Ex-CBA chief supports four pillars

The former chief of the Commonwealth Bank, David Murray, has said that the industry had not yet articulated a case that the abolition of the four pillars policy would benefit consumers. Mr Murray, now chairman of the Future Fund, has broken ranks with the recent statements from other major bank CEO's who have been saying that it is time to change a policy which is outdated and preventing local banks from competing globally. According to Mr Murray it is the four pillars policy that has seen industry profits fall to the benefit of consumers. “If anybody wants Four Pillars to change, they'd better build a very solid argument about what's going to happen to that competition and the interests of Australian consumers,” he said.

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