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The Reserve Bank is currently governed by the Reserve Bank Act 1959. [4] Section 10(2), commonly referred to as the Bank's charter, states that Bank's duty is "to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia" to be achieved by exercising its powers "to contribute to:
National Australia Bank; There are several smaller banks with a presence throughout the country, and a large number of other financial institutions, such as credit unions. Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). Since 2008 the Australian ...
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 ...
The Commonwealth Bank, as its name indicates, was also founded as public company before later being privatized. In Victoria many GBEs were sold in the 1990s to reduce the state's level of debt. The State Electricity Commission of Victoria and the Gas & Fuel Corporation were the best-known government enterprises to be disaggregated and sold.
The Reserve Bank of Australia (RBA) retains its central banking functions including responsibility for most payment systems and setting of monetary policy. The Australian Competition & Consumer Commission (ACCC) regulates anti-competitive behaviour. However, it has an agreement with ASIC that ASIC oversees the majority of bank and financial ...
The Commonwealth Bank of Australia was established by legislation in 1911. The main functions of the bank were to undertake general banking and savings bank activities. In 1945 the bank's powers were formally widened to include exchange control and the administration of monetary and banking policy with the Commonwealth Bank Act and the Banking Act.
The official cash rate (OCR) is the term used in Australia and New Zealand for the bank rate and is the rate of interest which the central bank charges on overnight loans between commercial banks. This allows the Reserve Bank of Australia and the Reserve Bank of New Zealand to adjust the interest rates that apply in each country's economy. The ...
The privatisation of Commonwealth Bank of Australia was justified based on the competition it faced from private banks who offered cheaper products to consumers. [39] Australian economist, John Quiggin, reveals that despite the sensible rationale in privatising the Commonwealth Bank, it represents a net loss to the taxpayer. [39]