124-600: The Queensland National Bank is a former bank in Queensland , Australia. In 1872, the bank was established in Brisbane . In December 1914, the bank had its head office in Brisbane with branches throughout Queensland at Allora , Aramac , Ayr , Barcaldine , Beaudesert , Biggenden , Blackall , Boonah , Bundaberg , Burketown , Cairns (with a receiving office at Gordonvale ), Charleville , Charters Towers , Childers (with
248-500: A Hansom Cab (1886), the fastest-selling crime novel of the era, is set in Melbourne, as is Australia's best-selling book of poetry, The Songs of a Sentimental Bloke (1915) by C. J. Dennis . Contemporary Melbourne authors who have set novels in the city include Peter Carey , Helen Garner and Gerald Murnane . Melbourne has Australia's widest range of bookstores, as well as the nation's largest publishing sector. The city also hosts
372-412: A bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account. Banks issue new money when they make loans. In contemporary banking systems, regulators set a minimum level of reserve funds that banks must hold against the deposit liabilities created by
496-647: A campaign to revive the economy with an aggressive development campaign of public works coupled with the promotion of the city as a tourist destination with a focus on major events and sports tourism. During this period the Australian Grand Prix moved to Melbourne from Adelaide . Major projects included the construction of a new facility for the Melbourne Museum , Federation Square , the Melbourne Convention & Exhibition Centre , Crown Casino and
620-496: A contributing factor to the Australian economic depression of the 1890s and the Australian banking crisis of 1893 . The effects of the depression on the city were profound, with virtually no significant construction until the late 1890s. At the time of Australia's federation on 1 January 1901 Melbourne became the seat of government of the federated Commonwealth of Australia . The first federal parliament convened on 9 May 1901 in
744-425: A large number of small to medium-sized institutions in its banking system. As of November 2009, China's top four banks have in excess of 67,000 branches ( ICBC :18000+, BOC :12000+, CCB :13000+, ABC :24000+) with an additional 140 smaller banks with an undetermined number of branches. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches – more than double
868-460: A major renewal of the CBD and St Kilda Road which significantly modernised the city. New fire regulations and redevelopment saw most of the taller pre-war CBD buildings either demolished or partially retained through a policy of facadism . Many of the larger suburban mansions from the boom era were also either demolished or subdivided. To counter the trend towards low-density suburban residential growth,
992-610: A pastoral estate in Bulleen , now the Heide Museum of Modern Art . The city is also home to the Australian Centre for Contemporary Art , as well as numerous independent galleries and artist-run spaces. In the 2000s, street art proliferated in Melbourne , with Banksy saying its graffiti scene "leads the world", and "laneway galleries" becoming major tourist sites; Hosier Lane for example attracts more Instagram hashtags than some of
1116-700: A prominent example of the latter style in the CBD. The 1926 Nicholas Building is the city's grandest example of the Chicago School style, while the influence of Art Deco is apparent in the Manchester Unity Building , completed in 1932. The city also features the Shrine of Remembrance , which was built as a memorial to the men and women of Victoria who served in World War I and is now a memorial to all Australians who have served in war. Residential architecture
1240-456: A rapid clearing trend to sunny and relatively calm weather and the temperature rising back to what it was before the shower. This can occur in the space of minutes and can be repeated many times a day, giving Melbourne a reputation for having "four seasons in one day", a phrase that is part of local popular culture . The lowest temperature on record is −2.8 °C (27.0 °F), on 21 July 1869. The highest temperature recorded in Melbourne city
1364-741: A receiving office at Brigalow ), Warwick , Winton , Wondai , Wooroolin (with a receiving office at Memerambi ), Yangan and Yarraman . It also had branches in London , Melbourne and Sydney and a network of agents in other countries. The first general manager was Edward Robert Drury 1872–1896, succeeded by Walter Vardon Ralston 1898–1920. In 1948, the bank was taken over by the National Bank of Australasia . The bank constructed many substantial and ornate buildings as branches throughout Queensland. A number of extant buildings are heritage-listed, including: The locality of Qunaba takes its name from
