Top Australian Banks

The Australia’s banking system is transparent and stable. It 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, superannuation funds and friendly societies. Following is a list of the largest and best banks in Australia in terms of assets, deposits and loans.

Commonwealth Bank

Commonwealth Bank of Australia (ASX: CBA) is the largest bank in Australia by assets, deposits, market capitalization and number of domestic branches and ATMs. With over 53,000 employees, it provides banking, insurance and investment services to 18 million retail, business and institutional customers. At June 30, 2024, it had A$1.25 trillion in total assets, A$883 billion in deposits and A$948 billion in net loans. CommBank shares are traded on the Australian Securities Exchange, with a market capitalization of A$276 billion as of February 17, 2025. The company is based in Darling Harbour, Sydney, New South Wales.

ANZ Banking Group

Australia & New Zealand Banking Group, headquartered in Melbourne, is the second largest bank in Australia in term of total assets. It employs more than 42,000 people (FTE) and serves over 10 million clients through a network of approximately 390 branches and 900 ATMs across Australia. The company has an extensive international presence with operations through more than 30 markets in Asia, Europe and North America. As of September 30, 2024, the Group reported A$6.7 billion in net income, A$1.23 trillion in total assets, A$715 billion in customer deposits and A$71 billion in shareholders' equity.

Westpac

Westpac Banking Corporation, located in Sydney, is the third largest banking group in Australia, with total assets of A$890 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 A$115 billion as of November 2024. Westpac is Australia’s Best Major Bank according to Mozo Experts Choice Awards.

National Australian Bank

National Australian Bank (NAB), founded in 1982, is the fourth largest bank in the country with A$1.1 trillion in total assets and A$680 billion in deposits as of September 30, 2024. 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 39,000 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 $917 billion.

 Long-Term Credit Ratings

Ratings as of December 1, 2024

Which Bank is the Best in Australia?

Here is a list of the best Australian banks according to the Mozo Experts Choice Awards for 2024.

Australia’s Best Major Bank: Commonwealth Bank

Australia’s Best Bank: ING

Australia’s Best Customer Owned Bank: People First Bank, Heritage Bank and People's Choice

Australia's Best Small Customer Owned Bank: Easy Street

Australia's Best Regional Customer Owned Bank: Regional Australia Bank

Australia’s Best Credit Union: Police Credit Union

Australia’s Best Bank Accounts:
Suncorp Everyday Options
MyState Bank - Glide Account
Bendigo Bank Everyday Account
AMP Cash Manager
Up (an Australian neobank) - Everyday Account
ING - Orange Everyday

Canstar’s Digital Banking Awards:
Commonwealth Bank
Beyond Bank