Is It Time To Rethink Our Banks Being Too Big To Fail?

Abstract

Australian banks have come under increasing scrutiny in light of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. More attention than ever is now on the operating practices of our Big Four banks – the National Australia Bank, the Commonwealth Bank, ANZ and Westpac – and the ways in which their operations affect the lives of everyday Australians. However, there is something that is continually overlooked when we talk about Australian banks – their subsidiaries in New Zealand. Many major banks in New Zealand are actually fully-owned by Australian parent banks. This has important practical implications, a fact acknowledged by the Financial..