In big black letters on the back page of today’s AFR, Tony Boyd declares:
But are they really? According to Boyd:
Long-standing observers of the regulation of superannuation could be forgiven for being slightly cynical about Helen Rowell’s speech on Wednesday putting trustees of poor-performing super funds on notice.
Strong talk from APRA. Maybe or maybe not, because in a separate story in of all places the ABC, it appears that:
The Australian Prudential Regulatory Authority (APRA) is spending almost half a million dollars on ‘presentation skills training’ with the institute.
The institute being the National Institute of Dramatic Art, also known as NIDA. Yep. $430,000 smackers of funds that might otherwise be used for, you know, regulation, was spend on presentation skill training.
NIDA boasts amongst its alumni people like Cate Blanchett, Mel Gibson, Hugo Weaving Judy Davis, Catherine Martin and Baz Luhrmann. Not too many regulators sprinkled through that list.
So is APRA really talking tough or are they doing what they are being trained to do by the National Institute of Dramatic Art?