Financial Standard presents a roundup of the week's biggest industry news and executive moves. In this week's top stories:

Government confirms record $213.7 billion deficit

The Morrison government handed down its 2020 Federal Budget earlier this week, officially announcing Australia has slipped into its largest ever deficit on record.

MySuper funds face new test

Underperforming MySuper products will now be held to account, with the government announcing they will face a new annual APRA-administered test to encourage funds to improve returns for members.

Queensland funds explore merger

Two Queensland industry funds have signed a memorandum of understanding to explore a merger which could create a $20 billion superannuation fund.

There's also major executive moves and our quote of the week.

This week's FS Minute news round-up is proudly brought to you by Vanguard.