Australia’s Banking Industry Australia’s Banking Industry > 3 Date: May 2011 Disclaimer This publication has been prepared as a general overview of the Banking Industry in Australia and does not constitute and is not intended to constitute financial product advice as defined under the Corporations Act 2001 (Cwth). Nothing in this document should be construed as a recommendation or statement of opinion intended to influence a person in making an investment decision. The information is made available on the strict understanding that the Australian Trade Commission (Austrade) is not providing professional advice. While all care has been taken in the preparation of this publication, Austrade expressly denies liability for any loss or damage of any nature (including but not limited to any errors or omissions) arising out of or connected with reliance on the contents of this publication. Any person relying on this publication does so entirely at their own risk. Austrade strongly recommends that the reader obtain independent professional advice prior to making any investment decision. Austrade’s role in the promotion of Australian trade includes facilitating engagement by Australian financial services exporters in markets outside Australia. Austrade is not a promoter of any financial services products or investments and does not provide investment advice. Austrade assumes no responsibility however so arising for any company, product or service mentioned in this document, nor for any materials provided in relation to such products, nor for any act or omission of any business connected with such products. Investors should always make their own enquiries as to whether an investment is appropriate for their needs and should consult an independent and licensed advisor. Australia’s Banking Industry > 3 Contents Executive Summary 5 Australia’s Banking Industry 6 Market Participants 9 Banks 9 Credit Unions 11 Building Societies 12 Non-Deposit-Taking Finance Companies 12 Retail Banking 13 Size and Scope 13 Residential Mortgages 14 Credit Cards 15 Margin Lending 16 Deposits 16 Private Wealth 18 Retirement or Superannuation savings 18 Self-Managed Superannuation Funds 18 Government Reforms ‘Competitive and Sustainable Banking’ 19 Commercial Banking and Corporate Finance 21 Scope 21 Market Participants 21 Authorised Deposit-taking Institutions 21 Boutique Advisory Firms and Securities Brokers 21 Specialised Finance Companies 21 Commercial Lending 22 Syndicated Debt 25 Project and Infrastructure Finance 26 Trade Finance 28 Corporate Finance and Advisory 30 Mergers and Acquisitions 30 Equity Capital Markets 30 Debt Capital Markets 33 Asset-backed Securities 36 Kangaroo Bonds 37 Over-the-counter and exchange-traded markets 39 Transaction Services – Payments System 40 Operations Processing 40 Regulation and Tax Environment 44 Regulation of the financial system 44 Overview 44 Australian Prudential Regulation Authority 44 Australian Securities and Investments Commission 45 Reserve Bank of Australia 45 Federal Treasury 45 Australian Competition and Consumer Commission 45 Other regulatory agencies 45 Summary of available operating models 46 Overview 46 Australian Credit Licence 46 Available options 46 Summary of requirements for each option 47 The authorisation and application processes 51 Australian financial services licences 52 Introduction 52 What is a financial service? 52 What is a financial product? 52 Retail and wholesale clients 53 Other considerations 53 Privacy laws 53 Anti-money laundering and similar laws 53 New laws to change the way to take security 53 in Australia Taxation 54 Summary 54 Taxation of business profits 55 Taxation treatment of funding options 55 When is interest withholding tax payable? 