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· Banks
o Regulator: APRA
o Are the most important source for funds for business
o Use deposited funds, to lend to borrowers in return for interest
o Provide a range of financial services for businesses; overdrafts, term finance, commercial bill facilities, lines of credit, etc.
o Number of active groups: 51
o Total Assets: $993 billion
o E.g. Westpac, ANZ, National Australia Bank, Commonwealth Bank.
Non Bank Financial Intermediaries:
· Finance Companies
o Regulator: ASIC
o Raise funds from wholesale (business) markets and, using debentures and unsecured no0tes, from retail investors
o Provide loans to households and small-to-medium-sized businesses
o Specialise in leasing finance
o Number of active groups: 83
o Total Assets: $90 billion
o E.g. AGC
· Insurance Companies
o Regulator: APRA
o Raise money from insurance premiums (i.e. a promise to provide a future payment if a certain event occurs)
o Funds raised are mostly invested in equities, debt and property
o Number of active groups: 31
o Total Assets: $180 billion
o E.g. AAMI, AXA Australia, QBE Insurance, National Mutual.
· Money Market Corporations ('Merchant Banks')
o Regulator: ASIC
o Operate primarily in wholesale (business) markets, borrowing from, and lending to, large corporations and government agencies.
o Raise funds through short-term borrowing on the money- market
o Lend to large companies, mainly for commercial bills and credit facilities
o Advise corporate customers on raising equity, term loans, mergers, takeovers, etc.
o Number of active groups: 37
o Total assets: $80 billion
o E.g. Bankers Trust, Macquarie Bank
· Superannuation Funds
o Regulator: APRA
o Accept and manage contributions from employers (incl. self employed) and/or employees to provide retirement income benefits
o Controlled by trustees, who often use professional funds managers/advisers
o Usually invest in a range of assets (equities, property, debt securitie3s, deposits.
o Number of active groups: 11073
o Total Assets: $325 billion
o E.g. Australian Retirement Fund, HESTA Super Fund
Other Bodies:
· Companies
o Regulator: ASIC
o Large companies often have surplus funds which they wish to invest
o Funds are often invested on the money market, in commercial bills and sometimes equity in other companies
o E.g. Coles Myer ltd, Flight Centre Ltd, Harvey Norman, ltd.
· Reserve Bank of Australia
o Acts as a banker and financial agent for the federal government
o Supervises the financial system and manages monetary policy
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