Journal of Money, Credit and Banking
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Running head: TERM 3 2019 ASSIGNMENT
TERM 3 2019 ASSIGNMENT
Subject Title
Subject Code
Trimester Number
Assignment Title
Name of the Student
KOI Student Number
Word Count
Tutor Name
Author Note
TERM 3 2019 ASSIGNMENT
Subject Title
Subject Code
Trimester Number
Assignment Title
Name of the Student
KOI Student Number
Word Count
Tutor Name
Author Note
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1TERM 3 2019 ASSIGNMENT
Executive Summary
Deregulation in the financial market brought some relief for the banks operated in Australia.
This deregulation could supply these banks with the much needed international funding
which they required post the Global Financial Crisis as these funds are cheaper sources of
finance. This report mainly focuses on the deregulation of the financial sector of Australia
and the sources of international sources of funds for the banks operating in Australia. Finally
the project is concluded by giving various recommendations to the Australian Government as
to how the stability of the smaller banks to access international funds can be enacted.
Executive Summary
Deregulation in the financial market brought some relief for the banks operated in Australia.
This deregulation could supply these banks with the much needed international funding
which they required post the Global Financial Crisis as these funds are cheaper sources of
finance. This report mainly focuses on the deregulation of the financial sector of Australia
and the sources of international sources of funds for the banks operating in Australia. Finally
the project is concluded by giving various recommendations to the Australian Government as
to how the stability of the smaller banks to access international funds can be enacted.
2TERM 3 2019 ASSIGNMENT
Table of Contents
Introduction................................................................................................................................3
Description.................................................................................................................................4
Literature review....................................................................................................................4
ANZ........................................................................................................................................5
Commonwealth Bank.............................................................................................................5
NAB.......................................................................................................................................6
Westpac..................................................................................................................................6
CUA.......................................................................................................................................6
Heritage Bank.........................................................................................................................7
Comparison of big four banks with smaller banks.................................................................7
Impact of Global Financial Crisis..........................................................................................8
Recommendation......................................................................................................................10
Conclusion................................................................................................................................11
References and bibliography....................................................................................................12
Table of Contents
Introduction................................................................................................................................3
Description.................................................................................................................................4
Literature review....................................................................................................................4
ANZ........................................................................................................................................5
Commonwealth Bank.............................................................................................................5
NAB.......................................................................................................................................6
Westpac..................................................................................................................................6
CUA.......................................................................................................................................6
Heritage Bank.........................................................................................................................7
Comparison of big four banks with smaller banks.................................................................7
Impact of Global Financial Crisis..........................................................................................8
Recommendation......................................................................................................................10
Conclusion................................................................................................................................11
References and bibliography....................................................................................................12
3TERM 3 2019 ASSIGNMENT
Introduction
Deregulation can be referred to as the reduction in the power of the government in a
specific sector or industry. It is mainly done to enhance the competition inside the particular
industry in the deregulation is taking place. Deregulation is a common term in the financial
market especially related to international finance and when it applies to the banking sector its
signifies the reduction in the number of laws and government regulations that once tied back
the operations of the banks. The main motive behind the reduction of the government control
is to enhance the economic as well as the financial stability of the banks and the sector as a
whole (Ballantyne et al 2014). The Reserve Bank of Australia can be considered as the
principal regulator of the banking operations in Australia along with Australian Prudential
Regulation Authority (APRA) and the Australian Securities and Investments Commission
(ASIC). The APRA issues licenses and supervises the banking institutions in compliance of
the Banking Act of 1959 and the ASIC ensures the integrity of the market as well as oversees
consumer protection relating to the investment banks in particular. Banks operational in
Australia also have to abide by the ‘Anti-Money Laundering and Counter-Terrorism
Financing Act’ of 2006. The banking industry in Australia was in a verge of deregulation
since the mid 1960’s when the first step was taken by the government to disqualify the
differences that separated the savings and trading banks and consequently merged these two
and allowing all banks to carry out money market operations (Bell 2017). Later on, the banks
were allowed to accept public deposits by forming societies and also allowed to formulate
their own policies regarding interest rates. The aim of this report is to elucidate the need of
international sources of fund for the banks operational in Australia post the deregulation in
the banking sector.
