QSuper said it strongly questioned: Whether the provision of additional information as envisaged would lead to better member outcomes; and Whether removing the current exemption would result in outcomes that were in the best financial interests of members. “By requiring full disclosure of all assets, the bill widens the information asymmetry (already opened by portfolio holding disclosure rules) that allows other market participants advantages in transacting,” it said. “Many funds have sought investment in private asset classes (real estate, infrastructure, private equity) as they can offer key diversifying benefits to members. The long-term, stable returns (often linked to CPI) with lower sensitivity to broad economic activity provide opportunities to generate strong investment returns for members.