ALP National President and former treasurer Wayne Swan has reignited the superannuation wars, declaring that industry funds are under attack from critics jealous of their success while vehemently defending their controversial governance models as being in customers’ best interests.

Mr Swan described criticism of union-appointed members on the board of Cbus, which he chairs, as “completely inaccurate, hysterical and not justified” given its “spectacular success over 40 years”.