ACCC questions Westpac/St.George decision

ACCC chairman Graeme Samuel has admitted that the timing of the Westpac/St.George merger might have influenced the regulator's decision.

"There's even a question ... that if Westpac were to seek to acquire St.George today, rather than prior to the global financial crisis, whether we'd have the same view as what we had back then. I don't know the answer to that but I raise it as a question," he told the ABC.

He also admitted that competition has reduced since the withdrawal of foreign banks and non-bank lenders.

"Anyone would say that as a result of the trauma, the shock of the global financial crisis, we've got a whole different banking and finance market in this country to what we had before," he said. "There is less competition, there are less competitors."

Samuel added that he would "never say never" to the prospect of future deals between a major bank and a regional lender, however, he said it would be a "difficult ask".

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