For some time the evidence has been growing that, while we've regulated reasonably effectively for stability in our financial sector, productivity and efficiency has come a poor second. This is both in terms of the capacity for big banks to use market share to generate super-profits at the expense of customers, and the efficiency with which we convert our vast pool of savings into new investment. 

Now the Productivity Commission has opened that issue right up with its draft report on Competition in the Australian Financial System. The gist of which is, in regulating for stability, we've regulated against competition and productive investment.