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1301.0 - Year Book Australia, 2003  
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 24/01/2003   
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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

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

LIABILITIES

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

(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

Amounts outstanding at 30 June

2000
2001
2002
$m
$m
$m

FINANCIAL ASSETS

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

LIABILITIES

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

(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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