The Australian Banking System: Corruption and Economic Impact

This report provides an overview of the Australian banking system, emphasizing its significance in the national economy. It highlights the economic benefits derived from the banking sector, such as job creation and investment. However, the report also addresses the growing concern of corruption within the banking system, discussing its detrimental effects and the need for intervention. The report identifies key players in the Australian banking landscape and examines various measures to combat corruption, including technological advancements and regulatory reforms. The conclusion underscores the importance of addressing corruption to safeguard the integrity of the banking system and protect the financial well-being of the citizens. References to relevant academic sources are also included, providing further information for the reader.

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Banking Industry the Backbone of Australian Economy.

Introduction
Through this article the banking system of Australia will be enlightened along with its
economic benefits. The Australian economy is dominated by the service sector and it is a large
mixed market economy. Australian banking system helps the economy in the enormous ways
like job creation, direct or indirect investment, foreign direct investment, etc. Apart from this, the
major concern is the growing rate of corruption developing in the economy of Australia.
Corruption in the Australian economy
There are four major banks in the banking system of Australia and those are the
Commonwealth banks, the Westpac banking corporation, the New Zealand Banking group, and
the National Australian banks and there are several other smaller banks throughout the nation
(Ackerman & Palifka, 2016). Though this banking industry here is considered as its economies
backbone but the inflicted corruption in it has become a major cause of concern. Dishonesty and
corruption has become a big issue which has diverse human cost in the developing and
underdeveloped countries as it kills and captures thousands of people due to the poverty. It
counteracts the global economy and endangers the nation’s protection (Yin, 2019).
Basically the unveiled reality is that the banks play a major role in providing aid to the
corruption as the corrupt officers who needs to conceal their bribery money and money captured
dishonestly, somewhere or the other. Banks are thought to be the best place where the money can
be kept safe away from the eyes of the higher authority. This has to come to an end. As it has
deadly effects the authority of Australia has to take some harsh steps to overcome with the
problems and consequences of the corruption (Jones & Evan, 2018). Some of the major steps
taken against corruption are the corruption must be successfully addressed and the concerned
attention of both government and banking businesses are required, latest advantaged
technologies must be used such as internet banking so that the information of the customer can
be kept confidential and the shared data of the customers must be prevented, protected and
analyzed so to deter the corrupting behaviors. The bank groups must introduce the new and
improved technologies which can boost up the public sectors performance and productivity, etc.
(Li, He., & Cho, 2018).
Conclusion
Corruption is a worldwide problem which requires universal solutions and the banking
groups are been working hard to eradicate these harmful consequences of corruption. All the
citizens of the nation depends upon the economy of their country, which is being misused by the
people using the corrupting traits. The savings of the people in Australia banks are being misused
and so hampering their wellbeing.

References
Ackerman, R. S., & Palifka, B. J. (2016). Corruption and Government: Causes, Consequences,
and Reform. Cambridge University Press.
Jones, & Evan. (2018). Bank corruption: It's the system. Green Left Weekly.
Li, W. X., He., T. T., & Cho, S. P. (2018). Government involvement in banking systems and
economic growth: a comparison across countries. Economic and Political Studies, 35-65.
Yin, H. (2019). Bank globalization and financial stability: International evidence. Research in
International Business and Finance, 207-224.s