Josh Frydenberg’s reprehensible regulatory ambush of the proxy advice sector was disallowed by the Australian Senate on Thursday morning, with independent Rex Patrick leading the entire crossbench to quash the new rules.

This vindictive regime, which the Treasurer snuck into the Corporations Act in the week before Christmas, was in operation for just three days. The dolt from Kooyong even established a whole new capability inside the Australian Securities and Investments Commission to police four companies that employ 30 people and generate $5 million of revenue, and it has been decommissioned after 72 hours on the beat. For bureaucratic superfluity, it is certainly Frydenberg’s personal best, but it may even be a world record.