55 Exemptions from IWT 55 Notional borrowing by an Australian branch 56 of a foreign bank Deductibility of IWT 56 Phasing down Australian IWT for financial institutions 56 Special treatment for offshore banking units 57 Thin capitalisation 57 Useful Links 58 Appendix A – Banking Institutions 59 Appendix B – Credit Unions and Building Societies 60 Appendix C – Foreign Retail Banks in Australia 62 Appendix D – International Expansion of 64 Australia’s Largest Banks Appendix E – Selected Australian Legal and 67 Accounting/Tax Advisors in Financial Services Appendix F – Infrastructure Australia’s Reform and 68 Investment Priorities Appendix G – Capital Expenditure in Australia’s 70 Mining Sector Appendix H – Transaction Services – Payments System 72 Regulation 72 Payments System Access Points 72 Payment Settlements 73 Future Trends 73 Australia’s Banking Industry > 5 Australia ranked fifth amongst the world’s leading financial systems and capital markets in the 2010 World Economic Forum Financial Development report. Australia’s Banking Industry > 5 Australia has a strong, profitable, sophisticated and well regulated banking sector which is welcoming of new entrants and increasingly engaged in regional and global markets. The financial sector is the largest contributor to Australia’s national output, around 11 per cent of Australian output or A$135 billion of real gross value added in 2010. 1 Australia ranked fifth amongst the world’s leading financial systems and capital markets in the 2010 World Economic Forum Financial Development report. Total assets of Australia’s banks, defined as Authorised Deposit- taking Institutions (ADIs) 2 , were A$2.7 trillion. Australia has four large domestic banks (the “four pillars”) that provide full service retail and commercial lending to the Australian economy; Australia and New Zealand Bank (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB), and Westpac Banking Corporation (WBC). Each has a AA rating (Standard & Poor’s) with only nine of the top 100 banks globally enjoying a rating of AA or higher. 3 Foreign banks 4 are also well represented in the Australian market with 20 of Forbes’ top 25 banking institutions having a presence in Australia. The majority of these foreign competitors are focused on commercial banking and capital market activities, although a number are now significant players in the retail banking market. Australia’s retail banking sector is relatively concentrated, with twenty one banks providing the bulk of banking services to consumers (12 domestic banks, 9 foreign owned subsidiaries). Consumer lending in Australia totalled A$1.3 trillion as at October 2010, of which the largest component is mortgage lending. While the major Australian banks have dominant market shares across most consumer finance lines, there is also increasing competition from foreign banks and regional Australian banks and competition from non-bank lenders (credit unions, building societies and non-deposit-taking specialist finance companies). Australia’s payments system has undergone, and continues to undergo, change designed to increase competition and innovation. Australians are early adopters of new technology, as reflected in the significant growth in electronic payments, EFTPOS and ATMs in the country. The commercial banking and corporate finance and advisory sector incorporates a full range of services provided to commercial, corporate, government and institutional sectors. Specialist expertise exists in mining and resources, infrastructure and project finance (including public-private partnerships), agriculture, and property. Competition in this sector includes the major and regional domestic banks, foreign banks, securities brokerage companies, specialised corporate advisory firms, and asset finance companies. Australia’s commercial and corporate advisory market comprises: › A$620 billion commercial lending market. › A sizeable syndicated loans market that has raised US$336 billion over the five years to 2010, equivalent to 2.1 per cent of world issuance. › The second largest project finance market in Asia-Pacific after India, with US$14.6 billion worth of deals in 2010, or 15 per cent of the region’s total. › The second largest free-floating stock market in the Asia-Pacific region, and sixth largest globally, with a capitalisation of US$1.1 trillion and 2,072 listed companies. › One of the three largest Mergers and Acquisitions markets in Asia-Pacific, with announced deals totalling US$132 billion in 2010 and US$528 billion for the five years to 2010; 3.5 per cent of globally announced deals. › The second largest Equity Capital Market in Asia-Pacific and fifth largest globally, with US$199 billion of equity issuance over the five years to 2010. › A securitisation market that has resumed growth following the global financial crisis, with A$19.5 billion in RMBS issuance in 2010, up from A$9.9 billion in 2008. › A fast growing Kangaroo