The Australian banking sector is dominated by the ‘Big Four’ banks, which include the Commonwealth Bank of Australia (CBA), Westpac Banking Corporation (WBC), National Australia Bank (NAB), and Australian & New Zealand Banking Group (ANZ).
These banks hold a significant portion of the market share, collectively managing assets worth approximately $3.80 trillion. They offer a wide range of financial services, including retail banking, business banking, and wealth management, and have a strong presence both domestically and internationally.
In addition to the Big Four, Macquarie Bank has emerged as a significant player in the Australian banking sector. It sometimes competes with ANZ for the position of the fourth-largest bank by market capitalization, leading some to consider it part of a ‘Big Five’. Macquarie Bank is known for its investment banking services and has a strong international presence.
The Australian banking sector is undergoing significant regulatory changes in 2025. The enhanced Banking Code of Practice, approved by ASIC, came into effect on February 28, 2025. This new code expands protections for consumers and small businesses, including an increase in the small business definition threshold from $3 million to $5 million in aggregate borrowings. It also includes improved inclusivity and accessibility measures, new provisions for deceased estates, and enhanced protections for loan guarantors
Read: How to register for NAB online banking and Mobile App
| Bank | Market Position | Assets |
|---|---|---|
| Commonwealth Bank of Australia | 1st | Largest by assets |
| Westpac Banking Corporation | 2nd | Second largest |
| National Australia Bank | 3rd | Third largest |
| Australian & New Zealand Banking Group | 4th | Fourth largest |
| Macquarie Bank | 5th | Competes with ANZ |
Credit unions also play a role in the Australian financial landscape, with approximately 33 credit unions operating as of 2024. These institutions serve over 3.5 million customers through about 900 branches across the country. Credit unions offer a full range of banking products and services, often providing lower loan interest rates and attractive deposit rates compared to major banks, as they focus on serving their members rather than maximizing profits.
Australia has a diverse banking sector with a mix of major banks, regional banks, and customer-owned banks. Here are some of the notable banks in Australia:
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Major Banks (Big Four):
- Commonwealth Bank of Australia: One of the largest banks in Australia, offering a wide range of financial services.
- National Australia Bank (NAB): Provides banking, investment, and insurance services.
- Westpac Banking Corporation: Offers banking and financial services to individuals and businesses.
- Australia and New Zealand Banking Group (ANZ): Provides banking and financial services across Australia and New Zealand.
Other Australian-Owned Banks:
- AMP Bank Ltd
- Australian Military Bank
- Australian Unity Bank
- Auswide Bank
- Bank Australia
- Bank of Melbourne
- Bank of Queensland
- BankSA
- Bankwest
- Bendigo and Adelaide Bank
- Beyond Bank Australia
- Macquarie Bank
- ME Bank
- MyState Bank
- Suncorp Bank
Foreign Banks with Operations in Australia:
- HSBC Bank Australia
- Citibank Australia
- ING Bank Australia
- Bank of China (Australia)
Read: How to enroll for Bank Of America online banking and mobile App
Customer-Owned Banks:
- Heritage Bank
- Greater Bank
- Police Bank
- Teachers Mutual Bank
- Qudos Bank
List of Credit union in Australia
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Credit unions in Australia are member-owned financial institutions that offer a community-focused alternative to traditional banks. Unlike banks, which are owned by shareholders and operate for profit, credit unions prioritize serving their members by offering lower fees and competitive interest rates on savings and loans.
This member-centric approach allows credit unions to provide personalized customer service, although they may have fewer branches and a smaller range of financial products compared to larger banks.
To become a member of a credit union in Australia, individuals typically need to complete an online membership application and verify their identity. Membership is often open to anyone, but some credit unions may have specific community or professional affiliations.
Common membership requirements include living or working in a particular geographical area, belonging to a specific profession or organization, or being related to an existing member. Some credit unions have become more flexible in their membership policies, allowing broader access to their services.
Several credit unions in Australia have been recognized for their excellence in providing financial services. Credit Union SA was named Australia’s Best Credit Union in the 2022 Mozo Experts Choice Awards, while Police Credit Union received the same accolade in 2024.
Other top-performing credit unions include People First Bank, Newcastle Greater Mutual, and Great Southern Bank, which are among the largest customer-owned banks in terms of assets. These institutions have demonstrated consistent excellence in serving their members and contributing to the customer-owned banking sector, which manages around $150 billion in assets.
| Credit Union | Recognition | Year |
|---|---|---|
| Credit Union SA | Australia’s Best Credit Union | 2022 |
| Police Credit Union | Australia’s Best Credit Union | 2024 |
| People First Bank | Top Performing Credit Union | N/A |
| Newcastle Greater Mutual | Top Performing Credit Union | N/A |
| Great Southern Bank | Top Performing Credit Union | N/A |
The credit union sector in Australia is diverse, encompassing both large national institutions and smaller, locally-focused entities. While credit unions may have fewer branches and ATMs nationwide, they are regulated similarly to banks and provide the same government deposit guarantee, ensuring a safe banking experience for consumers. This sector is often referred to as the ‘fifth pillar’ of Australian banking, highlighting its importance in the financial landscape
Australia has a variety of credit unions that offer financial services to their members. Here are some notable credit unions in Australia:
- Australian Central Credit Union Ltd (trading as People’s Choice Credit Union)
- Central Murray Credit Union Ltd
- Central West Credit Union Ltd
- Coastline Credit Union Ltd
- Community First Credit Union Ltd
- Credit Union Australia Ltd (now Great Southern Bank)
- Credit Union SA Ltd
- Family First Credit Union
- Fire Service Credit Union Ltd
- First Choice Credit Union Ltd
- Goulburn Murray Credit Union Co-operative
- Horizon Credit Union Ltd (trading as Horizon Bank)
- Illawarra Credit Union Limited
- Laboratories Credit Union
- Macarthur Credit Union Ltd (trading as THE MAC)
- Macquarie Credit Union Limited
- Northern Inland Credit Union
- Orange Credit Union Limited
- Police Credit Union Limited
- Pulse Credit Union Ltd
- Queensland Country Credit Union
- Railways Credit Union Limited (trading as MOVE)
- South West Slopes Credit Union Ltd
- Southern Cross Credit Union Ltd
- South-West Credit Union Co-operative
- Summerland Credit Union
- The Broken Hill Community Credit Union
- The Capricornian Ltd
- Traditional Credit Union Limited
- Transport Mutual Credit Union Ltd
- Warwick Credit Union Ltd
- WAW Credit Union Co-operative
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