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7/30/2019 Australia Financial System
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Banks-Reserve Bank Of Australia (RBA)
Insurance-Australian Prudential RegulatoryAuthority (APRA)
Financial marketsAustralian Securities & InvestmentsCommission (ASIC)
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The Reserve Bank of Australia is
Australia's Central Bank. It was
established in1960.
Its duty is to contribute to themaintenance of price stability, full
employment, and the economic
prosperity and welfare of the Australian
people. Additionally, it manages
Australia's gold and foreign exchange
reserves.
Headquartered in Sydney, New south
Wales ,Australia. Presently Glenn
Robert Stevens is the Governor of
RBA.
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The Australian Prudential Regulation Authority (APRA)
is a statutory authority and the prudential regulator of the
Australian financial services industry.APRA was
established on 1 July 1998 .
It regulates banks, general and life insurance companies,
superannuation funds, credit unions, building societies
and friendly societies to ensure that these institutions
keep their financial promises; that is, that they will
remain financially sound and able to meet their
obligations to depositors, fund members and policyholders.
APRA is Headquartered in Sydney, Australia.
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The Australian Securities & Investments
Commission (ASIC) is an
independent Australian government body that
acts as Australia's corporate regulator. ASIC
was originally formed as the AustralianSecurities Commission (ASC), which came
into being on 1 January 1991.
ASIC's role is to enforce and regulate
company and financial services laws to
protect Australian consumers, investors and
creditors.
ASIC is headquartered in Melbourne,
Australia.
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Banks
Credit Unions
Building Societies
Non Deposit Taking Finance Companies
Insurance Companies
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There are 56 banks operating in
Australia (12 Domestic Banks,9 Foreign
subsidiary banks and 35 foreign branch
banks) as 30 September 2010.
The Australian banking sector is
dominated by four major banks:
Australia and New Zealand Bank
(ANZ), Commonwealth Bank of
Australia (CBA), National Australia
Bank (NAB), and Westpac BankingCorporation (WBC).
These banks provide full service retail
and commercial lending to the Australian
economy.
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Credit unions operate predominately in the
retail sector with business driven by deposit
taking, consumer credit and housing loan
finance.
The top five credit unions in Australia are-
Credit Union Australia Limited
Australian Central Credit Union
Savings & Loans Credit Union Limited
Police & Nurses Credit Society
NSW teachers Credit Union.
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Similarly to credit unions, the bulk of
building society business in the retail
sector, with less than 10% of their
activities estimated to be in the
commercial sector.Buliding societies tendto target their financing in niche and rural
markets that are not adequately covered by
the banks.
The top 4 Building Societies:
1.Heritage Building Society Limited.2.Newcastle Permanent Building Society.
3.Illawarra Mutual Building (IMB)
Society.
4.Greater Building Society.
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Non Deposit Taking Finance Companies
Represent another significant group of
institutions that service the retail banking sector
in Australia.
These institutions do not take deposits but have
traditionally provided strong competition in
consumer lending such as mortgage lending,
credit cards and asset or lease financing.
Examples include GE Money, Liberty
Financial, La Trobe Financial Services, AIMS
Financial Group, Assured Home Loans, Rate
Busters and Home Star.
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Major life insurance companies in
Australia are as follows:
AMP Insurance
MLC Insurance
AXA Insurance
Citicorp Life Insurance
Challenger Life Insurance
Aviva Life Insurance
Major Non-Life Insurance Companies
in Australia is as follows:
QBE InsurancePromina Insurance
Suncorp Insurance
Zurich Australian Insurance
West farmers Insurance
RACQ InsuranceAIG Insurance
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Australian securities Exchange
Sydney Futures Exchange
Newcastle Stock Exchange
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The Australian Stock Exchange Limited
was formed in 1987.
ASX Group was created by the merger of
the Australian Stock Exchange and the
Sydney Futures Exchange in July 2006and is today one of the worlds top-10
listed exchange groups measured by
market capitalisation. ASX functions as a
market operator, clearing house and
payments system facilitator. It alsooversees compliance with its operating
rules, promotes standards of corporate
governance among Australias listed
companies and helps to educate retail
investors.
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National Stock Exchange of
Australia (NSX) is a stock exchange based
in Newcastle, Australia.
On 20 December 2006 the Newcastle Stock
Exchange formally sought approval and was
granted a change of name by the Minister to
National Stock Exchange of Australia and
still trades by the acronym of NSX.
The NSX lists various companies withinAustralia and overseas that meet its listing
rule requirements. Trading is all-electronic
based on time and price priority using NETS
(the NSX Electronic Trading System).