Australia - Revision history

imported>Doug Williamson: Mend broken link.

2018-12-01T17:49:10Z

Mend broken link.

← Older revision		Revision as of 17:49, 1 December 2018
Line 48:		Line 48:
	\|header9 =		\|header9 =
	\| label9 = Other professional financial/banking associations:		\| label9 = Other professional financial/banking associations:
	\| data9 = [http://www.~~bankers~~.~~asn~~.au Australian Bankers' Association]		\| data9 = [http://www.ausbanking.org.au Australian Bankers' Association]

	\|belowstyle = background:#ddf;		\|belowstyle = background:#ddf;

imported>Jeeten.patel@thinkpublishing.co.uk at 10:57, 12 October 2015

2015-10-12T10:57:04Z

← Older revision		Revision as of 10:57, 12 October 2015
Line 105:		Line 105:

	===Cash concentration and pooling===		===Cash concentration and pooling===
	Domestic ~~motional~~ cash pooling and cash concentration are available. Cross border cash concentration is also available.		Domestic notional cash pooling and cash concentration are available. Cross border cash concentration is also available.

	===Electronic and internet banking===		===Electronic and internet banking===

imported>Jeeten.patel@thinkpublishing.co.uk at 10:54, 12 October 2015

2015-10-12T10:54:40Z

← Older revision		Revision as of 10:54, 12 October 2015
Line 75:		Line 75:

	==Accounting framework==		==Accounting framework==
	Since 2005, companies have been required by the Australian Accounting Standards Board (AASB) to adopt International Accounting Standards Board (IASB) ~~standards~~ to their consolidated financial reporting statements.		Since 2005, companies have been required by the Australian Accounting Standards Board (AASB) to adopt International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) to their consolidated financial reporting statements.

	==Banking service provision==		==Banking service provision==
	Banks operating in Australia offer a wide range of services including traditional corporate banking services, fund management, insurance, personal financial services and financial advice. These services can be accessed through multiple distribution channels, including electronic.		Banks operating in Australia offer a wide range of services including traditional corporate banking services, fund management, insurance, personal financial services and financial advice. These services can be accessed through multiple distribution channels, including electronic.
	Although the banking sector is highly competitive, Australian banks are amongst the most profitable in the world. There are 70 authorised banks of which 49 are foreign-owned and 21 domestic. The major banks are Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group Limited, and National Australia Bank Limited, which together account for more than two thirds of total assets of the banking sector. The major Australian banks are AA-rated.		Although the banking sector is highly competitive, Australian banks are amongst the most profitable in the world. There are 73 authorised banks of which 48 are foreign-owned and 25 domestic. The major banks are Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group Limited, and National Australia Bank Limited, which together account for more than two thirds of total assets of the banking sector. The major Australian banks are AA-rated.

	==Clearing and payment systems==		==Clearing and payment systems==
	Regulations, procedures and standards governing payments clearing and settlement are set and managed by the Australian Payments Clearing Association (APCA). APCA is a company limited by guarantee and is owned by banks, building societies and credit unions.		Regulations, procedures and standards governing payments clearing and settlement are set and managed by the Australian Payments Clearing Association (APCA). APCA is a company limited by guarantee and is owned by banks, building societies and credit unions. The Australian Payments Council is a new organisation established to develop the strategic development of the Australian payments system.

