Competition law developments and the Australian banking sector: The aftermath of the global financial crisis

This article has been written by way of follow-up to an article entitled 'Bank Mergers in Australia: The Past, the Present and the Possible Future Impact of the Global Financial Crisis', which was published in Volume XIII of the International Trade and Business Law Review in 2010.' As discussed in that article, in 2008 two significant Australian bank mergers were allowed: Westpac Banking Corporation with the St George Bank Limited and the Commonwealth Bank of Australia with BankWest/St Andrew's Australia Pty Limited. Both these mergers took place in the context of one of history's worst financial crises, raising concerns about whether, going forward, there is likely to be a shift in merger law and policy (particularly with regard to the banking sector), such that the importance of preserving financial stability could come at the cost of competition.