Why Australia’s four pillars policy is as strong as ever
Paul Keating’s policy that stops the big four banks taking each other over is still going strong, but it probably won’t stop the big from getting bigger.
As we head into another federal election with bipartisan backing for the four pillars banking policy, it is worth reflecting on why this oligopoly entrenchment has proved so enduring.
Protecting the major banks from competitive forces is counterintuitive, given the benefits of more dynamism in a sector that finances 80 per cent of economic output.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
