Independent banks are rare in the world, but their presence in Australia is one of the reasons why it’s the world’s fourth-largest economy.
While most Australians have access to one of Australia’s big three banks, the independence of the independent banks in their states has been a major challenge.
This week, the Australian Competition and Consumer Commission (ACCC) launched a competition to develop the best independent bank to be available in each state.
The aim of the competition is to develop a model for how to attract an independent branch of an independent banking company in each Australian state.
Here are some of the key points that will determine the competition’s winners: the number of independent banks The number of licensed banks and their branch networks in each of Australias 100 largest metropolitan areas will be used as a measure of the diversity of independent banking.
This will help the Competition Commission and the government develop a competitive model for new banks and the independent banking industry.