We wish to welcome the maintenance of the levies for Small APRA Funds (SAFs) and Single Member Approved Deposit Funds (SMADFs) at $590 per fund.

We are aware that current government policy settings are aimed at encouraging mergers to reduce fees for superannuation fund members, but we are not convinced that the substantial difference in the levies, between large and small (non-SAF/SMADF) APRA regulated funds, is proportionate in any context. Members of small funds already shoulder a larger than normal burden in respect to the administration costs incurred in running smaller superannuation funds, and it is unjust to further compound this with an inflated share of these levies.