We have always been a big supporter of the mutual banking sector as they provide a key banking alternative to community and regional sectors Australia wide. I was asked for my take on what the COVID-19 induced emergency monetary policy setting meant for the smaller banks.  Is short the big banks have serious advantages in terms of funding cost, much of which can be attributed to the “too big to fail” uplift they achieve on their credit rating the and asymmetric regulatory costs that have to be absorbed by the smaller banks. We would like to see some specific measures put in place to ensure the smaller banks have continued access to liquidity if required in a volatile market as they play an important role in providing competition in the Australian financial system. The story was published in todays AFR.