In late April 2018, when Catherine Brenner had resigned herself to the bitter reality that she would have to resign as AMP chairman, she sent a magnanimous email to her fellow directors recommending David Murray as her replacement.

It seemed an obvious choice. Murray had long held the mantle as the elder statesman of Australian finance – he'd been the boss of the Commonwealth Bank for 13 years, was the first chairman of the Australian Future Fund, and had run the financial system inquiry.