bond market that has increased from A$9 billion to A$129 billion bonds outstanding over the ten years to October 2010 – a compound annual growth rate of 28 per cent. › The world’s seventh largest foreign exchange market with total FX turnover averaging US$192 billion per day in April 2010. The US$/A$ pair being the world’s fourth most traded pair after the Euro, Yen and Pound Sterling. › The Asia-Pacific’s second largest pension fund industry after Japan, at US$1,261 billion in 2010 – and, by some measures the fourth largest globally. Australia’s banking sector has sought to leverage the country’s strengths in natural resources, infrastructure, public-private partnerships, property and related capital market activities. Foreign banks operating in Australia have also been attracted by our reputation for product innovation, advanced capital and risk management systems, our highly skilled workforce and our proximity to key regional markets. Decisions have also been influenced by our political stability, strong rule of law, transparent and highly regarded regulatory environment, advanced social and economic infrastructure, and enviable lifestyle. Executive Summary 1. Australian Bureau of Statistics cat no. 5206.0 – Australian National Accounts: National Income, Expenditure and Product, Dec 2010 (released 02 Mar 2011), Table 6, Gross Value Added by Industry, chain volume measured. 2. ADIs include banks, credit unions and building societies. 3. Ranked by The Banker, “Top 1000 World Banks 2010”, 6 July 2010. 4. Includes foreign banks with locally incorporated subsidiaries, a foreign bank branch licence or representative office. 6 > Australian Trade Commission Australia’s Banking Industry > 7 The financial sector is the largest contributor to Australia’s national output, generating more than 10 per cent of Australian output or A$135 billion of real gross value added in 2010. 5 As at February 2011, total assets of Australia’s banks, 6 stood at A$2.7 trillion accounting for around 56 per cent of the total A$4.9 trillion in financial sector assets. This represents a compound annual growth rate (CAGR) of 13 per cent over the past decade. Australia ranks 12th in the world in terms of bank assets as rated by The Banker, Top 1000 World Banks, December 2009. Among 21 countries surveyed by the Asian Bankers 500, Australia has the third largest pool of bank assets in the region after Japan and China. Australia’s total bank assets accounted for around 240 per cent of the country’s nominal GDP, well above Japan (193), China (178), South Korea (146), India (102), and the regional average (176). Australia’s Banking Industry Australia’s Financial Sector Assets – September 2010 (A$ Billion) Authorised deposit-taking Institutions $2,724b or 55.9% Securitisation Vehicles $141.6b or 2.9% Registered Financial Corporations $169b or 3.5% Life offices, Superannuation Funds & Other Managed Funds $1,707b or 35.0% General Insurance Offices $134b or 2.7% Sources: Reserve Bank of Australia, Statistical Table B1, Assets of Financial Institutions (updated 1 Feb 2011); Austrade 5. Australian Bureau of Statistics cat no. 5206.0 – Australian National Accounts: National Income, Expenditure and Product, Dec 2010 (released 02 Mar 2011), Table 6, Gross Value Added by Industry, chain volume measured. 6. Defined as Authorised Deposit-taking Institutions (ADIs), which includes banks, credit unions and building societies. Australia’s Banking Industry > 7 Australia’s four major banks are amongst the world’s 100 largest by assets and are four of only nine global banks with a rating of AA or higher by Standard & Poor’s. Moody’s rating for the four major Australian banks is Aa2, with stable outlook (18 May 2011). The top Australian banks are also within the top 25 banking institutions as ranked by Forbes in its April 2010 top 2,000 companies. 