This website has been compiled by the Australian Bankers’ Association (ABA) to encourage bank customers who are experiencing financial difficulties or financial hardship to contact their bank to discuss their situation.
The ABA represents 24 member banks- all of the major retail banks in Australia, some investment banks and some foreign banks. A list of our members is available here
Australia’s banks withstood the impacts of the global financial crisis, which since 2008 has severely impacted most American and European banks, and continues to impact the economies of these countries. Three years ago, Australia had just one bank in the top fifty banks operating around the world ... today, four out of the top eight are Australian banks.
Banks and the Economy
The ABA works on behalf of all its member banks for public policies that contribute to a safe, sound and successful banking system that benefits Australians and the Australian economy. ABS National Accounts data shows that, over 2012, the finance and insurance industry contributed $140 billion to the Australian economy, second only to Mining ($145 billion). This is considerably higher than the next ranked industries: Construction ($109 billion) and Manufacturing ($106 billion).
Over the five years ending 2012, banks paid $40 billion in tax to the Australian Government.
Banks' Contribution to Growth
Taken as a whole, these factors make Australian banks one of the biggest – if not, the biggest – contributors to Australian national growth. And economic growth benefits every Australian in five major ways:
- Better Living Standards for the country as a whole.
- Rising Employment and Jobs, especially in a time of global uncertainty.
- Increased investment in technology and infrastructure, such as roads, rail connections and telecommunications.
- Greater Confidence among business and investors.
As part of its role, the ABA promotes financial literacy to help Australians manage their finances and make informed financial decisions.