Why is Australia so reliant on offshore banking?

With the Commonwealth Bank now the dominant provider of financial services in Australia, the question is: how are the financial services providers of Australia able to compete against one of the world’s largest providers?

This article is an extract from Australia’s Biggest Banks: The Rise of the Australian Banks by Matt Ridley.

To read more of Matt Ridley’s articles, visit his blog at www.mattridley.com.au.

Originally published on The Conversation.