Productivity Commission draft report on competition in the Australian financial system
Wed Feb 07 2018Competition in the Australian Financial System draft report
In its Competition in the Australian Financial System draft report released 7 February 2018 the Productivity Commission questioned the effectiveness of Australia's "four pillars" banking policy which maintains the separation of Australia's four largest banks by preventing/rejecting mergers between them. See 'Four pillars' banking policy is 'ad hoc' and 'redundant', Productivity Commission warns. The shadow treasurer Chris Bowen said, "It is, in our view, not beneficial for banking competition to see the four big banks being able to merge", see 'Four Pillars' policy preventing banks from merging must stay: ALP. The Productivity Commission's final report is expected to be delivered 1 July 2018.