Open main menu
Home
Random
Recent changes
Special pages
Community portal
Preferences
About Wikipedia
Disclaimers
Incubator escapee wiki
Search
User menu
Talk
Dark mode
Contributions
Create account
Log in
Editing
Financial system in Australia
(section)
Warning:
You are not logged in. Your IP address will be publicly visible if you make any edits. If you
log in
or
create an account
, your edits will be attributed to your username, along with other benefits.
Anti-spam check. Do
not
fill this in!
== Market participants == [[File:ABS-6291.0.55.003-LabourForceAustraliaDetailedQuarterly-EmployedPersonsByIndustrySubdivisionSex-EmployedTotal-Finance-Persons-A2545697C.svg|thumb|right|300px|Total employment in the finance industry (thousands of people) since 1984]] Participants in the financial system consist of [[commercial bank]]s, [[investment bank]]s, [[finance company|finance companies]], [[building society|building or cooperative societies]], [[credit union]]s, [[friendly society|friendly societies]], [[non bank financial institutions (NBFI)]], [[pension fund|superannuation and approved deposit funds]], [[public unit trust]]s, [[cash management trust]]s, [[mortgage originator]]s, [[insurance]] companies, institutional funds investing in and financing debt. ===Financial institutions=== {{main|Banking in Australia}} Banking in Australia is dominated by what are known as the "big four", which are also referred to as the pillars of Australia's financial system: * [[Commonwealth Bank]] * [[Westpac]] * [[Australia & New Zealand Banking Group]] * [[National Australia Bank]] There are several smaller banks with a presence throughout the country, and a large number of other financial institutions, such as [[credit union]]s. Many large foreign banks have a presence, but few have a [[retail banking]] presence. The [[central bank]] is the [[Reserve Bank of Australia]] (RBA). Since 2008 the Australian government has guaranteed deposits up to $250,000 per customer per institution against banking failure.<ref>{{Cite web |url=http://www.treasury.gov.au/documents/1431/PDF/Design_and_operational_parameters_281008.pdf |title=Australian Government Deposit Guarantee Design & Operational Parameters, Department of the Treasury accessed 18 June 2010 |access-date=18 June 2010 |archive-url=https://web.archive.org/web/20091013030104/http://www.treasury.gov.au/documents/1431/PDF/Design_and_operational_parameters_281008.pdf |archive-date=13 October 2009 |url-status=dead }}</ref> ===Insurance market=== {{main|Insurance in Australia}} Australia's [[insurance]] market can be divided into roughly three components: [[life insurance]], [[general insurance]] and [[health insurance]]. These markets have been fairly distinct, with most larger insurers focusing on only one type. However, in recent times several insurance companies have broadened their scope into more general financial services, and have faced competition from [[Banking of Australia|banks]] and subsidiaries of foreign financial conglomerates. ===Superannuation=== {{main|Superannuation in Australia}} Superannuation in Australia is government-supported and encouraged, and minimum provisions are compulsory for employees. Superannuation arrangements are provided by banks and insurance companies, though most funds are self-managed. Superannuation funds are tightly regulated.
Edit summary
(Briefly describe your changes)
By publishing changes, you agree to the
Terms of Use
, and you irrevocably agree to release your contribution under the
CC BY-SA 4.0 License
and the
GFDL
. You agree that a hyperlink or URL is sufficient attribution under the Creative Commons license.
Cancel
Editing help
(opens in new window)