Does Australia's Four Pillars banking policy need to be reviewed?

The ACCC wants to examine its impact on the competition amongst banks.

The Sydney Morning Herald reports that the consumer watchdog wants the "four pillars" policy that prevents big bank mergers to be put under the microscope, saying there is an argument it insulates the banks from fierce competition.

"Amid fierce political pressure on banks, the Australian Competition and Consumer Commission says it is time for a "serious" look at the "four pillars" policy, which has been accepted by Labor and Coalition governments since the early 1990s," said SMH.

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