The Australia’s banking system is one of the safest in the world. It is dominated by four large retail banks that hold a combined market share of over 80%. Commonwealth Bank of Australia (CBA), headquartered in Sydney, is the largest bank in Australia by assets, market capitalization, loans and deposits. Australia and New Zealand Banking Group (ANZ), based inMelbourne, is the second largest Australian bank in terms of total assets.
Big Four Banks
Commonwealth Bank of Australia (CBA) is the leading bank in Australia providing a diverse range of banking, insurance, investment and wealth management services to more than 16.5 million retail, business and institutional customers through over 800 branches and 2,100 ATMs. The Bank’s shares are traded on the Australian Securities Exchange, with a market capitalization of $174 billion as of November 24, 2023.
Australia & New Zealand Banking Group employs over 39,000 people and operates through a network of more than 570 branches. It offers personal and business banking services including accounts, personal and home loans, life and non-life insurance, investments, private banking, retirement solutions, cash flow and risk management, payment solutions, foreign exchange, mobile app and more.
National Australian Bank (NAB), founded in 1982, offers transaction and savings accounts, low rate credit cards, Visa debit cards, personal and mortgage loans, business lending, insurance and investment products, private banking, retirement and wealth planning, asset management, travel and overseas banking, mobile and online solutions, foreign exchange, wire transfers and more. NAB is headquartered Melbourne and employs over 33,000 people.
Westpac Banking Corporation, based in Sydney, provides a comprehensive range of financial products and services to personal, business and corporate customers. It was established in 1817 and was the first bank in Australia. Westpac is the best major bank in Australia according to Mozo Experts Choice Awards.
Top 10 Banks by Assets
Following table shows the biggest Australian banks in terms of total assets. The top 10 banks hold combined assets of over A$5.3 trillion.
| Rank | Bank | Total assets, A$b | Balance Sheet |
| 1 | Commonwealth Bank of Australia | 1,252.85 | 30.06.2023 |
| 2 | ANZ Banking Group | 1,105.62 | 30.09.2023 |
| 3 | National Australia Bank | 1,059.19 | 30.09.2023 |
| 4 | Westpac | 1,030.93 | 30.09.2023 |
| 5 | Macquarie Group | 394.594 | 30.09.2023 |
| 6 | Suncorp Group | 115.046 | 30.06.2023 |
| 7 | Bank of Queensland | 105.352 | 31.08.2023 |
| 8 | Bendigo & Adelaide Bank | 98.480 | 30.06.2023 |
| 9 | ING Bank (Australia) | 83.556 | 31.12.2022 |
| 10 | HSBC Bank Australia | 55.465 | 31.12.2022 |
Top 10 Banks by Market Capitalization
Here is a list of the largest Australian banks ranked by market capitalization.
| Rank | Bank | Market cap, A$B (December 2023) |
| 1 | Commonwealth Bank of Australia | $187.2 B |
| 2 | National Australia Bank | $95.8 B |
| 3 | Westpac | $80.2 B |
| 4 | ANZ Group Holdings | $77.8 B |
| 5 | Macquarie Group | $70.7 B |
| 6 | Suncorp Group | $17.6 B |
| 7 | Bendigo and Adelaide Bank | $5.48 B |
| 8 | Bank of Queensland | $4.01 B |
| 9 | Judo Capital Holdings | $1.11 B |
| 10 | Liberty Financial Group | $1.23 B |
Top Banks in Australia by Deposits
Listed below are the largest banks in Australia by domestic deposits. The top 5 Australian banks hold deposits of approximately A$2.5 trillion.
| Rank | Bank | Residents Deposits (A$B) |
| 1 | Commonwealth Bank of Australia | 707.414 |
| 2 | Westpac Banking Corporation | 538.164 |
| 3 | National Australia Bank | 478.248 |
| 4 | Australia and New Zealand Banking Group | 358.021 |
| 5 | Macquarie Bank Limited | 134.976 |
| 6 | Bank of Queensland | 69.739 |
| 7 | Bendigo and Adelaide Bank | 67.944 |
| 8 | ING Bank (Australia) Limited | 50.370 |
| 9 | Suncorp Bank | 50.218 |
| 10 | HSBC Bank Australia | 32.207 |
Based on the latest data from APRA report 2023
