Australian banks are known globally for being stable, secure, and well-regulated. But beyond opening an account, there’s a lot more to understand about how banks work here. If you are planning your finances, looking for a job, or thinking of investing later, these ten facts about Australian banks will give you a good head start. This guide weaves in the latest industry trends from the Bank On It Customer Trends 2025 report and adds focused insight for migrants and first-home buyers.
1. Australia’s “Big Four” Banks Rule the Market
You will often hear about the “Big Four” banks ,Commonwealth Bank (CBA), Westpac, National Australia Bank (NAB), and ANZ. Together, they hold the majority of customer deposits in the country and have branches almost everywhere. Most newcomers open their first accounts with one of these banks because they have easy online onboarding and special migrant banking options.
2. Banks Are Among Australia’s Biggest Employers
Banking is a huge part of Australia’s economy not only in money but in jobs. There was 160,256 people employed in the National and Regional Commercial Banks in Australia as of 2024 as per IBIS report
Big banks employ thousands of people across roles in technology, customer service, finance, and operations. If you are looking for a job in Australia, the banking and finance sector can be a great place to start. Many banks also run programs that encourage diversity and support skilled migrants entering the workforce.
3. Banking Stocks Are Trusted Long-term Investments
If you are planning to invest in Australia later, the Big Four banks are often among the most stable stocks on the market. They are considered “blue-chip” companies large, established, and reliable businesses that regularly pay dividends to shareholders. Many Australians include bank stocks in their superannuation funds or long-term portfolios. For migrants starting to learn about investing, this is a useful insight into how locals build wealth steadily over time.
4. Your Deposits Are Protected by the Government
Australian banks operate under strict rules set by government bodies such as APRA (Australian Prudential Regulation Authority), ASIC (Australian Securities and Investments Commission), and the Reserve Bank of Australia (RBA).
Under the Financial Claims Scheme, deposits of up to $250,000 per person, per bank are guaranteed by the Australian Government. This means if your bank ever ran into trouble, your savings (up to that limit) would still be safe. It’s one of the key reasons the Australian banking system is considered among the safest in the world. For newcomers, this means you can trust your deposits and transactions are protected under a solid framework.
8. Bank Fees and Interest Rates Differ Widely
Not all bank accounts are the same. Each bank offers its own mix of fees, interest rates, and features. Some charge monthly account fees unless you deposit a minimum amount; others may have better savings rates but limited ATM access. Some banks offer low-fee or no-fee accounts (especially for students, pensioners, or government benefits recipients). In fact, the report states that in 2024, banks saved customers more than A$500 million by offering no- or low-fee accounts to vulnerable groups.
Websites like Canstar and Finder let you see differences side by side.
9. Big Banks Own Smaller Bank Brands Too
It’s easy to assume there are hundreds of independent banks in Australia, but several well-known names actually sit under the same parent company. For instance, Westpac owns St. George, Bank of Melbourne, and BankSA, while NAB owns UBank. These sub-brands often target specific customer groups like digital-first users or certain states but still share the same level of security as their parent bank. Knowing this helps you understand the network and make smarter choices when comparing offers.
10. Banks Are Going Digital Fast
Walk into any suburb, and you’ll notice fewer bank branches than a few years ago. That’s because most banks are investing heavily in digital banking. Mobile wallet transactions have exploded: Australians made A$160 billion in mobile wallet payments in the past year, up 28% year-on-year as per the customer trends 2025 report from Banking Association.
Mobile apps, online transfers, and virtual customer support have replaced many in-person services. Some newer players, like Up Bank, 86 400, and Volt, started as digital-only banks no branches at all. For migrants, this shift means you can manage almost everything online, from opening your first account to transferring money internationally.
11. Banks Support First-Home Buyers
Buying your first home is one of the biggest financial steps in Australia and banks play a big role in helping people get there. According to the Bank On It 2025 report, first-home buyers made up about 36% of all new home-loan customers last year, showing banks remain active in supporting early buyers.For new migrants, most banks now accept overseas income proof and offer guidance through credit-history checks, helping you qualify for a mortgage sooner.
Digital pre-approval tools also make comparing loan rates and repayments easier before you even visit a branch.
From October 2025, the government’s new 5% Deposit Scheme lets eligible buyers purchase a property with only 5% down no Lenders Mortgage Insurance, and no income caps.
This update makes it faster for migrants and first-home buyers to enter the housing market, especially as banks continue to simplify loan approvals and expand digital pre-approval tools.
OzMoneyTalks Takeaway on Australian Banks
Australia’s banks do far more than hold your money. They are among the country’s biggest employers, most trusted investors, and most innovative digital service providers. Understanding how they work helps you make smarter financial decisions whether that’s choosing the right account, investing in blue-chip shares, or even applying for your first job here.
For every newcomer, learning about the banking system is a small but powerful step toward financial confidence in your new home. The more you know about how Australian banks operate, the easier it becomes to grow, save, and succeed in this new chapter of your life.
References & Resources: Facts about Australian Banks
For more detailed information, visit the official bank and research pages on Australian Banks
- Australian Banking Association-Customer Trends 2025