Introduction
Deregulation can be referred to as the reduction in the power of the government in a
specific sector or industry. It is mainly done to enhance the competition inside the particular
industry in the deregulation is taking place. Deregulation is a common term in the financial
market especially related to international finance and when it applies to the banking sector its
signifies the reduction in the number of laws and government regulations that once tied back
the operations of the banks. The main motive behind the reduction of the government control
is to enhance the economic as well as the financial stability of the banks and the sector as a
whole (Ballantyne et al 2014). The Reserve Bank of Australia can be considered as the
principal regulator of the banking operations in Australia along with Australian Prudential
Regulation Authority (APRA) and the Australian Securities and Investments Commission
(ASIC). The APRA issues licenses and supervises the banking institutions in compliance of
the Banking Act of 1959 and the ASIC ensures the integrity of the market as well as oversees
consumer protection relating to the investment banks in particular. Banks operational in
Australia also have to abide by the ‘Anti-Money Laundering and Counter-Terrorism
Financing Act’ of 2006. The banking industry in Australia was in a verge of deregulation
since the mid 1960’s when the first step was taken by the government to disqualify the
differences that separated the savings and trading banks and consequently merged these two
and allowing all banks to carry out money market operations (Bell 2017). Later on, the banks
were allowed to accept public deposits by forming societies and also allowed to formulate
their own policies regarding interest rates. The aim of this report is to elucidate the need of
international sources of fund for the banks operational in Australia post the deregulation in
the banking sector.
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4TERM 3 2019 ASSIGNMENT
Description
Literature review
According to Douglas (2014), the Government of Australia had been carrying out the
deregulation since the mid 1960’s. Since the very beginning of the introduction of
deregulation, this policy have been a great success in terms of opening up new markets for
the banks and other financial institutions, enhanced the independence of these institutions in
economic terms, infused a healthy competition and increased the vitality and flexibility of the
economy of Australia as a whole.
According to Berg (2016), Campbell Committee was entrusted to investigate the
deregulation and its origin in Australia. They found out that they enquiry was mainly done to
gain government control in the financial market amid the Building-Society Crisis in the mid
1970’s. The first stage showed a regain of control by the government but later the financial
market was deregularized to enhance the competition, attracting foreign cheaper sources of
fund and improving the economy of Australia as a whole.
According to Ballantyne (2014), shows that the deregulation in the Chinese financial
market was soon followed in Australia in the mid 1980 but in a different way, where the
Australian banks were allowed to take in public deposits by forming Societies and were
allowed to fix their own interest rates.
Stokes (2016), argued whether the deregulation in the financial market in Australia
was really unavoidable or not. The report showed that it had to happen sooner or later in the
light of globalization and many other relevant factors like for improving the economy of
Australia and many more.
Description
Literature review
According to Douglas (2014), the Government of Australia had been carrying out the
deregulation since the mid 1960’s. Since the very beginning of the introduction of
deregulation, this policy have been a great success in terms of opening up new markets for
the banks and other financial institutions, enhanced the independence of these institutions in
economic terms, infused a healthy competition and increased the vitality and flexibility of the
economy of Australia as a whole.
According to Berg (2016), Campbell Committee was entrusted to investigate the
deregulation and its origin in Australia. They found out that they enquiry was mainly done to
gain government control in the financial market amid the Building-Society Crisis in the mid
1970’s. The first stage showed a regain of control by the government but later the financial
market was deregularized to enhance the competition, attracting foreign cheaper sources of
fund and improving the economy of Australia as a whole.
