The Australian government is to hold another inquiry into the financial system.
The Wallis review 16 years ago led to the big four banks all getting into the funds management industry, as well as to the set-up of a separate prudential regulation authority.
Now the Abbott government has appointed former Commonwealth Bank chief executive David Murray to do it all over again.
Radio New Zealand's Sydney correspondent says the full remit of the inquiry is yet to be announced, but broadly the federal government wants Mr Murray and his team of three to look at ways of increasing competition and reducing regulation in banking.
The inquiry willl look at Australia's capacity to funds its economy and minimise exposure to global markets. An interim report is due next September and a final report a year from now.
