The total assets of Australian banks are estimated to be over A$5.4 trillion. ANZ, Commonwealth, Westpac and National Australia Bank are the four largest domestic banks providing a complete range of retail and corporate banking services. The big four banks have an Aa3 rating from Moody’s and AA- from Standard & Poor's. Only nine of the world’s top 100 banks 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 1,149.81 843.950 815.124 31.12.2021
2 ANZ Banking Group 978.857 629.719 631.290 30.09.2021
3 Westpac 935.877 709.784 626.955 30.09.2021
4 National Australia Bank 925.968 728.702 547.775 30.09.2021
5 Macquarie Group 348.567 118.359 91.736 30.09.2021

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