Internal Code: MAS6525
Finance Assignment:
A strong banking sector is critical to a strong economy. Many have argued that Australia was shielded from the worst effects of the Global Financial Crisis due to the strength of its banks. To be strong banks depend on the support of their shareholders, the trust of their customers, and an effective working relationship with government and regulators. In terms of market capitalization, on 1 October 2017, the “Big 4” Australian banks were the largest companies on the Australian Securities Exchange, with the Macquarie Group Limited the 10th largest. There has been a lively debate about whether the Australian government should initiate a Royal Commission into banking industry practices “Coalition MPs may cross floor to vote for banking royal commission” (David Lipson, ABC, 30 Oct 2017) In August 2016 the Prime Minster announced that the heads of Australia’s big four banks must appear before the House of Representatives economics committee every year, saying the banks “operate under a social licence...they are built on a foundation of trust and they have to earn that trust through being open and accountable at all times.” (The Conversation,4 August 2016)
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