I seem to have spent a lot of time recently reminding people of the virtues and strengths of Australia’s superannuation system in the face of doubts and questions raised by the Productivity Commission and others. In doing so I fear I have not given enough credit to the regulator with primary responsibility for the stability of the system, the Australian Prudential Regulation Authority. The Productivity Commission’s draft report has drawn attention to the roles of the two main regulators, ASIC and APRA. And while it has raised some valid questions about jurisdiction, it has also triggered a rather negative debate...