According to Ballantyne (2014), shows that the deregulation in the Chinese financial
market was soon followed in Australia in the mid 1980 but in a different way, where the
Australian banks were allowed to take in public deposits by forming Societies and were
allowed to fix their own interest rates.
Stokes (2016), argued whether the deregulation in the financial market in Australia
was really unavoidable or not. The report showed that it had to happen sooner or later in the
light of globalization and many other relevant factors like for improving the economy of
Australia and many more.
5TERM 3 2019 ASSIGNMENT
According to Bell (2017), shows the trends and changes in the monetary policies
adopted by the Reserve Bank of Australia, being the country’s central bank in the mid 70’s
and 80’s. There were two challenges that the central bank faced at that time, the first was
tackling the increasing inflation and the second was deregulation in the domestic financial
market especially relating to the banks. The later stages of the 1970’s the central bank started
implementing complete deregulation to enhance the competition in the domestic banking
sector in improving the economy of Australia as a whole.
ANZ
ANZ stands for Australia and New Zealand Banking Group Limited is the leading
Australian company providing financial and banking services throughout the world especially
in Australia and New Zealand (Anz.com 2018). It has it’s headquarter in Melbourne and is
the third largest bank in terms of market capitalization and second largest by assets.
Foreign Currency liability arises out of taking deposit or investments from foreigners
where the main risk lies in the fluctuation of foreign exchange rates (Anz.com 2018).
International Source of fund mainly includes Loan capital (mainly from US Trust Securities,
UK Stapled Securities), Perpetual Subordinated Notes (Floating Rate Notes), Subordinated
Notes and Share Capital (Preference Shares- Euro Trust Securities).
Commonwealth Bank
The Commonwealth Bank of Australia is one of the big four banks incorporated and
operational in Australia (Commbank.com.au 2018). CBA is a multinational bank
headquartered in Darling Harbour, Sydney, Australia which has its presence in major
developed nations of the world like the United Kingdom, the United States of America, New
Zealand and many that provides banking, insurance, fund management and various other
services to its clients.
According to Bell (2017), shows the trends and changes in the monetary policies
adopted by the Reserve Bank of Australia, being the country’s central bank in the mid 70’s
and 80’s. There were two challenges that the central bank faced at that time, the first was
tackling the increasing inflation and the second was deregulation in the domestic financial
market especially relating to the banks. The later stages of the 1970’s the central bank started
implementing complete deregulation to enhance the competition in the domestic banking
sector in improving the economy of Australia as a whole.
ANZ
ANZ stands for Australia and New Zealand Banking Group Limited is the leading
Australian company providing financial and banking services throughout the world especially
in Australia and New Zealand (Anz.com 2018). It has it’s headquarter in Melbourne and is
the third largest bank in terms of market capitalization and second largest by assets.
Foreign Currency liability arises out of taking deposit or investments from foreigners
where the main risk lies in the fluctuation of foreign exchange rates (Anz.com 2018).
International Source of fund mainly includes Loan capital (mainly from US Trust Securities,
UK Stapled Securities), Perpetual Subordinated Notes (Floating Rate Notes), Subordinated
Notes and Share Capital (Preference Shares- Euro Trust Securities).
Commonwealth Bank
The Commonwealth Bank of Australia is one of the big four banks incorporated and
operational in Australia (Commbank.com.au 2018). CBA is a multinational bank
headquartered in Darling Harbour, Sydney, Australia which has its presence in major
developed nations of the world like the United Kingdom, the United States of America, New
Zealand and many that provides banking, insurance, fund management and various other
services to its clients.
6TERM 3 2019 ASSIGNMENT
International sources of fund for Commonwealth bank mainly includes oversees
Certificate of Deposit, Term Deposits, Deposits not bearing interest Securities sold with
agreement to repurchase (Commbank.com.au 2018). Offshore loans, long-term debt issues by
currencies, US and Euro Commercial Paper Programs.
