It’s little surprise that Sydney Airport’s prospective new owners, IFM Investors, are being scrutinised by the Australian Competition and Consumer Commission. Not only does IFM hold stakes in nine other Australian airports, the investment manager is owned by 23 industry super funds that are in competition to outperform one another by extracting outsized returns from their assets.

It leaves little doubt about who will likely pay to fund IFM’s sweetened takeover offer, which rose to $8.75 per share on Monday, up from its first $8.25 attempt, and its $8.45 second try. That’ll be you, Mr and Mrs Infrequent Flyer.