2014-04-02 05:59:01 - Monetary Intermediation in Australia: ISIC 651 - a new market research report on companiesandmarkets.com
Throughout the review period of 2000-2010, the Australian market for monetary intermediation services grew at a significant 12% average annual rate, with the industry playing a key role in the country´s economic progress.
Australia has a strong, successful and stable banking sector, which contributed 10% of total value added in the economy in 2010. Almost a third of bank profits come from overseas investments and not income from fees on personal transaction accounts. Revenue is rising as banks expand into non-traditional activities such as managed funds, superannuation and financial advice.
All Australians benefit from a successful banking category, not just the 17 million bank customers. Over one and a half million direct shareholders benefit from dividends and an estimated eight million indirect
shareholders also benefit from investing in banks through superannuation funds. Over the decade the market doubled to reach A$232 billion in 2010.
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