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Between 1940 and 1959, central banking business was the responsibility of the Commonwealth Bank. The Reserve Bank Act 1959 (Cwlth) established the Reserve Bank of Australia as the central bank, and from 1959 to 1998 the Reserve Bank was responsible for the supervision of commercial banks. From 1 July 1998, APRA assumed responsibility for bank supervision while the Reserve Bank retains responsibility for monetary policy and the maintenance of financial stability, including stability of the payments system.
Banks are the largest deposit-taking and financial institutions in Australia. At the end of June 2002 there were 49 banks operating in Australia. All are authorised to operate by the Banking Act 1959 (Cwlth). Four major banks: the Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank, and the Westpac Banking Corporation, account for over half the total assets of all banks. These four banks provide widespread banking services and an extensive retail branch network throughout Australia. The remaining banks provide similar banking services through limited branch networks often located in particular regions. As at 30 June 2002, banking services were provided at 2,978 giroPost locations and 14,714 Automatic Teller Machines (ATM) throughout Australia.
The liabilities and financial assets of the Reserve Bank are set out in table 26.3. The liabilities and financial assets of the banks operating in Australia are shown in table 26.4.
26.3 RESERVE BANK OF AUSTRALIA, Financial assets and liabilities
|
 | Amounts outstanding at 30 June |
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| 2000 | 2001 | 2002 |
| $m | $m | $m |
|
FINANCIAL ASSETS |
|
| Monetary gold and SDRs(a) | 1,374 | 1,564 | 1,661 |
| Currency and deposits | 9,969 | 12,020 | 12,367 |
| One name paper | 1,199 | 1,013 | 1,897 |
| Bonds | 36,858 | 39,709 | 40,163 |
| Derivatives | 58 | 73 | - |
| Loans and placements | 1,521 | 1,454 | 637 |
| Other accounts receivable | 125 | 137 | 122 |
| Total(b) | 51,104 | 55,970 | 56,847 |
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LIABILITIES |
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| Currency and deposits | 30,998 | 28,229 | 34,103 |
| Unlisted shares and other equity(c) | 10,446 | 12,265 | 11,399 |
| Other accounts payable | 4,329 | 3,462 | 3,795 |
| Total | 45,773 | 43,956 | 49,297 |
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(a) Special Drawing Rights.
(b) Excludes non-financial assets (e.g. fixed assets, property, inventories, etc.).
(c) Estimates based on net asset values. |
Source: Australian National Accounts: Financial Accounts (5232.0). |
26.4 BANKS(a), Financial assets and liabilities
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| Amounts outstanding at 30 June |
|
|
| 2000 | 2001 | 2002 |
| $m | $m | $m |
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FINANCIAL ASSETS |
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| Currency and deposits | 25,711 | 32,629 | 39,441 |
| Acceptance of bills of exchange | 75,825 | 80,838 | 78,389 |
| One name paper | 11,560 | 10,781 | 15,328 |
| Bonds | 22,921 | 30,229 | 24,390 |
| Derivatives | 25,249 | 31,604 | 41,068 |
| Loans and placements | 502,581 | 544,784 | 606,411 |
| Equities | 56,821 | 59,675 | 58,109 |
| Prepayments of premiums and reserves | 1,478 | 1,515 | 1,679 |
| Other accounts receivable | 3,653 | 7,958 | 1,320 |
| Total(b) | 725,799 | 800,013 | 866,135 |
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LIABILITIES |
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| Currency and deposits | 363,011 | 409,637 | 454,983 |
| Acceptance of bills of exchange | 54,302 | 54,261 | 42,523 |
| One name paper | 89,398 | 86,854 | 86,075 |
| Bonds | 82,098 | 101,523 | 110,406 |
| Derivatives | 26,380 | 28,218 | 43,369 |
| Loans and placements | 34,904 | 36,094 | 41,961 |
| Equity | 133,216 | 169,502 | 181,668 |
| Other accounts payable | 3,076 | 2,741 | 2,618 |
| Total | 786,385 | 888,830 | 963,603 |
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(a) Does not include the Reserve Bank of Australia.
(b) Excludes non-financial assets (e.g. fixed assets, property, inventories, etc.). |
Source: Australian National Accounts: Financial Accounts (5232.0). |
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