AustralianSuper’s outgoing chief executive, Ian Silk, has flagged the “diminution” of the industrial relations system in Australia’s $3 trillion retirement savings pool and expressed “regret” at hostile relations between industry funds and the government.

But Mr Silk stressed that the $230 billion AustralianSuper was not yet at its peak performance as it looks to capitalise on its soon-to-be $500 billion scale.