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The Commonwealth Bank of Australia was established by the Commonwealth Bank Act 1911, introduced by the Andrew Fisher Labor government, which favoured bank nationalisation, with effect on 22 December 1911. [10] [11] In a rare move for the time, the bank was to have both savings and general bank business. The bank was also the first bank in ...
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank.There are several smaller banks with a presence throughout the country which includes Bendigo and Adelaide Bank, Suncorp Bank, [1] and a large number of other financial institutions, such as credit unions, building societies and mutual banks ...
It has had this role since 14 January 1960, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. [3] The bank's main policy role is to control inflation levels within a target range of 2–3%, by controlling the unemployment rate according to the ' non-accelerating inflation rate of unemployment ...
In 1994, banking became a major platform of the group’s business when Colonial acquired the State Bank of New South Wales. Funds management was a key sector of Colonial’s operations since the company was established, and this business was further expanded when Colonial acquired First State Fund Managers (now Colonial First State Investments ...
The Commonwealth Bank Officers' Association was an Australian trade union, comprising staff of the Commonwealth Bank of Australia. It was established in 1930 and continued until 1993 when combined with another sector union to form the Finance Sector Union in a wider process of union amalgamation in Australia at that time.
The company was established in 1988 when the State Bank of New South Wales created First State Fund Management as a subsidiary. In 1994, Colonial Mutual acquired the State Bank of New South Wales from the NSW Government, and on 23 September 1996 the merged entity was rebranded as Colonial State Bank, with First State Fund Management being branded as "Colonial First State" (CFS).
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. Since 2008 the Australian government has guaranteed deposits up to $250,000 per customer per institution against banking failure.
A branch in Ponsonby, Auckland. ASB Bank Limited, commonly stylised as ASB, is a bank owned by Commonwealth Bank of Australia, operating in New Zealand.It provides a range of financial services including retail, business and rural banking, funds management, as well as insurance through its Sovereign Limited subsidiary, and investment and securities services through its ASB Group Investments ...