News

The Property Funds Association of Australia (PFA) has recently had two meetings with the financial regulator, ASIC, covering several issues, from ASIC’s current priorities, its view on the wholesale investor test, and ASIC’s growing interest in private credit as part of its private markets focus.

There were positive signs across each of the major asset classes in the Australian commercial real estate market across 2025, yet recovery has been ‘asset specific’, according to Benjamin Martin-Henry, Head of Private Assets Research, Pacific at MSCI.

Australian commercial real estate experienced a surge of inbound capital during 2025, and there are several good reasons why offshore investors continue to show confidence in Australian property, according to Benjamin Martin-Henry, Head of Private Assets Research, Pacific at MSCI.

Greg Preston and Benjamin Martin-Henry talk the latest in Australian commercial property, cast an eye back at what has unfolded during 2025 and look ahead to 2026.

With over a decade of experience in tax advisory and financial services, Lisa Cusano brings strategic insight, technical precision, and a people-focussed approach to her role as Managing Director at Alvarez & Marsal. Since joining the firm 14 months ago, she has been at the forefront of its expansion in Australia, helping to shape and grow the Financial Service Practice, and strengthen its position in the local Australian market.

ASIC has just released its roadmap on public and private markets, Advancing Australia’s evolving capital markets: Discussion paper response, which draws on its recent surveillance into Australia’s private credit sector.

ASIC to release public and private markets roadmap

Following the release of ASIC report 814 on Private Credit in Australia, ASIC has just released its roadmap for the regulation of public and private markets.

PFA’s Issues & Regulatory Committee will review the report and provide an update in due course.


Industry is waiting expectantly for some clarity going forward.

Property Funds Association of Australia (PFA) welcomes the Federal Treasury’s decision not to tax unrealised gains on investments as part of its amended superannuation tax changes, which will introduce higher taxes on balances above $3 million.

ASIC has shelved plans to publish firm-level Reportable Situations (RS) data after carefully considering feedback from the managed funds industry, but the regulator will push ahead with plans to make firm-level Internal Dispute Resolution (IDR) data public.

Optimising value is high stakes for commercial real estate investment, with potential to improve the level and resilience of returns, enhance reputations, and protect against market shocks, according to Linda Rudd, CEO of property fund manager, Realside.

Ms Rudd presented on the key principles to optimising value in real estate investing at the Property Funds Association of Australia (PFA) Master Class series.

ASIC has released its report, Private Credit in Australia (REP 814), into Australia’s $200 billion private credit sector. The report follows extensive surveillance of wholesale and retail private credit funds.

ASIC acknowledges that “Private credit, done well, has a valuable role to play in the Australian economy”.

Taxing unrealised gains could create a cash flow ‘mismatch’ for longer-term, illiquid investments including unlisted property, according to the peak body for the unlisted property funds industry in Australia, Property Funds Association of Australia (PFA).

The introduction of the new tax on unrealised capital gains for superannuation balances exceeding $3 million is widely anticipated as part of the Treasury Laws Amendment (Better Targeted Superannuation Concessions) Bill 2023, set to take effect on July 1, 2025 (while the tax is proposed to commence from 1 July 2025, it is not yet law).