The 4 Pillars policy is an anachronism which protects the banks...

The 4 Pillars policy is an anachronism which protects the banks positions regardless of performance and provides no tangible benefits for consumers.
It does not encourage true innovative competition and limits growth opportunities for the banks.
Unfortunately it has also become a political no go zone for all parties due to the rhetoric of support and public perception that it provides a stronger banking system, so don't expect change any time soon.
The reality is our big 4 all have the scale and very strong capital structures (regulated) to be able stand in a free market. This would also have the effect of ensuring poor performance has much more significant consequences and accountability.
I think the threat of the demise of one of the Big 4 (through performance) might focus the mind of those in charge a whole lot better than at present instead of just becoming a bigger piggy bank (yes, incl our biggest!).
Obviously we want strong competition but the 4 pillar policy does not provide that and competition can still be regulated by the ACCC.
Anyway, all just my opinion................