Bank of Queensland has called on the government to consider whether Australia's big four banks are ''too big to fail'', as part of its inquiry into the financial system.

It marks another attack on the big banks' dominance by regional lenders, who say regulation favours the majors.

Bank of Queensland chief executive Stuart Grimshaw. Credit:Glenn Hunt

Chief executive Stuart Grimshaw told shareholders at the annual meeting on Wednesday that as the need for regulatory compliance increased, the costs were falling disproportionately on smaller players.

''A related issue that is increasingly occupying the minds of regulators here in Australia and overseas is that the inquiry must address the issue of banks being too big to fail,'' he said.