Australia has a highly developed and competitive financial system, in which foreign firms compete on equal terms with domestic rivals. Value added in the financial sector accounted for 8.2% of GDP in June 2014, and the sector employed 4.2% of the labour force as of May.
The banking sector is open and competitive, but there is little prospect of any of the four major Australian banks joining forces in the short term, as they are constrained by market-dominance provisions of the Trade Practices Act. Generally, the financial services sector is heading towards the creation of financial conglomerates that span banking and insurance.

Financial services report 2

Banks 3

Insurers 6

Asset managers 7

Financial markets and instruments 9

Financial regulation 12

Monetary and currency policy 14

Australia at a glance 16

Fundamental indicators 17

Key contacts 18

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