7. The Banker, “Top 1000 World Banks 2010”, 6 July 2010. The Asian Banker Top 500 Banks World’s 100 Largest Banks’ Credit Rating Rank Country Numbers of Banks Total Assets Regional Market Total Assets % 2009 GDP in AB500 (US$ Billion) Share % of GDP (US$ Billion) 1 Japan 123 9,779.7 35.51 192.9 5,069 2 China 103 8,853.4 32.14 177.6 4,985 3 Australia 14 2,388.6 8.67 240.2 994 4 India 43 1,258.9 4.57 101.8 1,237 5 Korea 13 1,213.5 4.41 145.8 833 6 Hong Kong 18 1,143.0 4.15 542.8 211 7 Taiwan 35 958.7 3.48 253.3 379 8 Singapore 4 488.5 1.77 268.1 182 9 Malaysia 17 405.2 1.47 210.0 193 10 Thailand 14 273.0 0.99 103.4 264 11 New Zealand 8 230.4 0.84 195.6 118 12 Indonesia 27 214.6 0.78 39.8 539 13 Vietnam 19 97.9 0.36 105.1 93 14 Philippines 15 97.6 0.35 60.5 161 15 Pakistan 15 67.0 0.24 41.4 162 16 Bangladesh 17 26.0 0.09 27.5 95 17 Sri Lanka 6 17.1 0.06 40.5 42 18 Macau 5 14.3 0.05 67.4 21 19 Myanmar 2 12.0 0.04 35.0 34 20 Brunei 1 1.8 0.01 17.3 10 21 Cambodia 1 0.9 0.00 8.3 11 TOTAL 500 27,542.1 100.00 176.2 15,633 Sources: The Asian Banker 500, Issue 101 October 2010; GDP data was sourced from IMF World Economic Outlook October 2010; Macau GDP was sourced from Statistics and Census Service Macau; Austrade Sources: This chart was sourced from the Reserve Bank of Australia Financial Stability Report March 2009, page 25, Graph 38, and updated with the 2009 data of banks assets from The Banker 1000 World Banks 2010 and Standard and Poor’s Credit Ratings (downloaded 27 July 2010) from Bloomberg; Austrade 0 500 1,000 1,500 2,000 2,500 3,000 Australia’s four major banks Assets US$ Billion (as of 31 December 2009) AAA AA AA- A+ A A- BBB+ BBB BBB- NR 8 > Australian Trade Commission Australia’s Banking Industry > 9 Australia is well positioned as a banking centre in the region, with 20 of Forbes’ top 25 banking institutions having a presence in Australia. Australia ranked fifth amongst the world’s 57 leading financial systems and capital markets in the World Economic Forum Financial Development Report 2010. In addition to its geographic position in the Asia-Pacific region, close to the world’s fastest growing economies, Australia offers: › A sizeable domestic economy – the fourth largest in the Asia-Pacific (after Japan, China and India); › A highly skilled and multilingual workforce where 1.4 million Australians speak an Asian language (equivalent to around one- third of Singapore’s, and one-fifth of Hong Kong’s entire population); › Advanced business and IT infrastructure; › A sophisticated investor base, including the third largest high-net-worth market in the region (after Japan and China); › A stable political and economic environment, and an enviable quality of life; › Strong and efficient regulatory environment and legal institutions; and › Mature and innovative financial markets including: › A leading pension fund market with A$1.3 trillion in funds; › The fourth largest pool of investment fund assets globally with A$1.8 trillion FUM; › The second largest free-floating stock market in the Asia-Pacific with a market capitalisation of US$1.2 trillion; › A fast growing and liquid foreign exchange market having grown 12 per cent CAGR since 1998. The Forbes World’s Leading Companies Rank 1 Company Country Sales Profits Assets Market Value 1 JPMorgan Chase USA 115.6 11.7 2,032.0 166.2 3 Bank of America USA 150.5 6.3 2,223.3 167.6 5 ICBC China 71.9 16.3 1,428.5 242.2 6 Banco Santander Spain 109.6 12.3 1,438.7 107.1 7 Wells Fargo USA 98.6 12.3 1,243.7 141.7 8 HSBC Holdings UK 103.7 5.8 2,355.8 178.3 11 BNP Paribas France 101.1 8.4 2,952.2 86.7 17 China Construction Bank China 59.2 13.6 1,106.2 184.3 21 Barclays UK 65.9 15.2 2,223.0 56.2 22 Bank of China China 52.2 9.5 1,016.3 147.0 29 Lloyds Banking Group UK 106.7 4.6 1,650.8 50.3 34 UniCredit Group Italy 92.2 5.6 1,438.9 44.0 43 Deutsche Bank Germany 63.0 6.9 2,150.6 39.8 44 Credit Suisse Switzerland 50.3 6.1 988.9 53.9 48 BBVA-Banco Bilbao Vizcaya Spain 49.3 6.0 760.4 48.2 51 Banco Bradesco Brazil 59.1 4.6 281.4 54.5 52 Banco do Brasil Brazil 56.1 5.8 406.5 42.8 53 Royal Bank of Canada Canada 35.4 3.6 608.1 78.2 54 Intesa Sanpaolo Italy 50.7 3.6 877.7 44.7 59 Commonwealth Bank Australia 31.8 3.8 500.2 75.1 67 Westpac Banking Group Australia 31.2 3.0 519.0 71.0 73 Crédit Agricole France 92.0 1.6 2,227.2 34.4 79 National Australia Bank Australia 32.5 2.3 574.4 48.8 83 ANZ Banking Australia 26.9 2.6 420.5 53.7 86 Toronto-Dominion Bank Canada 23.6 2.9 517.3 55.4 1. Forbes’ rank according to an equal weighting of sales, profits, assets and market value. Sources: Forbes, The World’s Leading Companies, April 2010; Austrade (US$ Billion) Australia’s Banking Industry > 9 Banks, credit unions and building societies – known as Authorised Deposit-taking Institutions (ADIs) – provide the bulk of banking services to Australian