Monopolised

He also mentions the building supplies industry. But Joyce definitely has a point when it comes to the big-four banks: "One of the stark revelation from the ComCom's analysis is that a large bank can hold 15 per cent less capital of its own behind each loan it makes than a small bank must. That puts small banks at an immediate disadvantage to the large ones, as the capital their shareholders provide is effectively regulated to make a lower return."

As he says, the big four are "fat and happy" and unlikely to face serious competition under current law.