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[65] [66] The guarantee also applies to foreign-owned banks, but only to deposit accounts in Australia and only with funds in Australian dollars. [ 67 ] The Australian Government Guarantee Scheme for Large Deposits and Wholesale Funding ended in 2015.
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).
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 ...
Contributions to superannuation accounts are subject to a concessional income tax rate of 15%. This means that for most Australians, the tax on their earned income sent to a superannuation account is less than the income tax on earned income sent to their bank account. Australians can contribute additional superannuation beyond the 11.5% ...
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]
The bank was also the first bank in Australia to receive a federal government guarantee. [citation needed] 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.
Moreton Bay Savings Bank (1856-1865) Ipswich Savings Bank (1861-1866) Toowoomba Savings Bank (1862-1867) The Commonwealth Bank of Australia was founded under the Commonwealth Bank Act of 1911. This empowered the Bank to transact both savings and trading business under the security of a guarantee from the Federal government.
In 1957 the Bank of New South Wales (later called the Wales, the forerunner of today's Westpac) bought 40% of AGC and over the years progressively increased its interest to a majority stake of 76% and then acquired all remaining shares in 1988. Banking regulations at the time prevented banks from doing the sort of lending finance companies like ...