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Banking in Australia began with the opening of the bank of NSW in the
year 1817. Soon, many more banks opened up with the rights issued by
charter or by the private companies act. Some of the banks opened were
owned and managed by Australia where most of the banks were owned by the
English with headquarters in London. These banks were mostly unregulated
and were free to print and distribute money besides other banking
services.
With time, the Australian population began to grow with growing
immigration which resulted in a change in the way the banks work in
order to accommodate the need of the immigrants. As a result, banking in
Australia started to change and became simple for the outsiders.
At present, the top four banks in Australia are the Commonwealth Bank,
Westpac Banking Corporation, National Australia Bank and the Australia
and New Zealand Banking Group. The Commonwealth Bank of Australia is the
largest of all in Australia.
The Australian banknotes feature many renowned faces of personalities
like John Macarthur - pioneer sheep breeder, Queen Elizabeth II -
titular head of state, Sir Charles Kingsford Smith - aviator, Lord
Howard Walter Florey - pathologist, Sir Henry Parkes- politician and
Father of Federation among a host of other faces as well.
Nowadays, banking have become most popular Business and Finance
sub-category ahead of other categories like stocks and shares with the
development of online banking. Recent studies have shown that the number
of internet banking users is rising progressively.
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