Australia’s four pillars policy,
introduced in 1990 to block mergers between the country’s four
largest banks – Westpac, Commonwealth Bank (CBA), National
Australia Bank (NAB) and ANZ – should stay in force, according to
an Australian Senate enquiry.
While the Big Four, in particular the chief
executives of ANZ and Westpac, have argued that the strategy –
designed to also promote competition and protect consumers –
prevents them from competing on the global stage, it has been
credited with limiting the effects of the global banking crisis
spreading to Australia.
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A report on retail banking fees by the Reserve
Bank of Australia in May has also been credited with kicking off a
price war for current account market share among the Big Four (see
RBI 617)
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