households, businesses and governments – and are prudentially regulated by the Australian Prudential Regulation Authority (APRA). Non-deposit taking finance companies also provide competition in selected consumer credit products. Banks Australia has a sound, well capitalised banking sector. Its banks are large by global standards, with a strong retail base, highly developed wealth management capabilities, and full service commercial, trade finance and corporate advisory operations reaching out into the region. There are 56 banks operating in Australia (12 domestic banks, 9 foreign subsidiary banks and 35 foreign branch banks) with total resident assets of A$2.4 trillion as 30 September 2010. 8 Australia’s banking sector offers opportunities for new entrants providing innovative products and distribution systems. Australian banks are increasingly looking to export their expertise in retail banking, funds management, private banking and distribution to the region. The four major domestic banks have the largest market shares in the retail and commercial banking sectors: the Australia and New Zealand Banking Group (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Westpac Banking Corporation (WBC). They accounted for 77.4 9 per cent of resident assets (A$2.4 trillion) as at September 2010. Other domestic banks accounted for 9.2 per cent, while foreign bank subsidiaries and branches accounted for 13.4 per cent. The largest of the other domestic retail bank competitors are Suncorp-Metway, Macquarie Bank, Bendigo Adelaide Bank and Bank of Queensland. Of the foreign banks with a subsidiary or branch licence, ING, Bank of Scotland, Citigroup, Deutsche Bank and HSBC have the largest presence as measured by Australian banking assets. ING now ranks fifth in retail banking with its innovative, internet based model. Rabobank has built a strong regional footprint drawing on its rural heritage and is now looking to widen its scale of operations. In addition, there are a number of smaller foreign retail banking operations that target specific immigrant groups including the Arab Bank, Bank of China, Bank of Cyprus and Beirut Hellenic Bank. Market Participants 8. APRA, Monthly Banking Statistics, September 2010 (issued 29 Oct 2010). 9. Includes Bank of Western Australia Ltd (wholly owned subsidiary of the Commonwealth Bank). 10 > Australian Trade Commission Australia’s Banking Industry > 11 Assets on Australian Books of Individual Banks (A$ Million) 1. BankWest (Bank of Western Australia) is a wholly owned subsidiary of the Commonwealth Bank of Australia. Sources: Australian Prudential Regulation Authority, Monthly Banking Statistics, September 2010 (issued 29 October 2010), Table 1; Austrade September 2010 Resident Assets Westpac Banking Corporation 528,148 Commonwealth Bank of Australia 515,805 National Australia Bank Ltd 407,793 Australia and New Zealand Banking Group Ltd 360,592 Four Major Domestic Banks 1,812,338 Bank of Western Australia Ltd 1 70,877 Suncorp-Metway Ltd 70,813 Macquarie Bank Ltd 60,560 Bendigo and Adelaide Bank Ltd 41,306 Bank of Queensland Ltd 32,901 AMP Bank Ltd 7,746 Members Equity Bank Pty Ltd 6,255 Rural Bank Ltd 4,126 Total Other Domestic Banks 294,584 ING Bank (Australia) Ltd 46,572 Citigroup Pty Ltd 22,449 HSBC Bank Australia Ltd 17,917 Rabobank Australia Ltd 11,819 Investec Bank (Australia) Ltd 4,580 Bank of Cyprus Australia Ltd 1,483 Arab Bank Australia Ltd 1,363 Beirut Hellenic Bank Ltd 950 Bank of China (Australia) Ltd 472 Total Foreign-owned Bank Subsidiaries 107,605 Bank of Scotland plc 25,211 Citibank, N.A. 22,402 Deutsche Bank Aktiengessellschaft 20,819 UBS AG 16,617 JPMorgan Chase Bank, National Association 15,057 BNP Paribas 14,452 Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. 13,046 The Royal Bank of Scotland Plc 11,828 The Bank of Tokyo-Mitsubishi UFJ, Ltd 8,684 The Hongkong and Shanghai Banking Corporation Ltd 8,368 Top 10 Foreign-owned Bank Branches 156,484 Other Foreign-owned Bank Branches 62,878 Total Foreign-owned Bank Branches 219,362 TOTAL 2,433,889 [...]