A non-financial company might be able to own a bank, but it could not be licensed in its own right as a bank or other deposit-taker. One can only speculate about the exact effects of these reforms on the evolution of banking and finance in Australia over coming years.
These effects will be intermingled with those of technological change, global pressures, the administration of merger policy, and so on. But it seems clear enough that more flexibility in entry rules for new players, and more flexibility in corporate structures, will add to competition and make life a little tougher (at least) for the established deposit-takers.