Comment: Four Aussie G-SIBS?

Why not? Some of the four majors must think they belong alongside Crédit Agricole, Mitsubishi UFJ, Royal Bank of Scotland, Bank of New York Mellon, BBVA, ING, Mizuho, Nordea, Santander and Standard Chartered, to pick out only some.

None of the Big Four get that close on the indicators developed by the Basel Committee on Banking Supervision for selecting global systemically important banks (G-SIBs).

But, with one of the few growth narratives in banking of the post crisis period and a warm debate over housing prices, Australian banks might have the weight to one day radiate stress to global counterparties.

Given their recent super profits one might also wonder why banks from Brazil and Russia cannot wind their way into the "globally significant" stakes.

Or might a G-SIB equivalent capital rule be the solution Murray's FSI panel will want to mandate?

Will APRA seek to align with this international norm?

Last week APRA said it wanted disclosures "for the identification of potential G-SIBs" to now apply to the existing D-SIBS; Commonwealth Bank, ANZ, National Australia Bank and Westpac.

It's no great step from there to a G-SIB capital charge.