"Aside from that, the current regulations do not prohibit a foreign takeover of one of our banks. That has always been the case since the 4 pillars policy was introduced."
you mean prohibit ? Our government, Liberal and Labor, will not allow any of the 4 major banks to be taken over by one of the major internationals. In the financial sector, it actually is 4 plus 2 (4 banks and the two insurance/super coys).
I don't care what the PER of our banks are. My main interest is in the banks play in the social fabric of our society. We certainly need more effective competition in our banking sector. the key word is "effective". We do have foreign banks operating here but they cater mainly businesses.
Like I said, the credit unions and building societies need some support.
