Stop the bank mergers: Keating

Font size :

Former prime minister and treasurer Paul Keating, designer of Australia's four pillars policy, has hit out at the government for allowing too much power to be concentrated in the big banks.

In an interview with The Age, Keating criticised the $2.1bn acquisition of BankWest by CBA and warned that wealth management companies like AMP must be protected against bank takeovers.

The Australian Bankers' Association has long advocated the dismantling of the four pillars policy, which it says unfairly restricts growth in the industry.

Keating said that maintaining diversity and preventing massive growth were precisely what had kept Australian banks safe through the GFC. "In other words, you have discrete manageable units and you do not have contagion, you limit potential contagion [of bad loans]," he said.

Since the beginning of the GFC, the big four banks have increased their grip on the Australian mortgage market.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Monday, Sep 25, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords