Australian Banking System PDF
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Added on 2020-05-16
Australian Banking System PDF
Added on 2020-05-16
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Running Head: Banking Sector of AustraliaAustralian Banking System
Banking Sector of Australia 1Executive Summary:In this report, the system of banking in Australian is being discussed. The banking system in Australia is in existence since long back. Various banks were established since the year 1817 when the first Australian bank was incorporated. Banking is considered as the integral part of Australian economy due to its soundness and efficiency. It not only provides finance to the Australian communities but also contributes to the revenue generation for the country throughits operations. There are various laws that regulate the banking system in Australia. Those laws are being discussed below. But even after having a successful system of banking, the banking sector has to face various challenges in the Australian economy and this report discusses such problems and the actions that must be taken to overcome such problems.
Banking Sector of Australia 2Table of ContentsExecutive Summary:...........................................................................................................................1Introduction..........................................................................................................................................3History of banking sector......................................................................................................................4Support of banking system in economy...............................................................................................4Problems faced by banking sector........................................................................................................5Action and role to solve problem faced by banking system................................................................6Australian laws that regulate banking sector.......................................................................................6Services provided by Australian banking.............................................................................................7Role of banking sector to maintain inflation........................................................................................8Conclusion.............................................................................................................................................9References..........................................................................................................................................10
Banking Sector of Australia 3Introduction Banking is a system which is mainly concerned about the deposit taking and lending of such deposited funds to the required parties. But the scope of banking function has a wide scope and it covers several activities. A banking system is one of most significant part of any economy as it promotes the effective flow of funds for the development of country’s economy. The financial system i.e. the banking sector of Australia has a record of successful existence due to the robustness of its functions. It is considered the central part of Australian economy due to the soundness, safety and efficiency maintained by it in performing its overall functions. The concept of banking in Australia was recognised long years back after which the Australian economy has faced various ups and downs in the areas of its financial system but it has always managed to come up such fluctuations successfully.
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