NAB
NAB stands for National Australia Bank is Australia’s fourth largest bank according
to market capitalization, customer base and earnings as well. It has it’s headquarter situated at
Docklands Melbourne, Australia (Capital.nab.com.au 2018). NAB is one of the largest
lenders of Australia which have been ranked as ‘AA’ by Standard & Poor’s. It has its
operations spread over Australia, New Zealand and some parts of Asia.
The main International sources of fund for NAB includes “Issued bonds, notes and
subordinated debt by currency”, “Subordinated medium term notes”. “Perpetual floating rate
notes - convertible preference shares issued in USD”
Westpac
Westpac stands for Westpac Banking Corporation. It is a leading financial and
banking service provider of Australia and also has its operations spread in a number of
countries around the world. It has it’s headquarter situated at Westpac Place, Sydney
Australia (Westpac.com.au 2018). Apart from banking it provides its clients with a wide
portfolio of services ranging from corporate banking to wealth management.
The major sources of International finance are “Certificate of Deposit”, “Non-interest
bearing funds” “Term deposits”, “US Commercial Paper”, “Senior debt”, “Asset backed
Commercial Paper”, “Long-term debt by currency” and “Loan Capital.”
International sources of fund for Commonwealth bank mainly includes oversees
Certificate of Deposit, Term Deposits, Deposits not bearing interest Securities sold with
agreement to repurchase (Commbank.com.au 2018). Offshore loans, long-term debt issues by
currencies, US and Euro Commercial Paper Programs.
NAB
NAB stands for National Australia Bank is Australia’s fourth largest bank according
to market capitalization, customer base and earnings as well. It has it’s headquarter situated at
Docklands Melbourne, Australia (Capital.nab.com.au 2018). NAB is one of the largest
lenders of Australia which have been ranked as ‘AA’ by Standard & Poor’s. It has its
operations spread over Australia, New Zealand and some parts of Asia.
The main International sources of fund for NAB includes “Issued bonds, notes and
subordinated debt by currency”, “Subordinated medium term notes”. “Perpetual floating rate
notes - convertible preference shares issued in USD”
Westpac
Westpac stands for Westpac Banking Corporation. It is a leading financial and
banking service provider of Australia and also has its operations spread in a number of
countries around the world. It has it’s headquarter situated at Westpac Place, Sydney
Australia (Westpac.com.au 2018). Apart from banking it provides its clients with a wide
portfolio of services ranging from corporate banking to wealth management.
The major sources of International finance are “Certificate of Deposit”, “Non-interest
bearing funds” “Term deposits”, “US Commercial Paper”, “Senior debt”, “Asset backed
Commercial Paper”, “Long-term debt by currency” and “Loan Capital.”
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7TERM 3 2019 ASSIGNMENT
CUA
CUA stands for Credit Union Australia which is a Brisbane based financial institution
that provides services related to banking and insurance to more than 500,000 Australian
citizens (Cua.com.au 2018). It has more than 50 branches all around Australia and is a
“Mutual Bank” that is, owned by the members. It is governed by the “Australian Prudential
Regulation Authority (APRA)” and also by the ASIC.
CUA being a “Mutual Bank” does not raise finance from the international sources
(Cua.com.au 2018). The accounts are strictly managed as per the guidelines mandated by the
Australian Accounting Standards. This financial institution is totally owned and managed by
its members so it does not require international sources of funds and is financed by the
members only.
Heritage Bank
Heritage Bank Limited is a biggest “Mutual Bank” operating in Australia. It has it’s
headquarter located in Toowoomba, Queensland, Australia (Heritage.com.au 2018). Heritage
Bank is a financial institution that deals in banking, insurance and loans related services
throughout Australia.
Heritage Bank is a “Mutual Bank” that is, it does not raise its capital from foreign
sources. It is totally financed by its members so it does not have any international sources of
funds. It hedges some of its risks through Swaps so it does have some “foreign currency
liabilities” but it does not raise foreign funds.
