The Australian Financial Reform Commission (AFRC) has released its latest report, entitled Which Financial Services Provider Do You Trust?
It was produced by the ACRM’s Financial Services Panel, and analysed the financial services industry as a whole.
Here’s what it found.
Aussie banks, as a sector, are the biggest, and they’re getting more money from banks than any other financial institution.
The total amount of money a financial institution earns from lending to other financial institutions is about $1.3 trillion, according to the ACRL.
That’s more than the combined GDP of Australia and the United Kingdom.
The Australian banking sector accounts for about 40 per cent of the financial industry’s total income.
And it’s getting more than enough.
According to the Australian Bureau of Statistics, Australia’s banking sector had $13.3 billion in revenues last financial year, more than double the $6.5 billion the industry earned in 2012.
As a sector Australia is among the biggest recipients of overseas capital inflows.
In 2012, the country received $6 billion from overseas banks, and $4.3 from overseas investment funds.
That was $1 billion more than in 2011.
Australia is also one of the biggest recipient of cash transfers.
It received $7.2 billion in cash transfers from overseas institutions in 2012, almost double the amount received in 2011, according the ACRS.
The cash flows from overseas investors in Australia are a major part of the economy.
They are worth about $5 trillion a year.
Australia has one of world’s lowest tax rates.
The average tax rate for all Australians was just $3.25 per $100 of income in 2012-13, according.
The OECD states that “the tax burden of Australian residents is one of lowest in the G20 and among the lowest in all OECD countries”.
Australia’s low level of unemployment is partly responsible for the industry’s growing profit margins.
According the ACRSC, Australia has the lowest unemployment rate in the world, at 4.4 per cent, while the OECD’s unemployment rate is 7.9 per cent.
Australia enjoys a low corporate tax rate.
According an August 2013 OECD report, Australia is the second lowest corporate tax rates in the OECD, behind the US, which has a top rate of 35 per cent on income over $US50,000.
Australia ranks second in the global number of internet cafes.
The number of online cafes in Australia has grown from around 600 in 2010 to about 2,200 in 2012 according to research by the Australian Council of Trade Unions.
According this research, the internet cafes in Sydney and Melbourne are “among the world’s busiest”, and are also “a major source of revenue for the major Australian cities”.
The Government is investing more money in the internet sector.
According a March 2013 report by the Federal Government’s Communications and Media Advisory Committee, “the Government will continue to invest in the telecommunications industry to ensure that Australians have access to the services and products they need.”
The ACRL’s latest research also found that Australians are more likely to use online platforms to make purchases, with more than half of Australians surveyed using online platforms in the past year.
Australia ranked second in Asia for online gaming.
The survey also found Australia has “among Asia’s most competitive online gaming market, with the Australian average online gaming score of 3,700 points”.
The top three countries for online games are China and India, while China is followed by Japan and Singapore.
Australia had the highest number of foreign direct investment into the financial sector.
In 2010, Australia ranked sixth in the World Bank’s Global Competitiveness Report.
This year, the ACRB has upgraded Australia to the sixth highest place, with a score of 6.2 on the World Economic Forum’s ‘Good Governance Index’.
This ranking has not changed since 2010.