The Australian financial system consists of "the set of arrangements covering the borrowing and lending of funds and the transfer of ownership of financial claims" in Australia.[1] It has several sectors:
Banks, credit unions and building societies – referred to as Authorised Deposit-Taking Institutions (ADIs) or financial institutions
Insurance (life and general)
Superannuation
Financial markets—debt, equity and derivative markets
Payments systems—cash, cheques, EFTPOS, RTGS and other high-value payment systems