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#17328524941931488-975: A receiving office at Cordalba ), Clifton , Cloncurry , Cooktown , Crows Nest , Cunnamulla , Dalby (with receiving offices at Bell and Tara ), Esk , Forest Hill , Fortitude Valley , Gatton (with receiving office at Grantham ), Gladstone , Goombungee , Goondiwindi , Greenmount , Gympie , Halifax , Herberton , Hughenden , Ingham , Innsifail , Ipswich , Invinebank , Jandowae , Kandanga , Killarney , Kingaroy , Laidley , Longreach , Mackay , Marburg , Mareeba , Maryborough , Millmerran , Mitchell (with receiving office at Mungallala ), Mount Morgan , Murgon , Muttaburra , Nobby , Normanton , Oakey (with receiving offices at Jondaryan and Kingsthorpe ), Pittsworth , Port Douglas , Ravenswood , Richmond , Rockhampton , Roma , Rosewood , Sarina , South Brisbane , Southbrook , St George , Tambo , Tannymorel , Thursday Island , Tingoora , Toogoolawah , Toowoomba , Townsville , Wahoon , Warra (with
1612-416: A safe and convenient form of money backed by the goldsmith's promise to pay, allowing goldsmiths to advance loans with little risk of default . Thus the goldsmiths of London became the forerunners of banking by creating new money based on credit. The Bank of England originated the permanent issue of banknotes in 1695. The Royal Bank of Scotland established the first overdraft facility in 1728. By
1736-399: A variety of different ways including interest, transaction fees and financial advice. Traditionally, the most significant method is via charging interest on the capital it lends out to customers. The bank profits from the difference between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference
1860-432: Is Flinders Street station and its main regional rail and road coach terminus is Southern Cross station . It also has Australia's most extensive freeway network and the largest urban tram network in the world . Aboriginal Australians have lived in the Melbourne area for at least 40,000 years. When European colonisers arrived in the 19th century, at least 20,000 Kulin people from three distinct language groups –
1984-446: Is a bank regulation , which sets a framework within which a bank or depository institution must manage its balance sheet . The categorisation of assets and capital is highly standardised so that it can be risk weighted . After the financial crisis of 2007–2008 , regulators force banks to issue Contingent convertible bonds (CoCos). These are hybrid capital securities that absorb losses in accordance with their contractual terms when
2108-400: Is a Bills of Exchange Act that codifies the law in relation to negotiable instruments , including cheques, and this Act contains a statutory definition of the term banker : banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that
2232-403: Is a list of the largest deals in history in terms of value with participation from at least one bank: Currently, commercial banks are regulated in most jurisdictions by government entities and require a special bank license to operate. Usually, the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to
2356-604: Is becoming unaffordable for some. Public housing is managed and provided by the Victorian Government's Department of Families, Fairness and Housing , and operates within the framework of the Commonwealth-State Housing Agreement, by which both federal and state governments provide funding for housing. Melbourne is experiencing high population growth, generating high demand for housing. This housing boom has increased house prices and rents, as well as
2480-598: Is home to more skyscrapers than any other Australian city , the tallest being Australia 108 , situated in Southbank. Melbourne's newest planned skyscraper, Southbank By Beulah (also known as "Green Spine"), has recently been approved for construction and will be the tallest structure in Australia by 2025. The CBD and surrounds also contain many significant historic buildings such as the Royal Exhibition Building ,
2604-546: Is known for its music, theatre and arts scenes, as well as its diverse range of cultural events and festivals, including the Melbourne International Arts Festival , Melbourne Fringe Festival and Moomba , Australia's largest free community festival. For much of the 2010s, Melbourne topped The Economist Intelligence Unit 's list of the world's most liveable cities , partly due to its cultural attributes. State Library Victoria , founded in 1854,
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#17328524941932728-437: Is largely protected from the ocean, resulting in greater temperature variation across seasons. Melbourne's urban area is approximately 2,704 km , the largest in Australia and the 33rd largest in the world. The Hoddle Grid , a grid of streets measuring approximately 1 by 1 ⁄ 2 mi (1.61 by 0.80 km), forms the nucleus of Melbourne's central business district (CBD). The grid's southern edge fronts onto
2852-693: Is not defined by a single architectural style, but rather an eclectic mix of large McMansion -style houses (particularly in areas of urban sprawl), apartment buildings, condominiums, and townhouses which generally characterise the medium-density inner-city neighbourhoods. Freestanding dwellings with relatively large gardens are perhaps the most common type of housing outside inner city Melbourne. Victorian terrace housing, townhouses and historic Italianate , Tudor revival and Neo-Georgian mansions are all common in inner-city neighbourhoods such as Carlton, Fitzroy and further into suburban enclaves like Toorak . Often referred to as Australia's cultural capital, Melbourne
