Audio interview

The Productivity Commission has questioned the effectiveness of the decades-old 'four pillars' banking policy, describing it as 'ad hoc' and 'redundant'.

A draft report into competition in the financial system also says the banking regulator APRA's recent 'blunt intervention' in reining in the hot investor property market hurt competition and left taxpayers with a $500 million annual bill.

Productivity Commission Chairman Peter Harris speaks with the ABC's Peter Ryan.

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