The Australian big four banks are the most profitable in the developed world with their profits likely to exceed $26 billion this year.
Data from the Bank for International Settlements shows pre-tax profits of the big four were well ahead of banks in all other wealthy countries.
Australian banks have lower costs and wider interest margins. Consumer group Choice said banking competition in Australia is feeble.
The chief executive of the Australian Bankers’ Association, Steven Munchenberg, said that bank profits explained Australia’s strong economy.
Source: The Age