Australian Banking

Banking in Australia began with the opening of the bank of NSW in the year 1817. Soon, many more banks opened up with the rights issued by charter or by the private companies act. Most of the banks were owned by the English with headquarters in London. These banks were mostly unregulated and were free to print and distribute money besides other banking services.

With time, the Australian population began to grow with growing immigration, which resulted in a change in the way the banks work in order to accommodate the need of the immigrants. As a result, banking in Australia started to change and became simple for the outsiders.

At the time of this article, the top four banks in Australia are the Commonwealth Bank, Westpac Banking Corporation, National Australia Bank and the Australia and New Zealand Banking Group. The Commonwealth Bank of Australia is the largest of all in Australia. ING Direct is 5th in line, with a business based on online banking.

The Australian bank notes feature many renowned faces of personalities like John Macarthur – pioneer sheep breeder, Queen Elizabeth II – titular head of state, Sir Charles Kingsford Smith – aviator, Lord Howard Walter Florey – pathologist, Sir Henry Parkes – politician and Father of Federation among a host of other faces as well.