2976-554: Is noted for its street art , live music and theatre scenes. It hosts major annual sporting events, such as the Australian Grand Prix and the Australian Open , and also hosted the 1956 Summer Olympics . Melbourne ranked as the world's most livable city for much of the 2010s. Melbourne Airport is the second-busiest airport in Australia and the Port of Melbourne is the nation's busiest seaport. Its main metropolitan rail terminus
3100-481: Is often referred to as Australia's garden city, and the state of Victoria is known as the garden state . There is an abundance of parks and gardens in Melbourne , many close to the CBD with a variety of common and rare plant species amid landscaped vistas, pedestrian pathways and tree-lined avenues. Melbourne's parks are often considered the best public parks in all of Australia's major cities. There are also many parks in
3224-543: Is one of the world's oldest free public libraries and, as of 2018, the fourth most-visited library globally. During the 19th-century boom period, Melbourne-based authors and poets Marcus Clarke , Adam Lindsay Gordon and Rolf Boldrewood produced classic visions of colonial life, and many visiting writers recorded literary responses to the city: for Henry Kendall , it was a "wild bleak Bohemia", while Henry Kingsley stated that, in its rapid growth, Melbourne "surpasses all human experience". Fergus Hume 's The Mystery of
3348-431: Is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the economic cycle . Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance. In
3472-530: The Australian Dream . This, coupled with the popularity of the private automobile after 1945, led to the auto-centric urban structure now present today in the middle and outer suburbs. Much of metropolitan Melbourne is accordingly characterised by low-density sprawl, whilst its inner-city areas feature predominantly medium-density, transit-oriented urban forms. The city centre, Docklands, St. Kilda Road and Southbank areas feature high-density forms. Melbourne
3596-605: The Basel Accords . Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in the ancient world . In the history of banking , a number of banking dynasties – notably, the Medicis , the Pazzi , the Fuggers ,
3720-449: The CityLink tollway . Other strategies included the privatisation of some of Melbourne's services, including power and public transport, and a reduction in funding to public services such as health, education and public transport infrastructure. Since the mid-1990s, Melbourne has maintained significant population and employment growth. There has been substantial international investment in
3844-573: The Empire of Japan , and the government requisitioned the Melbourne Cricket Ground for military use. In the immediate years after World War II , Melbourne expanded rapidly, its growth boosted by post-war immigration to Australia , primarily from Southern Europe and the Mediterranean . While the "Paris End" of Collins Street began Melbourne's boutique shopping and open air cafe cultures,
Queensland National Bank - Misplaced Pages Continue
3968-705: The Federal Deposit Insurance Corporation (FDIC) as a regulator. However, for soundness examinations (i.e., whether a bank is operating in a sound manner), the Federal Reserve is the primary federal regulator for Fed-member state banks; the Office of the Comptroller of the Currency (OCC) is the primary federal regulator for national banks. State non-member banks are examined by the state agencies as well as
4092-631: The Great Depression , the U.S. Savings and Loan crisis in the 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the sub-prime mortgage crisis in the 2000s. The 2023 global banking crisis is the latest of these crises: In March 2023, liquidity shortages and bank insolvencies led to three bank failures in the United States , and within two weeks, several of the world's largest banks failed or were shut down by regulators Assets of
4216-584: The Heidelberg School of impressionists, named after a suburb where they camped to paint en plein air in the 1880s. The Australian tonalists followed in the 1910s, some of whom founded Montsalvat in Eltham , Australia's oldest surviving art colony. Mid-century Melbourne became a stronghold of figurative modernism through the paintings of the Antipodeans and Angry Penguins ; the latter group often met at
4340-522: The Medici Bank , in 1397. The Republic of Genoa founded the earliest-known state deposit bank, and Banco di San Giorgio (Bank of St. George), in 1407 at Genoa , Italy. Fractional reserve banking and the issue of banknotes emerged in the 17th and 18th centuries. Merchants started to store their gold with the goldsmiths of London , who possessed private vaults , and who charged a fee for that service. In exchange for each deposit of precious metal,