Comparison of big four banks with smaller banks
The thorough analysis of the big four banks along with the smaller banks depicts
considerable deviation in sources of finance. The big four banks mainly concentrates on the
external sources of funds or international sources of funds because international funds are the
CUA
CUA stands for Credit Union Australia which is a Brisbane based financial institution
that provides services related to banking and insurance to more than 500,000 Australian
citizens (Cua.com.au 2018). It has more than 50 branches all around Australia and is a
“Mutual Bank” that is, owned by the members. It is governed by the “Australian Prudential
Regulation Authority (APRA)” and also by the ASIC.
CUA being a “Mutual Bank” does not raise finance from the international sources
(Cua.com.au 2018). The accounts are strictly managed as per the guidelines mandated by the
Australian Accounting Standards. This financial institution is totally owned and managed by
its members so it does not require international sources of funds and is financed by the
members only.
Heritage Bank
Heritage Bank Limited is a biggest “Mutual Bank” operating in Australia. It has it’s
headquarter located in Toowoomba, Queensland, Australia (Heritage.com.au 2018). Heritage
Bank is a financial institution that deals in banking, insurance and loans related services
throughout Australia.
Heritage Bank is a “Mutual Bank” that is, it does not raise its capital from foreign
sources. It is totally financed by its members so it does not have any international sources of
funds. It hedges some of its risks through Swaps so it does have some “foreign currency
liabilities” but it does not raise foreign funds.
Comparison of big four banks with smaller banks
The thorough analysis of the big four banks along with the smaller banks depicts
considerable deviation in sources of finance. The big four banks mainly concentrates on the
external sources of funds or international sources of funds because international funds are the
8TERM 3 2019 ASSIGNMENT
cheaper source of fund due to the presence greater competition in the international financial
market (Claessens and Van Horen 2015). These banks owing to its market standing and high
credit worthiness gets easy funds from international sources with longer duration than raised
from domestic sources. The risk involved in using these international funds is relatively less
because such loans can easily be hedged. Raising external funds does not affect the control of
management and it lies in the hands of the Board of Directors so the external stakeholders
does not affect the control of management. Bank loans attracts higher rates of interest so
majority of the top four Australian banks prefer to raise their required funding through
international sources of funds. On the other hand, the two smaller banks does not have an
international presence and as a result they do not have a high credit worthiness and better
market reputation and this restricts the availability of international sources of fund to a great
extent. While the availability of the international sources of funds are limited for these two
smaller banks, they mainly operates through the funding of its members.
Impact of Global Financial Crisis
The Global Financial Crisis started in 2008 mainly in the housing market in the USA
and later was transmitted to the rest of the world. The other countries that were most affected
were the UK, Ireland, Australia, Spain and many more. The main issue was that the people
borrowed more than they could repay or borrowed above their credit worthiness. Before the
Financial crisis the banks were offering handsome funding to both the households and to the
other institutions at a low interest rates. The funding were more in amount than the repayment
capacity of the customers and a result there arose huge cases of defaults (Claessens and Van
Horen 2015). This handsome offering of funds by the banks allowed the persons to borrow
greater amounts and brought bigger properties and assets than what they anticipated to buy.
All these situations triggered the increase of the prices of the properties and the banks could
not understand or rather was not ready to understand the underlying risk of providing the
cheaper source of fund due to the presence greater competition in the international financial
market (Claessens and Van Horen 2015). These banks owing to its market standing and high
credit worthiness gets easy funds from international sources with longer duration than raised
from domestic sources. The risk involved in using these international funds is relatively less
because such loans can easily be hedged. Raising external funds does not affect the control of
management and it lies in the hands of the Board of Directors so the external stakeholders
does not affect the control of management. Bank loans attracts higher rates of interest so
majority of the top four Australian banks prefer to raise their required funding through
international sources of funds. On the other hand, the two smaller banks does not have an
international presence and as a result they do not have a high credit worthiness and better
market reputation and this restricts the availability of international sources of fund to a great
extent. While the availability of the international sources of funds are limited for these two
smaller banks, they mainly operates through the funding of its members.
