Australian consumers enjoy a wide range of Banks and other lenders operating in Australia. Some lenders were originally based in another country and now operate in Australia. Australia also has a number of ‘home grown’ banks and other lenders.
Australian home grown Banks:
Commonwealth Bank Australia (CBA)
Australia and New Zealand Bank (ANZ)
National Australia Bank (NAB)
These banks are considered as the ‘four pillars’ of the Australian banking system. The four pillars system of the Australian banking system has four very strong large banks that compete with each other and mean that all of the banking is not concentrated in any one bank. This is thought to reduce the risk and increase the stability of the Australian banking system.