The most powerful and important banks in Australia are now worth $3.3 trillion
The world’s 10 biggest banks are now valued at $3,383 trillion, up from $2,817 trillion in 2016.
That’s an increase of about $2.2 trillion, or almost half, compared to the previous year, the latest quarterly report by the Australian Securities and Investments Commission showed.
The banks that make up the largest part of the $3 trillion have grown substantially since the start of 2017.
Banks have gone from $1.5 trillion in 2017 to $2 trillion.
The report showed a $2 billion increase in the value of Australia’s three biggest banks in the last two months, while a $1 billion increase was recorded for Western Australian’s Westpac, the country’s biggest bank.
The increase in Australian bank assets also reflects an increase in deposits.
Banking assets in Australia increased by $2 to $3 billion last month.