In 1997, leading business figure Stan Wallis (Businessweek bio) produced a report of his inquiry into Australia's financial system (the Final Report of the Financial System Inquiry, commonly referred to as "the Wallis report.") which recommended that the "Four Pillars" model be dismantled, to leave the banks subject to the same merger competition tests as other businesses. In response, then Coalition Treasurer Peter Costello's removed the pillar status of the two insurers (National Mutual had by that time already been acquired by France's AXA), but the ban on mergers of the remaining four banks was retained, with the rider that none of them were considered immune from foreign takeover. With the change of government, new Treasurer Wayne Swan has stated in 2008, that the Labor government has no plans to dismantle the four pillars policy.