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Oligopoly in the Australian Banking Sector

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Oligopoly in the Australian Banking Sector By Adiktd Introduction The Australian banking sector is dominated by four institutions who together account for over 85% of the domestic home loan value. These firms; National Australia Bank (NAB), Commonwealth Bank (CBA), Westpac (WBC) and Australia and New Zealand Banking Group (ANZ), have a collective market cap of over 400 billion dollars  (Tradingroom 2013) , five times the total assets of the remaining banks, mutual funds and various other financial institutions combined  (KPMG 2011) . Although the market is said to be highly competitive (Wikipedia 2013) the high concentration of market power by a small number of firms can be likened to a form of oligopolistic behaviour. As the market leaders are able to manipulate the market, forcing smaller firms and consumers to comply. The four pillars policy adopted in 1990 can be attributed to this as it restricted any merger or acquisition of the “Big Four Banks” by each other or ...
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1984

Title: Nineteen eighty-four Author: George Orwell (pseudonym of Eric Blair) (1903-1950) PART ONE Chapter 1 It was a bright cold day in April, and the clocks were striking thirteen. Winston Smith, his chin nuzzled into his breast in an effort to escape the vile wind, slipped quickly through the glass doors of Victory Mansions, though not quickly enough to prevent a swirl of gritty dust from entering along with him. The hallway smelt of boiled cabbage and old rag mats. At one end of it a coloured poster, too large for indoor display, had been tacked to the wall. It depicted simply an enormous face, more than a metre wide: the face of a man of about forty-five, with a heavy black moustache and ruggedly handsome features. Winston made for the stairs. It was no use trying the lift. Even at the best of times it was seldom working, and at present the electric current was cut off during daylight hours. It was part of the economy drive in preparation fo...
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