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Regulation of Australian Banks | Report

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Added on  2019-11-25

Regulation of Australian Banks | Report

   Added on 2019-11-25

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REGULATION OF AUSTRALIAN BANKS-PAST, PRESENT AND FUTURE.
Regulation of Australian Banks | Report_1
1By student name ProfessorDate: 16 September, 2017.1 | P a g e
Regulation of Australian Banks | Report_2
2Contents1.Introduction...........................................................................................42.Research.................................................................................................................53.Analysis................................................................................................................... 74.Recommendations..........................................................................................................85.Conclusion ......................................................................................................................96.References...................................................................................................................... 102 | P a g e
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31.IntroductionThe first banking institution was launched in Australia in 19th century. Since then there hasbeen a lot of reforms in the banking sector. In Australia at present there are four bankinginstitution that dominates the overall banking sector which are Australia and New ZealandBanking Group Limited, Commonwealth Bank of Australia, National Australia Bank Limitedand Westpac Banking Corporation. Over the years there has been an increase in the overallimportance of the banks, the banks today contribute to half of the total assets of the financialsector. The banks today have diverged into a lot of sector the most important being assetmanagement and insurance. They play the most important role in the overall financial sector andholds the most of the financial assets of the country. The banks provide a lot of services to theconsumer from the normal lending activities to deposit taking to other advanced services likeasset management, insurance, brokerage, management of the financial markets etc. From the firstbank that was opened in the 19th century till today there has been huge development and growthand the same can be seen in the strong position that the banking company holds in the financialsector. At present there are as many as 53 banks that are functioning in Australia and out of them14 banks are owned by the Australians[ CITATION Bak17 \l 16393 ]. There are no banks in thecountry that are owned by the Australian Government, the last share of the same was sold out in2011. The banks that are present now are supervised by the Australian Prudential RegulationAuthority (APRA). There has been huge growth in the banking sector and the same is reflectedin the market share of these banks. A brief history of these banks and their overall currentposition is given below.3 | P a g e
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