, Anthony Albanese said, we can say, well, we've just changed our mind.

It seems unfair, doesn't it, that we make investment decisions for our lifetime, retirement benefits, and a government has a change of heart and they change their mind and they can completely upend 40 years of planning for that.

I look at this and think it's a grossly unfair system, but... um i think there's going to be more of this i think you know to me i want to be investing in projects you know in my superannuation that have an economic return i don't want to be subsidizing the government's bad policies and and this is where the the fundamental premise of superannuation was a way to get long-term retirement benefit liabilities off the australian government or the liabilities.

Macquarie rejects all this, says it's held the same prudential standards and its own capital ratio consistently higher than the major bank average.

APRA is reviewing the structure due to report back in the first half of next year.

Macquarie is now at 7% of the mortgage market, up a full percentage point in a year.

So whichever way this lands, it's consequential.

The, the loan is called in, they take the property away and repossess it, and then go after the owner.

The owner is then impoverished, and then they go to the ATO and say, um, or APRA, and say, "I'm now, uh, facing financial hardship, I need to tap into my super." Um, because again, this, this is coming up for discussion.

You know? There, there's a party out there right now saying, "We should let people go in and, and touch their super money to help in a cost of living crisis." And again, I, I wanna point out to them, guys, they've always been able to do that.

You know? Ever since super was started.

Anyway, we'll just keep on saying to people, "Be wary, be wary, be wary." So look, one of the things I'm going to put on the website, Stuart, is you gave me a wonderful link to, of all places, the ATO.

Now, the Australian Tax Office, uh, for those of you that aren't aware, are the agency that's in charge of managing and administering and regulating the self-managed super fund industry.

Um, interesting, because APRA does the big guys, ATO do the small guys.

But Stuart, do you have on the, off the top of your head how many SMSFs there are now? 'Cause I read recently that they are exploding in popularity again.