	===Clearing systems===		===Clearing systems===
Line 88:		Line 88:
	* '''Australian Paper Clearing System (APCS)''' or Clearing System 1 (CS1) covers the exchange and settlement of cheques, payments orders and other paper-based payment instructions.		* '''Australian Paper Clearing System (APCS)''' or Clearing System 1 (CS1) covers the exchange and settlement of cheques, payments orders and other paper-based payment instructions.
	* '''Bulk Electronic Clearing System (BECS)''' or Clearing System 2 (CS2) covers the exchange and settlement of direct entry (direct debit and credit) transactions.		* '''Bulk Electronic Clearing System (BECS)''' or Clearing System 2 (CS2) covers the exchange and settlement of direct entry (direct debit and credit) transactions.
	* '''Consumer Electronic Clearing System (CECS)''' ~~or Clearing Stream 3 (CS3)~~ covers the interchange and settlement of proprietary card-based ATM and aspects of EFTPOS transactions. Providers of credit cards (Visa and MasterCard) have set their own rules for participation in their respective schemes, and eftpos Payments Australia Limited (ePAL) sets scheme rules for domestic debit.		* '''Issuers and Acquirers Community (IAC) was launched in July 2015 as a replacement for the Consumer Electronic Clearing System (CECS)''' IAC covers the interchange and settlement of proprietary card-based ATM and aspects of EFTPOS transactions. Providers of credit cards (Visa and MasterCard) have set their own rules for participation in their respective schemes, and eftpos Payments Australia Limited (ePAL) sets scheme rules for domestic debit. IAC will operate in parallel to the CECS until the beginning of 2016.
	* '''High Value Clearing System (HVCS)''' or Clearing System 4 (CS4) payments are made through Australia's Real Time Gross Settlement (RTGS) system – RITS (Reserve Bank Information and Transfer System). Participating members exchange payments using the SWIFT Payment Delivery System (PDS), based on the SWIFT FIN-Copy product.		* '''High Value Clearing System (HVCS)''' or Clearing System 4 (CS4) payments are made through Australia's Real Time Gross Settlement (RTGS) system – RITS (Reserve Bank Information and Transfer System). Participating members exchange payments using the SWIFT Payment Delivery System (PDS), based on the SWIFT FIN-Copy product.
	* '''Australia Cash Distribution and Exchange System (ACDES)''' or Clearing System 5 (CS5) covers the exchange and distribution of wholesale cash (notes and coins).		* '''Australia Cash Distribution and Exchange System (ACDES)''' or Clearing System 5 (CS5) covers the exchange and distribution of wholesale cash (notes and coins).
Line 94:		Line 94:

	===Main payment types===		===Main payment types===
	Cash is probably the most important instrument for small-retail transactions and for transfers of value between individuals. Anecdotal evidence and experience suggest that cash transactions account for the dominant share of the number of transactions, but a very small share of their value. Non-cash payments account for most of the value of payments in the Australian economy. On average, non-cash payments worth around AUD218bn are made each business day, equivalent to about 15% of GDP. ~~More than 75~~% of the value of non-cash transactions is accounted for by a small number of high-value payments made through Australia's RTGS system. Most of the value of these payments relates to the settlement of foreign exchange and securities markets transactions.		Cash is probably the most important instrument for small-retail transactions and for transfers of value between individuals. Anecdotal evidence and experience suggest that cash transactions account for the dominant share of the number of transactions, but a very small share of their value. Non-cash payments account for most of the value of payments in the Australian economy. On average, non-cash payments worth around AUD218bn are made each business day, equivalent to about 15% of GDP. About 70% of the value of non-cash transactions is accounted for by a small number of high-value payments made through Australia's RTGS system. Most of the value of these payments relates to the settlement of foreign exchange and securities markets transactions.
	The migration of large business payments to the RTGS system has meant a decline in the importance of the cheque as a payment instrument. Fewer than 1 million cheques are written each business day and they account for less than 5% of the value of non-cash payments. The use of electronic payment instruments at the retail level has been growing rapidly. ~~In 2013,~~ transactions ~~(both purchases and cash withdrawals) undertaken using either credit or debit cards averaged about 210 per person, an increase of 50% on the level of five years earlier~~. For many years, Australian governments and businesses have made extensive use of direct entry credits for social security and salary payments. On the other hand, there has been a traditional reluctance on the part of consumers to use direct debits for bill payments. This appears to be disappearing with direct debit payments growing strongly in recent years. ~~Total~~ direct entry payments ~~now account~~ for about 35% of the value of non-cash payments.		The migration of large business payments to the RTGS system has meant a decline in the importance of the cheque as a payment instrument. Fewer than 1 million cheques are written each business day and they account for less than 5% of the value of non-cash payments. The use of electronic payment instruments at the retail level has been growing rapidly. About 19 million card transactions are made every day. For many years, Australian governments and businesses have made extensive use of direct entry credits for social security and salary payments. On the other hand, there has been a traditional reluctance on the part of consumers to use direct debits for bill payments. This appears to be disappearing with direct debit payments growing strongly in recent years. There are now about 10 million direct entry payments each day, accounting for about 35% of the value of non-cash payments.

	==Cash and bank account management==		==Cash and bank account management==
Line 105:		Line 105:

	===Cash concentration and pooling===		===Cash concentration and pooling===
	Domestic cash pooling and cash concentration are available. Cross border cash concentration is also available.		Domestic motional cash pooling and cash concentration are available. Cross border cash concentration is also available.