Impact of Global Financial Crisis
The Global Financial Crisis started in 2008 mainly in the housing market in the USA
and later was transmitted to the rest of the world. The other countries that were most affected
were the UK, Ireland, Australia, Spain and many more. The main issue was that the people
borrowed more than they could repay or borrowed above their credit worthiness. Before the
Financial crisis the banks were offering handsome funding to both the households and to the
other institutions at a low interest rates. The funding were more in amount than the repayment
capacity of the customers and a result there arose huge cases of defaults (Claessens and Van
Horen 2015). This handsome offering of funds by the banks allowed the persons to borrow
greater amounts and brought bigger properties and assets than what they anticipated to buy.
All these situations triggered the increase of the prices of the properties and the banks could
not understand or rather was not ready to understand the underlying risk of providing the
9TERM 3 2019 ASSIGNMENT
greater amount of funds to the persons or the institutions. The catastrophe occurred when
there was a sudden halt in the increase of the prices of the properties and the persons found
themselves amid huge liabilities and could not repay the loans taken. This triggered the
overall recession in the economy and persons started losing their employment. There were no
money left with the people to pay and as a result the economic catastrophe took place (De
Haas Van Lelyveld 2014). This impacted the total economy as a whole. Bans could not get
back their money given as loans and as a result could not pay back their employees and
neither provide capital to the firms. The firms suffered from lack of capital and as a result had
to cut off its expenses by laying off employees. The laid off employees did not have money to
buy goods from outside and as a result the persons doing jobs in different consumer goods
and services companies lost their jobs and this is how the Global Financial Crisis impacted
the global economy from every sphere like a vicious Cycle and this is how the easily
available international source of funds became scarce amid the Global Financial Crisis.
However, after the Global Financial Crisis was over people gradually regained their jobs and
step by step the economy regained its strength. In today’s time one can hardly feel the effect
of the catastrophe (Moradi-Motlagh and Babacan 2015). The important reason behind it was
that the foreign banks who were either partners or affiliates of the financial institutions that
were majorly set back from the crisis financed them and gradually pulled them back into their
regular course of business and this rejuvenated the economies of different countries as a
whole.
greater amount of funds to the persons or the institutions. The catastrophe occurred when
there was a sudden halt in the increase of the prices of the properties and the persons found
themselves amid huge liabilities and could not repay the loans taken. This triggered the
overall recession in the economy and persons started losing their employment. There were no
money left with the people to pay and as a result the economic catastrophe took place (De
Haas Van Lelyveld 2014). This impacted the total economy as a whole. Bans could not get
back their money given as loans and as a result could not pay back their employees and
neither provide capital to the firms. The firms suffered from lack of capital and as a result had
to cut off its expenses by laying off employees. The laid off employees did not have money to
buy goods from outside and as a result the persons doing jobs in different consumer goods
and services companies lost their jobs and this is how the Global Financial Crisis impacted
the global economy from every sphere like a vicious Cycle and this is how the easily
available international source of funds became scarce amid the Global Financial Crisis.
However, after the Global Financial Crisis was over people gradually regained their jobs and
step by step the economy regained its strength. In today’s time one can hardly feel the effect
of the catastrophe (Moradi-Motlagh and Babacan 2015). The important reason behind it was
that the foreign banks who were either partners or affiliates of the financial institutions that
were majorly set back from the crisis financed them and gradually pulled them back into their
regular course of business and this rejuvenated the economies of different countries as a
whole.
