“This campaign is jumping at shadows,” Ms O’Dwyer said. “The basis of the campaign is bizarre.”

“But the main problem is, this is not how members’ superannuation savings should be being spent.

“It is beholden on industry super funds, which bankroll ISA using members’ retirement savings, to disclose to their members how much they have contributed to this latest round of self-indulgent scare campaigning and lobbying.”

ISA’s chief executive David Whiteley remains adamant that banks were lobbying to dismantle the current industry super fund model.

“The banks are quietly pressuring federal politicians to remove the laws that protect Australians who save through workplace default funds. If they succeed, the super savings of millions of Australians could be at risk,” Mr Whiteley said.

“The trustworthy and high-performing industry super fund model has consistently outperformed bank-owned funds for two decades.

“There is no reason to dismantle the system that works best for members. If anything, more needs to be done to look into the chronic underperformance of bank-owned super.”