	===Electronic and internet banking===		===Electronic and internet banking===
Line 129:		Line 129:
	'''Australian Prudential Regulatory Authority (APRA)'''		'''Australian Prudential Regulatory Authority (APRA)'''
	* [http://www.apra.gov.au http://www.apra.gov.au]		* [http://www.apra.gov.au http://www.apra.gov.au]
	'''Australian ~~Tax~~ Office'''		'''Australian Taxation Office'''
	* [http://www.ato.gov.au http://www.ato.gov.au]		* [http://www.ato.gov.au http://www.ato.gov.au]
	'''Australian Transaction Reports and Analysis Centre (AUSTRAC)'''		'''Australian Transaction Reports and Analysis Centre (AUSTRAC)'''
Line 141:		Line 141:
	'''Australian Accounting Standards Board'''		'''Australian Accounting Standards Board'''
	* [http://www.aasb.gov.au http://www.aasb.gov.au]		* [http://www.aasb.gov.au http://www.aasb.gov.au]
	'''Australian ~~Stock~~ Exchange'''		'''Australian Securities Exchange'''
	* [http://www.asx.com.au http://www.asx.com.au]		* [http://www.asx.com.au http://www.asx.com.au]
			'''Australian Bankers' Association'''
			* [http://www.bankers.asn.au http://www.bankers.asn.au]

	[[Category:Book_Export]]		[[Category:Book_Export]]

imported>Jeeten.patel@thinkpublishing.co.uk at 10:41, 12 October 2015

2015-10-12T10:41:01Z

← Older revision		Revision as of 10:41, 12 October 2015
Line 27:		Line 27:
	\|header2 =		\|header2 =
	\| label2 = Population:		\| label2 = Population:
	\| data2 = 22.5 million (2014 est ~~CIA World Factbook~~)		\| data2 = 22.51 million (2014 est)
	\|header3 =		\|header3 =
	\| label3 = Currency:		\| label3 = Currency:
Line 36:		Line 36:
	\|header5 =		\|header5 =
	\| label5 = GDP:		\| label5 = GDP:
	\| data5 = $1,~~488bn~~ (2013 est ~~CIA World Factbook~~)		\| data5 = US$1,497bn (2013 est)
	\|header6 =		\|header6 =
	\| label6 = IGTA member:		\| label6 = IGTA member:
Line 44:		Line 44:
	\| data7 = yes		\| data7 = yes
	\|header8 =		\|header8 =
	\| label8 = Other professional financial/banking associations:		\| label8 = Treasury association:
	\| ~~data8~~ = [http://www.bankers.asn.au Australian Bankers' Association]		\| data8 = Finance and Treasury Association
			\|header9 =
			\| label9 = Other professional financial/banking associations:
			\| data9 = [http://www.bankers.asn.au Australian Bankers' Association]

	\|belowstyle = background:#ddf;		\|belowstyle = background:#ddf;

imported>Doug Williamson: Protected "Australia" (‎[edit=sysop] (indefinite) ‎[move=sysop] (indefinite))

2015-07-27T13:05:22Z

Protected "Australia" (‎[edit=sysop] (indefinite) ‎[move=sysop] (indefinite))

← Older revision	Revision as of 13:05, 27 July 2015
(No difference)

imported>Jeeten.patel@thinkpublishing.co.uk at 17:02, 28 August 2014

2014-08-28T17:02:02Z

← Older revision		Revision as of 17:02, 28 August 2014
Line 15:		Line 15:
	\|imagestyle = padding:10px 0px;		\|imagestyle = padding:10px 0px;
	\|captionstyle =		\|captionstyle =
	\|image = [[File:Flag_australia.png\|160px\|alt=Flag of Australia]]		\|image = [[File:Flag_australia.png\|border\|160px\|alt=Flag of Australia]]
	\|caption =		\|caption =

imported>Jeeten.patel@thinkpublishing.co.uk at 15:47, 27 August 2014

2014-08-27T15:47:46Z

← Older revision		Revision as of 15:47, 27 August 2014
Line 117:		Line 117:
	Australia has large and sophisticated financing markets. The Australian Securities Exchange (ASX) is the primary stock exchange in Australia for equities, derivatives and fixed interest securities. The resources and financial sectors make up a relatively high proportion of the market, and comparatively few manufacturing stocks are listed. ASX is regulated by the Australian Securities and Investments Commission (ASIC). The ASX is one of the world's top-10 listed exchange groups measured by market capitalisation.		Australia has large and sophisticated financing markets. The Australian Securities Exchange (ASX) is the primary stock exchange in Australia for equities, derivatives and fixed interest securities. The resources and financial sectors make up a relatively high proportion of the market, and comparatively few manufacturing stocks are listed. ASX is regulated by the Australian Securities and Investments Commission (ASIC). The ASX is one of the world's top-10 listed exchange groups measured by market capitalisation.