4464-593: The Melbourne Bounce genre and the Melbourne Shuffle dance style, both of which emerged from the city's underground rave scene. Established in 1861, the National Gallery of Victoria is Australia's oldest and largest art museum, and houses its collection across two sites: NGV International in Southbank and NGV Australia at Federation Square. Several art movements originated in Melbourne, most famously
4588-535: The Melbourne Town Hall and Parliament House . Although the area is described as the centre , it is not actually the demographic centre of Melbourne at all, due to an urban sprawl to the southeast, the demographic centre being located at Camberwell . Melbourne is typical of Australian capital cities in that after the turn of the 20th century, it expanded with the underlying notion of a 'quarter acre home and garden' for every family, often referred to locally as
4712-426: The Melbourne Town Hall , St Patrick's cathedral, though many remained incomplete for decades. The layout of the inner suburbs on a largely one-mile grid pattern, cut through by wide radial boulevards and parklands surrounding the central city, was largely established in the 1850s and 1860s. These areas rapidly filled with the ubiquitous terrace houses, as well as with detached houses and grand mansions, while some of
4836-750: The Melbourne Writers Festival and the Victorian Premier's Literary Awards . In 2008, it became the second UNESCO City of Literature . Melbourne is home to many theatres , eight of which are concentrated in the East End Theatre District , including the Victorian era Athenaeum , Her Majesty's and Princess theatres, as well as the Forum and the Regent . Other heritage-listed theatres include
4960-466: The Otway and Macedon Ranges , which block much of the rainfall arriving from the north and west. Port Phillip is often warmer than the surrounding oceans or the land mass, particularly in spring and autumn; this can set up a " bay effect rain ", similar to the " lake effect " seen in colder climates, where showers are intensified leeward of the bay. Relatively narrow streams of heavy showers can often affect
5084-563: The Renaissance by Florentine bankers, who used to make their transactions atop desks covered by green tablecloths. The definition of a bank varies from country to country. See the relevant country pages for more information. Under English common law , a banker is defined as a person who carries on the business of banking by conducting current accounts for their customers, paying cheques drawn on them and also collecting cheques for their customers. In most common law jurisdictions there
Queensland National Bank - Misplaced Pages Continue
5208-472: The Royal Exhibition Building , subsequently moving to the Victorian Parliament House, where it sat until it moved to Canberra in 1927. The Governor-General of Australia resided at Government House in Melbourne until 1930, and many major national institutions remained in Melbourne well into the twentieth century. During World War II the city hosted American military forces who were fighting
5332-815: The Selwyn fault , which transects Mount Martha and Cranbourne . The western portion of the metropolitan area lies within the Victorian Volcanic Plain grasslands vegetation community, and the southeast falls in the Gippsland Plains Grassy Woodland zone. Melbourne extends northward through the undulating bushland valleys of the Yarra Valley 's tributaries— Moonee Ponds Creek (toward Melbourne Airport ), Merri Creek , Darebin Creek and Plenty River . The city reaches southeast through Dandenong to
5456-577: The Welsers , the Berenbergs , and the Rothschilds – have played a central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena (founded in 1472), while the oldest existing merchant bank is Berenberg Bank (founded in 1590). Banking as an archaic activity (or quasi-banking ) is thought to have begun as early as the end of the 4th millennium BCE, to
5580-575: The World Heritage -listed Royal Exhibition Building (1880), the General Post Office (1867), Hotel Windsor (1884) and the Block Arcade (1891). Comparatively little remains of Melbourne's pre-gold rush architecture; St James Old Cathedral (1839) and St Francis' Church (1845) are among the few examples left in the CBD. Many of the CBD's Victorian boom-time landmarks were also demolished in
5704-645: The Wurundjeri , Bunurong and Wathaurong – resided in the area. It was an important meeting place for the clans of the Kulin nation alliance and a vital source of food and water. In June 2021, the boundaries between the land of two of the traditional owner groups, the Wurundjeri and Bunurong, were agreed after being drawn up by the Victorian Aboriginal Heritage Council . The borderline runs across
5828-499: The Yarra River . More recent office, commercial and public developments in the adjoining districts of Southbank and Docklands have made these areas into extensions of the CBD in all but name. A byproduct of the CBD's layout is its network of lanes and arcades , such as Block Arcade and Royal Arcade . Melbourne's CBD has become Australia's most densely populated area, with approximately 19,500 residents per square kilometre, and
