Only last month, Treasurer Josh Frydenberg burnt through an extravagant amount of political capital failing to kneecap the tiny proxy advisory sector – those firms who advise institutional shareholders of public companies how to vote at annual general meetings.

While the architect of the regulatory ambush, Jeremy Leibler, of Arnold Bloch Leibler. railed against the “outsized, perverse impact” of proxy houses (on his hypersensitive clients), Frydenberg saw “an influential and highly concentrated industry” whose oversight “has not kept pace with its influence”.