The banking system in Australia is broken into four major categories: banks, building societies, credit unions and other deposit-taking institutions. Combined all four of these types of institutions had A$5.6 trillion of assets as of December 2021, with the four major banks comprising 72% of this amount. This should give you an idea of how dominant the four major banks are in the country. The four major banks in Australia are:

  • Commonwealth Bank of Australia
  • Australia and New Zealand Banking Group (ANZ Bank)
  • Westpac Banking Group
  • National Australia Bank

There were a total of 96 banks operating within the country as of December 2021, and of these 40 were domestic banks, 7 were foreign subsidiary banks and 49 were foreign branch banks. There were also 36 credit unions and building societies operating within the country. This page will focus primarily on banks in Australia and major credit unions.

Key Statistics about banks in Australia

  • Total number of banks: 96
  • Total Assets: A$5.6 trillion
  • Total Deposits: A$3.6 trillion
  • Total Loans Outstanding: A$3.6 trillion
  • Total Housing-Related Loans Outstanding: A$2.3 trillion
  • The 4 major banks in Australia collectively have A$4.1 trillion of assets, A$2.8 trillion of loans and A$2.8 trillion of customer deposits as of December 2021. The below chart shows the 5 year history of banks in Australia and is followed by a 5 year history of the four major banks in Australia:


The banks in Australia collectively generated A$37.4 billion in profits in 2021. The below graph shows the history of the four major banks in Australia:


As observable from the two charts, the four major banks in Australia have dominant market share positions of assets, deposits and loans and have represented on average 76% of bank assets and 80% of bank deposits and bank loans in the country over the past 5 years. In addition to banks, the banking system in Australia has several building society entities and credit unions, which collectively had A$50.6 billion of assets, A$42.4 billion of deposits and A$39.3 billion of loans outstanding as of December 2021.

These are the six largest banks operating in the country as of the end of 2021 as ranked by their total assets.


Although the Australian market is quite consolidated among the four major banks there are a number of banks that operate as subsidiaries. In the below list of banks we have indicated in a sub bullet the banks that are operating subsidiaries.

List of Banks in Australia

  • Alex Bank
  • AMP Bank Ltd
  • Arab Bank Australia Limited
  • Australia and New Zealand Banking Group
  • Australian Military Bank Ltd
  • Australian Mutual Bank Limited (trading as Endeavour Mutual Bank and Sydney Mutual Bank)
  • Australian Unity Bank Limited
  • Auswide Bank Ltd
  • B&E Ltd (trading as Bank of us)
  • Bank Australia Limited
  • Bank of China
  • Bank of Queensland
    • BOQ Specialist
    • ME Bank
  • Bank of Sydney
  • Bendigo and Adelaide Bank
    • Adelaide Bank
    • Alliance Bank
    • AWA Alliance Bank
    • BDCU Alliance Bank
    • Bendigo Bank
    • Circle Alliance Bank
    • Community Sector Banking
    • Delphi Bank
    • Nova Alliance Bank
    • Rural Bank
    • Service One Alliance Bank
  • Beyond Bank Australia
  • BNK Banking Corporation Limited
  • Citigroup
  • Commonwealth Bank of Australia
    • Bankwest
  • Defence Bank Limited
  • First Option Bank Ltd
  • G&C Mutual Bank Limited
  • Gateway Bank Ltd
  • Greater Bank Limited
  • Heritage Bank Limited
  • HSBC Bank
  • Hume Bank
  • IMB Ltd (trading as IMB Bank)
  • ING Bank
  • Judo Bank
  • Macquarie Bank Limited
  • Members Banking Group Limited (trading as RACQ Bank)
  • MyState Bank Limited
  • National Australia Bank
    • Ubank
  • Police Bank Ltd (trading as Border Bank)
  • Police Financial Services Limited (trading as BankVic)
  • Police & Nurses Limited (trading as P&N Bank)
  • Queensland Country Bank Limited
  • Teachers Mutual Bank Limited
  • Unity Bank Limited
  • Westpac Banking Corporation
  • Woolworths Team Bank Limited

Selected Credit Unions and Building Societies in Australia

  • WAW Credit Union Co-Operative
  • People’s Choice Credit Union
  • Credit Union SA
  • Summerland Credit Union
  • Illawarra credit union
  • Queensland Country Credit Union
  • Southern Cross Credit Union
  • Warwick Credit Union