5952-536: The market town of Melbourne , Derbyshire . That year, the settlement's general post office officially opened with that name. Between 1836 and 1842, Victorian Aboriginal groups were largely dispossessed of their land by British colonists. In 1840, the Superintendent of the Port Phillip District , Charles La Trobe issued a directive to banish Aborigines from the immediate vicinity of Melbourne. This
6076-474: The 15,000 branches in the United Kingdom. Between 1985 and 2018 banks engaged in around 28,798 mergers or acquisitions, either as the acquirer or the target company. The overall known value of these deals cumulates to around 5,169 bil. USD. In terms of value, there have been two major waves (1999 and 2007) which both peaked at around 460 bil. USD followed by a steep decline (−82% from 2007 until 2018). Here
6200-404: The 19th century, we find in ordinary cases of deposits, of money with banking corporations, or bankers, the transaction amounts to a mere loan, or mutuum , and the bank is to restore, not the same money, but an equivalent sum, whenever it is demanded and money, when paid into a bank, ceases altogether to be the money of the principal (see Parker v. Marchant, 1 Phillips 360); it is then the money of
6324-725: The 2010s the State Government of Victoria initiated a number of major infrastructure projects designed to reduce congestion in Melbourne and encourage economic growth, including the Metro Tunnel , the West Gate Tunnel , the Level Crossing Removal Project and the Suburban Rail Loop . New urban renewal zones were initiated in inner-city areas like Fisherman's Bend and Arden , while suburban growth continued on
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#17328524941936448-462: The 2024 Global Financial Centres Index . The city's eclectic architecture blends Victorian era structures, such as the World Heritage -listed Royal Exhibition Building , with one of the world's tallest skylines . Additional landmarks include the Melbourne Cricket Ground and the National Gallery of Victoria . Noted for its cultural heritage , the city gave rise to Australian rules football , Australian impressionism and Australian cinema , and
6572-419: The 3rd millennia BCE. The present era of banking can be traced to medieval and early Renaissance Italy, to the rich cities in the centre and north like Florence , Lucca , Siena , Venice and Genoa . The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. Giovanni di Bicci de' Medici set up one of the most famous Italian banks,
6696-595: The Bay was filled with teatree scrub where boorrimul (emu) and marram (kangaroo) were hunted. The first British settlement in Victoria , then part of the penal colony of New South Wales , was established by Colonel David Collins in October 1803, at Sullivan Bay , near present-day Sorrento . The following year, due to a perceived lack of resources, these settlers relocated to Van Diemen's Land (present-day Tasmania ) and founded
6820-589: The Colony of Victoria, with Melbourne as its capital. The discovery of gold in Victoria in mid-1851 sparked a gold rush , and Melbourne, the colony's major port, experienced rapid growth. Within months, the city's population had nearly doubled from 25,000 to 40,000 inhabitants. Exponential growth ensued, and by 1865 Melbourne had overtaken Sydney as Australia's most populous city. An influx of intercolonial and international migrants, particularly from Europe and China, saw
6944-522: The FDIC. National banks have one primary regulator – the OCC. Each regulatory agency has its own set of rules and regulations to which banks and thrifts must adhere. The Federal Financial Institutions Examination Council (FFIEC) was established in 1979 as a formal inter-agency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. Although
7068-457: The FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing. Melbourne Melbourne ( / ˈ m ɛ l b ər n / MEL -bərn , locally [ˈmæɫbən] ; Boonwurrung / Woiwurrung : Narrm or Naarm ) is the capital and most populous city of the Australian state of Victoria , and
7192-469: The Melbourne CBD in the back-beaches of Rye , Sorrento and Portsea . Melbourne has a temperate oceanic climate ( Köppen climate classification Cfb ), with warm summers and cool winters. Melbourne is well known for its changeable weather conditions , mainly due to it being located on the boundary of hot inland areas and the cool southern ocean. This temperature differential is most pronounced in
7316-605: The Qunaba sugar mill, being in turn coined from the bank's name (QUeensland NAtional BAnk). Queensland National Bank was inducted into the Queensland Business Leaders Hall of Fame in 2011, for their significant contribution to Queensland's early economic development. Bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans . Lending activities can be directly performed by
7440-567: The UK, for example, the Financial Services Authority licenses banks, and some commercial banks (such as the Bank of Scotland ) issue their own banknotes in addition to those issued by the Bank of England , the UK government's central bank. Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer – defined as any entity for which
