The Australian Prudential Regulatory Authority (APRA) investigated 86 of the MySuper organizations as per the new legislation imposed in November 2020. Here, they conducted a basic benchmark performance test. To ensure these funds were up to scratch given they hold around $900B of everyday Australian’s retirement funds. Scarily, 13 out of the 86 funds failed to meet industry standards. Regardless, leaving over 1 million Australians affected. And equated to $56B of funds performing below par. To put this into perspective, APRA’s ‘benchmark’ return on Australian Equities over an 8-year period had to average 7.88% net of fees. In order to fail this particular asset class. These MySuper funds would need to underperform by greater than 0.5%. And leaving the average 8-year return to anything less than 7.33%. As what is a record high stock market.