A proposed new public inquiry into the banking industry has a theme, political backing, a start date and an end date - but no genuine terms of reference yet.The PR drip feed commenced in one newspaper yesterday produced a précis from the Treasurer Scott Morrison. The Productivity Commission has one year from 1 July 2017 for this work, much of it another whirl of pet topics studied unconvincingly by other inquiries or the focus of previous reports of no note.Having the Productivity Commission delve into matters with a 'competitive" theme was one of the ideas of the 2014 Financial System Inquiry. That panel chided financial regulators for "complacency".Among colour added by Morrison are plans "to consider the level of contestability and concentration in key segments of the financial system, including the degree of vertical and horizontal integration. It will also examine competition in the provision of personal deposit accounts and mortgages and services and finance to small and medium businesses.For most the banking industry the Productivity Commission project is one more lurch along a path that defines any Royal Commission as redundant.Smaller banks see substance in what may follow, and Morrison's media release leans to their point of view.The customer owned banking sector said it welcomed the announcement by the Treasurer of a Productivity Commission (PC) inquiry into the state of competition in the financial system. "The enduring solution to concerns about the banking market is action to promote sustainable competition so that poor conduct is swiftly punished by loss of market share," Mark Degotardi, chief executive of the Customer Owned Banking Association, said.