Bill Kelty is a political genius. As secretary of the ACTU, he created with Paul Keating compulsory superannuation – a policy the Labor Party is obsessed with and which the Coalition is terrified to change, but which has almost completely failed to achieve its original purpose.

Australia’s superannuation system is now bigger than the value of the ASX – yet over the 30 years of the scheme, dependence on the pension has fallen by just 2 per cent. (Only in a country like Australia could such a policy be regarded as some sort of success.)