... structures and will amend the Banking Act 1959 to allow Australian banks, credit unions and building societies to issue covered bonds Full details of the Government’s announced banking reforms are available from the Treasury website: http://www.treasury.gov.au /banking/ content/_downloads/competitive_and_sustainable _banking. pdf Australia’s Banking Industry > 19  Commercial Banking and Corporate Finance... Sources: Australian Prudential Regulation Authority, Monthly Banking Statistics, September 2010 (issued 29 October 2010), Table 4; Austrade Australia’s Banking Industry > 17  Private Wealth Private wealth is a key driver of retail deposit demand Australia’s private wealth market now ranks among the largest and fastest growing in the world Since 1990, Australia’s total private sector wealth (including consumer... with the commercial sector IBISWorld Industry Report K7323, Credit Unions in Australia, I November 2010 11 APRA, Quarterly Credit Union and Building Society Performance, September 2010 (issued 30 November 2010) 12 IBISWorld Industry Report K7323, Credit Unions in Australia, August 2010, page 16 13 Ibid, page 23 Australia’s Banking Industry > 11  Building Societies Australia’s 11 building societies had... commercial banking and corporate advisory services are also active in investment and asset management This sector is covered in Austrade’s Investment Management Industry in Australia publication, 2010 http://www.austrade.gov.au/ArticleDocuments/2792/Investment-Management -Industry- in-Australia.pdf.aspx 32  Source: APRA website at http://www.apra.gov.au/ADI/ADIList.cfm Australia’s Banking Industry >... Prudential Regulation Authority, Monthly Banking Statistics, September 2010 (issued 29 October 2010), Table 2; Austrade Australia’s Banking Industry > 23  Over the past ten years, the fastest growing segment of commercial lending in Australia has been to larger corporations, borrowing over A$2 million Loans to SMEs have grown more gradually during this period Australia’s Bank Lending To Business –... expenditure commitments within Australia’s minerals and energy sectors 40 KPMG, Federal Budget 2009-10 national infrastructure spending priorities June 2009 41 Infrastructure Australia, Getting the Fundamentals Right for Australia’s Infrastructure Priorities, June 2010 42 ABARE-BRS, Minerals and energy Major development projects report, October 2010 Australia’s Banking Industry > 27  Trade Finance... Commonwealth Government of Australia’s bonds that had gross bond issuance of A$58.4 billion in the year to June 2010 See the AOFM Annual Report http://www.aofm gov.au/content/publications/reports/AnnualReports/2009-2010/download/AOFM_Annual_Report_2009-10.pdf 51 Australian and New Zealand entities Source, INSTO League Tables as at 10 January 2011 Australia’s Banking Industry > 33  Australia’s Debt Securities... Austrade’s publication ‘Investment Management Industry in Australia’ http://www.austrade.gov.au/ArticleDocuments/2792/Investment-Management -Industry- inAustralia.pdf.aspx 18 > Australian Trade Commission  Superannuation Industry in Australia Assets (A$ Billion) Jun 2009 Jun 2010 Number of Entities Jun 2009 Jun 2010 By fund type Corporate 54.0 56.2 190 168 Industry 191.8 225.5 67 65 Public Sector 153.0... Ranking Mandated Arranger 2010 Rank 2009 Rank ANZ Banking Group 1 1 Westpac Banking 2 3 Commonwealth Bank of Australia 3 2 National Australia Bank 4 4 RBS 5 7 Mitsubishi UFJ Financial Group 6 9 Sumitomo Mitsui Financial Group Inc 7 10 JP Morgan 8 18 Credit Agricole CIB HSBC Holdings PLC Bookrunner 9 8 10 12 2010 Rank 2009 Rank ANZ Banking Group 1 3 Westpac Banking 2 1 Commonwealth Bank of Australia 3 4... 2010 R 21 ncludes Bank of Western Australia Ltd (wholly owned subsidiary of the Commonwealth Bank) I 22  ustralian Prudential Regulation Authority, Monthly Banking Statistics, September 2010 (issued 29 October 2010), Table 2 A Australia’s Banking Industry > 15  Margin Lending Margin lending has developed as another consumer credit product over the past two decades Margin lending is borrowing to invest . Australia’s Banking Industry Australia’s Banking Industry > 3 Date: May 2011 Disclaimer This publication has been prepared as a general overview of the Banking Industry in Australia. should consult an independent and licensed advisor. Australia’s Banking Industry > 3 Contents Executive Summary 5 Australia’s Banking Industry 6 Market Participants 9 Banks 9 Credit Unions. ‘Investment Management Industry in Australia’ http://www.austrade.gov.au/ArticleDocuments/2792/Investment-Management -Industry- in- Australia.pdf.aspx Australia’s Banking Industry > 19 Government