The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Wayne Swan

Wayne Swan

Deputy Prime Minister and Treasurer

3 December 2007 - 27 June 2013

2 June 2008

NO.062

Rudd Government Committed to Four Pillars Policy

Today in a statement to the House of Representatives, and in the interests of stability and competition, I will announce the Rudd Government will maintain the existing Four Pillars policy for the banking sector.

The Four Pillars policy has endured, in one form or another, through four successive Prime Ministerships and seven successive Treasurerships over nearly two decades, and has served Australia well in that period.

The strength and soundness of the Australian banking system over the past year further demonstrates the soundness of the Four Pillars policy.

The Government considers that Australia is best served by a stable banking system that can continue to draw on the strength and risk management skills of four major banks, rather than a lesser number.

Accordingly, whatever may be the outcome of the banking merger now under consideration, the Rudd Government sees no case for changing the Four Pillars policy which has served Australia well.

CANBERRA
2 June 2008