With a two-pronged attack on industry funds – removing super from industrial awards and insisting they be run by independent directors – that's unlikely.

The Murray package of super reforms would increase retirement incomes by 25 per cent to 40 per cent, or $2000 a year.

It recommends banning "direct borrowing" by DIY super funds although it appears to allow investment in instalment warrants to remain.

DIY funds that have already borrowed would not be affected, although they could not take out new loans if the recommendation is accepted.

Other proposals include requiring funds to put as much effort into retirement products as managing your super while you're still working, and a government-run auction for managing default funds to slash fees.

"Employers would no longer be required to select default funds for employees, and there would be generally no need to specify default funds in employment contracts, including awards," the report says in one of its most far-reaching suggestions.

Although your fund would have to "pre-select" your retirement income product, you would be able to turn it down and make your own arrangements.

It would also have to tell you what it's forecasting for your income in retirement.

Murray has surprisingly strong reservations about Australia's super system – despite acknowledging its help during the global financial crisis when capital markets froze – devoting 40 per cent of his report to it although it comprised less than 15 per cent of its specific recommendations.

Despite scepticism about MySuper – the compulsory low-cost default fund for new employees which started last year – the report begrudgingly accepts that maybe we should wait until its completion date, mid-2017, before rushing to conclusions. But it still wants a Productivity Commission inquiry between then and 2020.

Although it says the emphasis of super must be shifted away from a lump sum at retirement to an income stream, it's vague about what sort of annuity that should be and baulks at making it compulsory for retirees anyway.

The report is hostile to industry funds which will be guaranteed to get Labor's back up.

It ignores  that they tend to be the cheapest and, on average, do better than other funds, and seems to subscribe to the view that they're a sinecure for union hacks while putting it more diplomatically.

"Directors appointed by employer and employee groups are less likely to represent the broader membership of public offer funds," the inquiry says.

Treasurer Hockey said the public can make submissions on the inquiry's recommendations until "the end of March".

It would release its white paper on tax in 2015.

Inquiry chairman David Murray warned fees and taxes "have a very material impact" on super.