Australia 's two biggest banks have responded to criticism of the financial industry by investing AUD1bn ( $ 754.6 m ) in a new system that enables real - time transfers and payments , as part of wider reports . The Commonwealth Bank of Australia , Westpac Bank , National Australia Bank and Australia and New Zealand Banking Group control 80 % of lending in the country , but there have been calls for " a genuinely independent review of competition " , following " misleading financial advice , insurance fraud and alleged interest - rate rigging " . Other measures being taken by the banks include making it easier for customer to access bank accounts , and providing financial literacy resources for small business and farmers .
Australia's four biggest banks have responded to criticism of the financial industry by investing AUD1bn ($754.6m) in a new system that allows real-time transfers and payments, as part of wider reports. The Commonwealth Bank of Australia, Westpac Banking, National Australia Bank and Australia and New Zealand Banking Group control 80% of lending in the country, but there have been calls for "a genuinely independent review of competition", following "misleading financial advice, insurance fraud and alleged interest-rate rigging". Other measures being taken by the banks include making it easier for customer to move bank accounts, and providing financial literacy resources for small business and farmers.