Are our banks really world beaters?
Two recent international league tables have highlighted the growing power of Australia's banking sector. Has the financial crisis made the Big Four more competitive on the international stage because they have weathered the storms better than many foreign firms?
Australia recently topped the US to take second place in a ranking of financial development released by the World Economic Forum. The country jumped nine spots to be placed as the world's number two financial centre, behind the UK.
Australia's rise up the rankings was underpinned by a combination of bank efficiency and stability, as well as low risk of sovereign debt crisis.
Meanwhile, the Boston Consulting Group has placed all the Big Four in the top-30 of banks rated by sharemarket value. CBA is now the world's 14th-largest, having made the biggest leap, up 13 notches from last year. In 15th position, up three spots, is Westpac, with NAB (23, up eight spots) and ANZ Bank (26, up 12) entering the top 30 for the first time.
Give us your take on the strengths and weaknesses of Australian banks below. And do these two surveys suggest that a further rise in banking-sector jobs might be on the horizon?
