Finance

Australia is a very rich country having strong financial position. Australian financial system has several distinct sectors:

* Banks, credit unions and building societies
* Insurance (life and general)
* Super annuation
* Financial markets-debt, equity and derivative markets
* Payments systems-cash, cheques, EFTPOS, RTGS and other high-value payment systems

Banking in Australia is dominated by what are known as the "big four"i.e. ANZ bank, commonwealth Bank, National Australia Bank, Westpac. There are several smaller banks, and a system of credit unions throughout the country. Many large foreign banks have a presence, but few target the retail banking market. The central bank is the Reserve Bank of Australia (RBA). Australia is one of the few OECD (Organisation for Economic Co-operation and Development) countries not to have any explicit government guarantee or insurance of deposits held by banks. The Australian Government established Axiss Australia to position Australia as a global financial services centre in the Asian time zone. Axiss assists financial services companies who are considering establishing or expanding their activities in Australia, provides advice to Government on policy, regulatory and market structure issues, and acts as a conduit between the private and public sectors on matters affecting Australia's development as a global financial services centre.

Axiss also acts as a one-stop reference point for information on Australia's financial services industry, researching and compiling data and publishing benchmark studies on key business location determinants such as workforce, infrastructure and regulation. Sydney is the largest corporate and financial centre in Australia and is also an important financial centre in the Asia Pacific. The Australian Stock Exchange and the Reserve Bank of Australia are located in Sydney, as are the headquarters of 90 banks and more than half of Australia's top companies, and the regional headquarters for around 500 multinational corporations. Fox Studios Australia has large movie studios in the city.

The Sydney Futures Exchange (SFE) is one of the Asia Pacific's largest financial futures and options exchanges, with 64.3 million contracts traded during 2005. In global terms it is the 12th largest futures market in the world and the 19th largest including options. Australia is very rich country. Main reasons for the boom of Australian economy are that: loans are easily available, negligible unemployment, more investment in mutual funds and capital market, strong stock market. Various types of loans available are:
Variable loan: Variable loans are available at a floating interest rate. Providing both convenience and flexibility. Variable loans allow you to make additional lump sum repayments, effectively saving you interest.
Fixed rate loan: A fixed rate home loan allows you to secure the interest rate for a set period. Fixed rates will appeal to people who like to control their budget and want the assurance that their interest rate will not change for a nominated period. After the fixed term expires, the loan converts to the standard variable interest rate applicable at that time
Equity Line: This line of credit facility has a pre-set limit that you can draw on at any time. You have total control of your finances. Effective management of your account can save you interest costs Low Document: Developed specifically for self-employed people. When you borrow up to 80% of the value of your property Low Doc allows you to obtain a loan by providing limited financial information. When the opportunity knocks to purchase a home and all your financial information may not be prepared, Low Doc provides you with another home loan choice. Split loan Facility: A split loan facility allows you to borrow money and place part of the loan on a fixed rate and part on a variable rate. The split loan facility means that you can receive the benefits of security on your fixed rate while having flexibility to make lump sum repayments on your variable loan.