Mon, 04 Feb 2013 - 22:00
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Carbon Pricing

Mr Fletcher asked the Assistant Treasurer, in writing, on 15 June 2011:

Has the Australian Prudential Regulation Authority (APRA) assessed the likely impact of the Government's proposed carbon tax on the superannuation industry, including superannuation invested in shares in, and retirement funds exposed to, the energy, manufacturing and mining sectors; if so, what assessment was undertaken, and what was the outcome.

Mr Shorten: The answer to the honourable member's question is as follows:

APRA has not specifically assessed the potential impact on superannuation funds of the carbon pricing mechanism nor has it requested superannuation funds to undertake their own assessments. APRA generally only assesses the impact of external influences on superannuation funds where, in APRA's view, there is likely to be a material adverse impact. Any potential impact on superannuation funds would be mitigated by the generally well-diversified nature of investment portfolios.