The Australian financial system consists of the arrangements covering the borrowing and lending of funds and the transfer of ownership of financial claims in Australia,[1] comprising:
- authorised deposit-taking institutions (ADIs) or financial institutions, comprising banks, credit unions and building societies,
- non bank financial institutions (NBFI),
- insurance (life and general),
- superannuation,
- financial markets—debt, equity and derivative markets, and
- payments systems—cash, cheques, EFTPOS, RTGS and other high-value payment systems.
- ^ Submission to the Committee of Inquiry into the Australian Financial System ("The Campbell Committee"), Reserve Bank of Australia Occasional Paper No 7, December 1979, para 1.