The Australia’s banking system is transparent and stable, and includes 90 Australian-owned financial institutions, and 7 subsidiaries and 48 branches of foreign banks. The four largest Australian banks are Westpac, Commonwealth, ANZ and National Australian Bank. The Reserve Bank of Australia (RBA), headquartered in Sydney, is the central bank of the country. APRA (Australian Prudential Regulation Authority) supervises the financial sector including banks, credit unions, building societies, general and life insurance companies, health insurers, superannuation funds and friendly societies.

The Five Largest Banks in Australia

Following is a list of the largest and best banks in Australia based on total assets, deposits, loans, equity and number of employees.

Commonwealth Bank

Commonwealth Bank of Australia (ASX: CBA) is the largest bank in Australia by assets, deposits, market capitalization and number of branches and ATMs. With 49,000 employees, it provides banking, insurance and investment services to more than 16 million retail, business and institutional customers. At December 31, 2019, it had A$980 billion in total assets, A$642 billion in deposits and A$773 billion in loans. CommBank shares are traded on the Australian Securities Exchange with a market capitalization of A$127 billion as of June 10, 2020. The company is headquartered in Darling Harbour, Sydney, New South Wales.

ANZ Banking Group

Australia & New Zealand Banking Group, based in Melbourne, is second largest bank in Australia in term of total assets. It employs over 39,000 people and operates through a network of over 1,000 branches and 4,000 ATMs. The company has an extensive international presence with operations across more than 30 markets in Asia, Europe and North America. As of September 30, 2019, ANZ had A$914.8 billion in total assets, A$524 billion in deposits and A$53 billion in shareholders' equity. ANZ is Australia’s Best Major Bank according to Mozo Experts Choice Awards 2019.

Westpac

Westpac Banking Corporation, located in Sydney, is the third largest banking group in Australia, with assets of A$907 billion. The Bank provides a comprehensive range of financial products and services to personal, business and corporate customers. The company was established in 1817 and was the first bank in Australia. Westpac’s ordinary shares are listed the Sydney Stock Exchange and the New Zealand Exchange (NZX) under the ticker symbol WBC as well as on the New York Stock Exchange (NYSE) as American Depositary Shares (ADS), with a market capitalization of US$49 billion as of June 10, 2020.

National Australian Bank

National Australian Bank (NAB), founded in 1982, is the fourth largest bank in the country with A$847.6 billion in total assets and A$466 billion in deposits as of September 30, 2019. It offers transaction and savings accounts, Visa debit cards, low rate credit cards, personal loans, mortgages, business loans, insurance, investments, private banking, retirement and wealth planning, asset management, travel and overseas banking, mobile and online banking, foreign exchange, wire transfers and much more. The company is headquartered Melbourne, Victoria and employs approximately 34,400 people.

Macquarie Group

Macquarie Group Ltd (ASX: MQG), established in 1969, is an investment bank and financial services provider operating through the following business divisions: Asset Management, Banking and Financial Services, Commodities and Global Markets, and Macquarie Capital. The company offers transaction, savings and cash management accounts, term deposits, home and car loans, commercial loans, credit cards, investment and superannuation services, private banking, advisory and capital raising products, online banking and more. Macquarie is the largest Australian asset manager with AUM of $562 billion. In September 2019, the company’s total assets were A$220 billion.

 Long-Term Credit Ratings

  Bank Moody's Standard & Poor's Fitch
1 Commonwealth Bank of Australia Aa3 AA- AA-
2 ANZ Banking Group Aa3 AA- AA-
3 Westpac Banking Corp Aa3 AA- AA-
4 National Australia Bank Aa3 AA- AA-
5 Macquarie Bank Ltd A2 A A

Which Bank is the Best in Australia?

Here is a list of the best Australian banks according to the Mozo Experts Choice Awards for 2019.

Australia & New Zealand Banking Group – Best Major Bank in Australia

ING Bank (Australia) (formerly ING direct) – Best Bank in Australia

Bank Australia Ltd (formerly Bankmecu) – Best Customer Owned Bank

Police Bank Ltd – Best Small Bank in Australia