The ‘Big Four’ Banks Just Got Bigger: Your Move, Mr. Treasurer

Commentary Competition serves consumers well. The theory which is confirmed in the real world suggests that the more businesses or enterprises are out there in the marketplace seeking the consumer dollar the cheaper the price for that commodity. The cheaper the price, the better off the consumer, all other factors being equal. The saved dollars could then be spent elsewhere in the economy providing further jobs and stimulus. Most Australians would correctly observe that their banking sector is an oligopoly. There are four major players which control the market. The big four—Commonwealth Bank, Westpac, National Australia Bank, and the ANZ—hold a very significant share of banking business in Australia....