Commercial Banks in Australia

Commercial Banks in Australia

Banking in Australia has had many restrictions and regulations, especially in the past. Up until the 1980s it was very difficult for foreign banks to set up in Australia. As a result, Australia had a very limited number of banks.

Banks were separated into two categories: Saving banks and trading banks. Saving banks were mostly dedicated to offering mortgages, and they paid very little interest on their deposits. Trading banks were commercial banks.

Commercial Banks in Australia

Banking in Australia has had many restrictions and regulations, especially in the past. Up until the 1980s it was very difficult for foreign banks to set up in Australia. As a result, Australia had a very limited number of banks.

Banks were separated into two categories: Saving banks and trading banks. Saving banks were mostly dedicated to offering mortgages, and they paid very little interest on their deposits. Trading banks were commercial banks.

Today, the major banks are Australia and Commonwealth Bank of Australia, New Zealand Banking Group, National Australia Bank and Westpac Banking Corporation.

The banking system in Australia has a policy which prevents bank mergers between these four banks. Although this is not a formal law, it is an accepted and long-standing policy. Many people, however, believe that this policy, called the “four pillars” policy, is not conducive to Australia’s competitiveness in the banking industry.

Below is a list of Australian banks:

• Adelaide Bank

• American Express Australia

• AMP Banking

• Australia and New Zealand Banking Group Ltd.

• Australian Central Credit Union

• Australian National Credit Union

• Bank of Melbourne

• Bank of New Zealand Australia

• Bank of Queensland

• Bank of South Australia Limited

• Bank One Australia

• Bank SA

• Bank West – Bank of Western Australia Ltd.

• Bankers Trust Australia Ltd.

• Bass and Equitable

• BBL Funds Management Limited

• Bendigo Bank

• Citibank Australia

• Colonial Bank Limited

• Commonwealth Bank of Australia

• Credit Union Australia

• Defence Force Credit Union

• Elders Limited

• Elders Rural Bank

• Heritage Building Society

• Home Building Society

• HSBC Bank Australia Limited

• ING Direct

• Leasepac Financial Services

• Loancorp

• Macquarie Bank Limited

• National Australia Bank Limited

• Newcastle Permanent Building Society

• New Zealand Banking Group

• Perpetual

• Qantas Staff Credit Union

• Rabobank Australia

• Royal Guardian Mortgage Corporation

• St. George Bank

• Savings and Loans Credit Union

• Standard Chartered

• Suncorp Metway

• The Rock Building Society Limited

• TMT Partners

• Trustar Mortgage

• Virgin Credit Card

• Webloans Pty Ltd. – home loan broker

• Westpac Banking Corporation

• Wide Bay Capricorn Building Society

• Woolworths Ezy Banking