Total assets of Australian banks are estimated to be approximately A$4.0 trillion. ANZ, Commonwealth, Westpac and National Australia Bank are the four largest domestic banks providing a complete range of retail and corporate banking services. Each has an AA rating. Only nine of the top 100 banks globally enjoy a rating of AA or higher. Australia's government has a "four pillars" policy that prevents mergers between the big four banking institutions. The banking regulation in the country is extensive and detailed. It is split between APRA (Australian Prudential Regulation Authority) and ASIC (Australian Securities and Investment Commission). APRA, established in 1998, controls the credit unions, banks, building and friendly societies, insurance companies as well as members of the superannuation sector. The superannuation industry is a significant part of financial system, with total assets of approximately $2 trillion or 50% the Australian banking system. Foreign banks are also well represented in the Australian market. The majority of them are focused on commercial banking and capital market activities.

Five Largest Banks

Rank Bank Total assets, A$b Loans, A$b Deposits, A$b Balance Sheet
1 Commonwealth Bank of Australia 980.430 753.507 619.037 31.12.2018
2 ANZ Banking Group 942.624 604.012 527.587 30.09.2018
3 Westpac 880.254 709.690 562.682 30.09.2018
4 National Australia Bank 806.808 598.549 452.932 30.09.2018
5 Macquarie Group 205.598 76.953 52.620 30.09.2018

Customer Satisfaction Rating:
Credit Unions: 88.1%
Building Societies: 90.6%
Banks: 74.3%
Major Banks: 78.9%
(Source: Roy Morgan Research)

Five Largest Credit Unions in Australia

Rank Name State Assets (A$m, FY 2018) Deposits (A$m, FY 2018)
1 Credit Union Australia QLD 14,323 9,220
2 People's Choice Credit Union SA 8,391 6,114
3 Queensland Country Credit Union QLD 2,167 1,881
4 Bananacoast Community Credit Union NSW 1,700 1,543
5 Credit Union SA SA 1,065 945,5

 Updated on June 15, 2019