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AUSTRALIAN SUPER FUNDS MADE TO REPORT LONG TERM EARNINGS.(Financial report)
CANBERRA, April 1 Asia Pulse - Australian superannuation funds will be required to report long-term returns prominently in member statements under new laws announced on Wednesday.
Investors needed to be told about longer-term returns so they didn't erratically switch funds, Superannuation and Corporate Law Minister Nick Sherry said.
"The past year has been a difficult one for super fund members due to the impact of the global financial crisis on returns," he said in a statement.
"However, if fund members focus only on short-term returns, they risk switching investment options or funds to their long-term detriment."
Under the changes, super funds have to disclose five- and 10-year returns.
For the 2008/09 financial year, funds will be required only to disclose five-year returns.
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