ANZ Chief Executive Officer Shayne Elliott (Image: AAP/Mick Tsikas)

Heard the one about how less competition equals more competition?

That's the doublethink coming from ANZ's Shayne Elliott as he tries to explain why the competition regulator should wave through his acquisition of Suncorp's banking arm.

One of the big four banks swallowing up a smaller regional competitor “will actually increase competition and drive better outcomes for consumers", he said yesterday. The acquisition would mean "we get to be a better competitor, with the really big players in the market who are people like CBA. Just as Suncorp probably feels dwarfed by ANZ, we feel dwarfed by CBA.”