Australia’s banks offer a wide range of financial services to individuals and businesses and play an important role in the economy.
Banks in Australia value the communities in which they find themselves and are committed to giving something back to those communities. Every year, community organisations receive millions of dollars of direct support from banks in various forms.
History of banks
The first bank to be established in Australia was the Bank of New South Wales, which was established in Sydney in 1817, with Edward Smith Hall as its cashier and secretary. During the 19th and early 20th century, the Bank opened branches throughout Australia and Oceania: at Moreton Bay (Brisbane) in 1850, then in Victoria (1851), New Zealand (1861), South Australia (1877), Western Australia (1883), Fiji (1901), Papua New Guinea (1910) and Tasmania (1910).
The top four banking groups in Australia by market capitalisation are Commonwealth Bank, Westpac Banking Corporation, Australia and New Zealand Banking Group and National Australia Bank.