Labor’s approach to capital adequacy and liquidity needed more consideration, Boal said. “Capital requirements would best be met via reserves held within a fund, rather than capital held by the trustee external to the fund,” he said.

Boal reserved his strongest criticism for Labor’s avoidance of post-retirement adequacy, saying “we are disappointed that this issue has not received the attention it deserves. Leadership from the government is needed to address this key challenge”.