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Since 2008, as part of the response to the global financial crisis, the Australian government set up the Financial Claims Scheme (FCS) to provide protection to depositors in ADIs in the event that an ADI fails. The FCS guarantees certain deposits (currently up to $250,000 for each account holder at any ADI incorporated in Australia).
[64] [65] The guarantee also applies to foreign-owned banks, but only to deposit accounts in Australia and only with funds in Australian dollars. [ 66 ] The Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding ended in 2015.
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 ...
Australian Unity Bank [10] Melbourne: 1840 Subsidiary of Australian Unity Limited Auswide Bank (formerly Wide Bay Building Society) Bundaberg: 1966: Avenue Bank: Sydney: 2021 [11] Bank Australia (previously Members and Education Credit Union & Bankmecu) Melbourne: 1957: Customer-Owned [12] Certified 2020 [13] BankFirst: Melbourne: 1972: Bank of ...
The bank was also the first bank in Australia to receive a federal government guarantee. The Commonwealth Bank gradually acquired central bank functions. In response to the disruption of trade during World War I it was given responsibility to manage the Australian government debt.
The Reserve Bank of Australia is the country's central bank, with responsibility for most payment systems and setting of monetary policy. Since 1996 the provision of credit to individuals for personal, household or domestic purposes has been regulated by the Uniform Consumer Credit Code , which has been implemented in all Australian states and ...
Contributions to superannuation accounts are subject to a concessional income tax rate of 15%. This means that for most Australians, the tax on their money sent to a superannuation account is less than the tax on money sent to their bank account. Australians can contribute additional superannuation beyond the 11.5% minimum, subject to limits.
The bank was also the first bank in Australia to receive a federal government guarantee. The bank's earliest and most strenuous proponent was the flamboyant American-Australian Labor politician King O'Malley, and its first governor was Sir Denison Miller. The bank opened its first branch in Melbourne on 15 July 1912. [12]