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10TERM 3 2019 ASSIGNMENT
Recommendation
The Australian Government is also recommended to take required steps for the
implementation of proper legislation and regulation relating to the preparation of accounts
especially relating to the smaller banks so that scams could be avoided and proper accounts
could be displayed maintaining a transparency in the accounts so that the outside or
international financers could be attracted in investing their funds in those banks. If the banks
could be given certain exemptions in taxes or some monetary subsidy by the government,
then it would enhance the market standing of the smaller banks and it would attract many
foreign cheaper sources of funds. If they get cheaper sources of funds, then they would make
good profit which will enhance government revenue in the long-term.
Recommendation
The Australian Government is also recommended to take required steps for the
implementation of proper legislation and regulation relating to the preparation of accounts
especially relating to the smaller banks so that scams could be avoided and proper accounts
could be displayed maintaining a transparency in the accounts so that the outside or
international financers could be attracted in investing their funds in those banks. If the banks
could be given certain exemptions in taxes or some monetary subsidy by the government,
then it would enhance the market standing of the smaller banks and it would attract many
foreign cheaper sources of funds. If they get cheaper sources of funds, then they would make
good profit which will enhance government revenue in the long-term.
11TERM 3 2019 ASSIGNMENT
Conclusion
It can be concluded from the above discussion that the deregulation in the financial
market that is lessening the government control over the banking sector has enhanced the
flow of cheaper funds globally and this impacted for the growth of the banking sector
worldwide. The deregulation in the financial market, especially in the banking sector in
Australia helped the availability of international sources of funds amid the Global Financial
Crisis though at a reduced rate but it allowed the banks in Australia to survive the violent
crushes of the Global Financial crisis. So, it can be summarized that the deregulation of the
financial sector acted as a blessing in disguise to the banking sector in Australia.
Conclusion
It can be concluded from the above discussion that the deregulation in the financial
market that is lessening the government control over the banking sector has enhanced the
flow of cheaper funds globally and this impacted for the growth of the banking sector
worldwide. The deregulation in the financial market, especially in the banking sector in
Australia helped the availability of international sources of funds amid the Global Financial
Crisis though at a reduced rate but it allowed the banks in Australia to survive the violent
crushes of the Global Financial crisis. So, it can be summarized that the deregulation of the
financial sector acted as a blessing in disguise to the banking sector in Australia.
12TERM 3 2019 ASSIGNMENT
References and bibliography
Anz.com (2018). 2018 ANNUAL REPORT. [ebook] ANZ. Available at:
https://www.anz.com/content/dam/anzcom/shareholder/anz_2018_annual_report_final.pdf
[Accessed 21 Jan. 2020].
Ballantyne, A., Hambur, J., Roberts, I. and Wright, M., 2014. 11. Financial Reform in
Australia and China. DEEPENING REFORM, p.251.
Bell, S., 2017. Great Ideas of Central Banking: Values, Ideas and the Transformation of
Central Banking and Monetary Policy in Australia. In Government Reformed (pp. 23-42).
Routledge.
Berg, C., 2016. The Campbell Committee and the origins of ‘deregulation’in
Australia. Australian Journal of Political Science, 51(4), pp.711-726.
Capital.nab.com.au (2018). ANNUAL FINANCIAL REPORT 2018. [ebook] Available at:
https://capital.nab.com.au/docs/2018_NAB_Annual_Financial_Report.pdf [Accessed 21 Jan.
2020].
Claessens, S. and Van Horen, N., 2015. The impact of the global financial crisis on banking
globalization. IMF Economic Review, 63(4), pp.868-918.
Commbank.com.au (2018). Annual Report 2018. [ebook] Commonwealth Bank. Available at:
https://www.commbank.com.au/content/dam/commbank/about-us/shareholders/pdfs/results/
fy18/cba-annual-report-2018.pdf [Accessed 21 Jan. 2020].
Cua.com.au. (2018). CUA Annual Report 2018. [online] Available at:
https://www.cua.com.au/2018/pages/summary-financial [Accessed 21 Jan. 2020].
