APRA Deputy Chair Outlines Superannuation Risks and Priorities at Sydney Summit

The Australian Prudential Regulation Authority (APRA) published a speech on Wednesday delivered by Deputy Chair David Bradbury at the 2026 FSC Retirement Summit in Sydney. In the address, titled "Building trust and confidence to deliver on the promise of super," Bradbury presented his observations on the industry and detailed APRA's regulatory priorities since taking on his role in September.

Bradbury highlighted the significant growth of the domestic superannuation sector, stating that Australia has established one of the world's largest retirement savings systems and is projected to become the second-largest pension market globally. However, he cautioned the industry against complacency, noting that "past performance is no guarantee of future success."

A major focus of the address was the demographic shift facing the sector. Bradbury noted that approximately 2.5 million Australians are expected to transition into retirement over the next decade. He emphasized that this will fundamentally change member requirements and argued that matching the success of the accumulation phase during the retirement phase will be a critical test for the system.

The regulator also raised concerns regarding systemic threats and cyber risks. Bradbury pointed to potential scenarios where cyber vulnerabilities combined with artificial intelligence-driven attacks could allow malicious foreign actors or criminals to target retirement savings, posing risks to financial stability.

Additionally, Bradbury addressed ongoing governance issues within superannuation funds. He stated that despite APRA's supervisory and enforcement actions, material weaknesses persist in trustees' investment governance practices. In response, APRA is proposing measures to enhance trustee accountability and ensure investment decisions prioritize member interests.

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