To enhance transparency, APRA plans to release detailed expenditure information for the 2022-23 fiscal year next week, followed by data for 2023-24 in early 2025.

The regulator has identified 'deficient practices and questionable spending' among some super fund managers, which could breach their legal obligation to act in the best financial interests of their members.

Margaret Cole, APRA's deputy chair, emphasized that the agency will specifically target expenditures where the benefits to members are unclear or unjustifiable.

APRA possesses the authority to enforce corrective actions on super funds and may choose to publicize these actions when deemed appropriate.

Cole noted that APRA's oversight will be informed by market intelligence and public interest, particularly focusing on payments and recipients that lack clear benefits for members.

The Australian Prudential Regulation Authority (APRA) is intensifying its scrutiny of super fund managers, particularly focusing on how they spend members' retirement savings.

In its efforts to improve industry practices and outcomes, APRA is concentrating on areas of questionable spending.

In the 2022-23 fiscal year, the eight largest industry funds reportedly spent nearly $200 million on marketing and sponsorships aimed at attracting and retaining members.

Additionally, APRA intends to collaborate with the Australian Securities and Investments Commission to improve information sharing and address mutual interests.