The new multi-regulator assault on big super challenges the three key claims of Australia’s internationally regarded $4 trillion compulsory retirement income system, beginning with the ideal that the mega union-influenced industry funds will always be there to manage their members’ comfortable retirements.

Then there’s the claim that big super will stabilise, rather than destabilise, the economy during financial crises. And third, that the industry funds will continue to deliver superior investment returns, particularly compared with the for-profit retail funds.