	==~~Government website~~==		==Websites==
			'''Government'''
	* [http://www.australia.gov.au http://www.australia.gov.au]		* [http://www.australia.gov.au http://www.australia.gov.au]
	'''Department of Treasury'''		'''Department of Treasury'''

imported>Jeeten.patel@thinkpublishing.co.uk at 15:42, 27 August 2014

2014-08-27T15:42:03Z

← Older revision		Revision as of 15:42, 27 August 2014
Line 117:		Line 117:
	Australia has large and sophisticated financing markets. The Australian Securities Exchange (ASX) is the primary stock exchange in Australia for equities, derivatives and fixed interest securities. The resources and financial sectors make up a relatively high proportion of the market, and comparatively few manufacturing stocks are listed. ASX is regulated by the Australian Securities and Investments Commission (ASIC). The ASX is one of the world's top-10 listed exchange groups measured by market capitalisation.		Australia has large and sophisticated financing markets. The Australian Securities Exchange (ASX) is the primary stock exchange in Australia for equities, derivatives and fixed interest securities. The resources and financial sectors make up a relatively high proportion of the market, and comparatively few manufacturing stocks are listed. ASX is regulated by the Australian Securities and Investments Commission (ASIC). The ASX is one of the world's top-10 listed exchange groups measured by market capitalisation.

	===Government website===		==Government website==
	* [http://www.australia.gov.au http://www.australia.gov.au]		* [http://www.australia.gov.au http://www.australia.gov.au]
	'''Department of Treasury'''		'''Department of Treasury'''

imported>Jeeten.patel@thinkpublishing.co.uk at 14:06, 27 August 2014

2014-08-27T14:06:54Z

imported>Jeeten.patel@thinkpublishing.co.uk at 10:37, 27 August 2014

2014-08-27T10:37:09Z

← Older revision		Revision as of 10:37, 27 August 2014
Line 139:		Line 139:
	Australian Stock Exchange		Australian Stock Exchange
	* [http://www.asx.com.au http://www.asx.com.au]		* [http://www.asx.com.au http://www.asx.com.au]

			[[Category:Book_Export]]

← Older revision		Revision as of 14:06, 27 August 2014
Line 119:		Line 119:
	===Government website===		===Government website===
	* [http://www.australia.gov.au http://www.australia.gov.au]		* [http://www.australia.gov.au http://www.australia.gov.au]
	Department of Treasury		'''Department of Treasury'''
	* [http://www.treasury.gov.au http://www.treasury.gov.au]		* [http://www.treasury.gov.au http://www.treasury.gov.au]
	Reserve Bank of Australia		'''Reserve Bank of Australia'''
	* [http://www.rba.gov.au http://www.rba.gov.au]		* [http://www.rba.gov.au http://www.rba.gov.au]
	Australian Prudential Regulatory Authority (APRA)		'''Australian Prudential Regulatory Authority (APRA)'''
	* [http://www.apra.gov.au http://www.apra.gov.au]		* [http://www.apra.gov.au http://www.apra.gov.au]
	Australian Tax Office		'''Australian Tax Office'''
	* [http://www.ato.gov.au http://www.ato.gov.au]		* [http://www.ato.gov.au http://www.ato.gov.au]
	Australian Transaction Reports and Analysis Centre (AUSTRAC)		'''Australian Transaction Reports and Analysis Centre (AUSTRAC)'''
	* [http://www.austrac.gov.au http://www.austrac.gov.au]		* [http://www.austrac.gov.au http://www.austrac.gov.au]
	Foreign Investment Review Board (FIRB)		'''Foreign Investment Review Board (FIRB)'''
	* [http://www.firb.gov.au http://www.firb.gov.au]		* [http://www.firb.gov.au http://www.firb.gov.au]
	Australian Bureau of Statistics		'''Australian Bureau of Statistics'''
	* [http://www.abs.gov.au http://www.abs.gov.au]		* [http://www.abs.gov.au http://www.abs.gov.au]
	The Australian Payments Clearing Association (APCA)		'''The Australian Payments Clearing Association (APCA)'''
	* [http://www.apca.com.au http://www.apca.com.au]		* [http://www.apca.com.au http://www.apca.com.au]
	Australian Accounting Standards Board		'''Australian Accounting Standards Board'''
	* [http://www.aasb.gov.au http://www.aasb.gov.au]		* [http://www.aasb.gov.au http://www.aasb.gov.au]
	Australian Stock Exchange		'''Australian Stock Exchange'''
	* [http://www.asx.com.au http://www.asx.com.au]		* [http://www.asx.com.au http://www.asx.com.au]

	[[Category:Book_Export]]		[[Category:Book_Export]]