References and bibliography
Anz.com (2018). 2018 ANNUAL REPORT. [ebook] ANZ. Available at:
https://www.anz.com/content/dam/anzcom/shareholder/anz_2018_annual_report_final.pdf
[Accessed 21 Jan. 2020].
Ballantyne, A., Hambur, J., Roberts, I. and Wright, M., 2014. 11. Financial Reform in
Australia and China. DEEPENING REFORM, p.251.
Bell, S., 2017. Great Ideas of Central Banking: Values, Ideas and the Transformation of
Central Banking and Monetary Policy in Australia. In Government Reformed (pp. 23-42).
Routledge.
Berg, C., 2016. The Campbell Committee and the origins of ‘deregulation’in
Australia. Australian Journal of Political Science, 51(4), pp.711-726.
Capital.nab.com.au (2018). ANNUAL FINANCIAL REPORT 2018. [ebook] Available at:
https://capital.nab.com.au/docs/2018_NAB_Annual_Financial_Report.pdf [Accessed 21 Jan.
2020].
Claessens, S. and Van Horen, N., 2015. The impact of the global financial crisis on banking
globalization. IMF Economic Review, 63(4), pp.868-918.
Commbank.com.au (2018). Annual Report 2018. [ebook] Commonwealth Bank. Available at:
https://www.commbank.com.au/content/dam/commbank/about-us/shareholders/pdfs/results/
fy18/cba-annual-report-2018.pdf [Accessed 21 Jan. 2020].
Cua.com.au. (2018). CUA Annual Report 2018. [online] Available at:
https://www.cua.com.au/2018/pages/summary-financial [Accessed 21 Jan. 2020].
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13TERM 3 2019 ASSIGNMENT
De Haas, R. and Van Lelyveld, I., 2014. Multinational banks and the global financial crisis:
Weathering the perfect storm?. Journal of Money, Credit and Banking, 46(s1), pp.333-364.
Douglas, J., 2014. Deregulation in Australia. Economic Round-up, (2), p.53.
Heritage.com.au (2018). Financial Reports. [online] Heritage.com.au. Available at:
https://www.heritage.com.au/about/financial-reports [Accessed 21 Jan. 2020].
Moradi-Motlagh, A. and Babacan, A., 2015. The impact of the global financial crisis on the
efficiency of Australian banks. Economic Modelling, 46, pp.397-406.
Stokes, A., 2016. The forces driving financial deregulation in Australia in the
1980s. Agora, 51(3), p.23.
Vazquez, F. and Federico, P., 2015. Bank funding structures and risk: Evidence from the
global financial crisis. Journal of banking & finance, 61, pp.1-14.
Westpac.com.au (2018). 2018 Westpac Group Annual Report. [ebook] Available at:
https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/
2018_Westpac_Annual_Report.pdf [Accessed 21 Jan. 2020].
De Haas, R. and Van Lelyveld, I., 2014. Multinational banks and the global financial crisis:
Weathering the perfect storm?. Journal of Money, Credit and Banking, 46(s1), pp.333-364.
Douglas, J., 2014. Deregulation in Australia. Economic Round-up, (2), p.53.
Heritage.com.au (2018). Financial Reports. [online] Heritage.com.au. Available at:
https://www.heritage.com.au/about/financial-reports [Accessed 21 Jan. 2020].
Moradi-Motlagh, A. and Babacan, A., 2015. The impact of the global financial crisis on the
efficiency of Australian banks. Economic Modelling, 46, pp.397-406.
Stokes, A., 2016. The forces driving financial deregulation in Australia in the
1980s. Agora, 51(3), p.23.
Vazquez, F. and Federico, P., 2015. Bank funding structures and risk: Evidence from the
global financial crisis. Journal of banking & finance, 61, pp.1-14.
Westpac.com.au (2018). 2018 Westpac Group Annual Report. [ebook] Available at:
https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/
2018_Westpac_Annual_Report.pdf [Accessed 21 Jan. 2020].
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