7564-573: The area and established a settlement at the site of the current Melbourne Immigration Museum . Batman and his group arrived the following month and the two groups ultimately agreed to share the settlement, initially known by the native name of Dootigala. Batman's Treaty with the Aboriginal elders was annulled by Richard Bourke , the Governor of New South Wales (who at the time governed all of eastern mainland Australia), with compensation paid to members of
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#17328524941937688-418: The association. In 1836, Bourke declared the city the administrative capital of the Port Phillip District of New South Wales , and commissioned the first plan for its urban layout, the Hoddle Grid , in 1837. Known briefly as Batmania, the settlement was named Melbourne on 10 April 1837 by Bourke after the British Prime Minister , William Lamb, 2nd Viscount Melbourne , whose seat was Melbourne Hall in
7812-499: The availability of all types of housing. Subdivision regularly occurs in the outer areas of Melbourne, with numerous developers offering house and land packages. However, since the release of Melbourne 2030 in 2002, planning policies have encouraged medium-density and high-density development in existing areas with good access to public transport and other services. As a result of this, Melbourne's middle and outer-ring suburbs have seen significant brownfields redevelopment. On
7936-544: The avant-garde picture palace The Capitol and St Kilda's Palais Theatre , Australia's largest seated theatre with a capacity of 3,000 people. The Arts Precinct in Southbank is home to Arts Centre Melbourne (which includes the State Theatre and Hamer Hall ), as well as the Melbourne Recital Centre , Malthouse Theatre and Southbank Theatre , home of the Melbourne Theatre Company , Australia's oldest professional theatre company. The Australian Ballet , Opera Australia and Melbourne Symphony Orchestra are also based in
8060-436: The back of the 1850s gold rush and 1880s land boom, Melbourne became renowned as one of the world's great Victorian-era cities, a reputation that persists due to its diverse range of Victorian architecture . High concentrations of well-preserved Victorian-era buildings can be found in the inner suburbs, such as Carlton , East Melbourne and South Melbourne . Outstanding examples of Melbourne's built Victorian heritage include
8184-639: The bank agrees to conduct an account. The law implies rights and obligations into this relationship as follows: These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms or create new rights, obligations, or limitations relevant to the bank-customer relationship. Some types of financial institutions, such as building societies and credit unions , may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules. The requirements for
8308-571: The bank or indirectly through capital markets . Whereas banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking , under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity , banks are generally subject to minimum capital requirements based on an international set of capital standards,
8432-411: The bank will not repay it), and interest rate risk (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans). Banking crises have developed many times throughout history when one or more risks have emerged for the banking sector as a whole. Prominent examples include the bank run that occurred during
8556-667: The bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as Automated Clearing House (ACH), Wire transfers or telegraphic transfer , EFTPOS , and automated teller machines (ATMs). Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits , and by issuing debt securities such as banknotes and bonds . Banks lend money by making advances to customers on current accounts, by making installment loans , and by investing in marketable debt securities and other forms of money lending. Banks provide different payment services, and
8680-456: The banker, who is bound to return an equivalent, by paying a similar sum to that deposited with him, when he is asked for it. The goldsmith paid interest on deposits. Since the promissory notes were payable on demand, and the advances (loans) to the goldsmith's customers were repayable over a longer time-period, this was an early form of fractional reserve banking . The promissory notes developed into an assignable instrument which could circulate as
8804-559: The beginning of the 19th century Lubbock's Bank had established a bankers' clearing house in London to allow multiple banks to clear transactions. The Rothschilds pioneered international finance on a large scale, financing the purchase of shares in the Suez canal for the British government in 1875. The word bank was taken into Middle English from Middle French banque , from Old Italian banco , meaning "table", from Old High German banc, bank "bench, counter". Benches were used as makeshift desks or exchange counters during
8928-434: The blocks. The Aboriginal population continued to decline, with an estimated 80% total decrease by 1863, due primarily to introduced diseases (particularly smallpox ), frontier violence and dispossession of their lands. The 1880s saw extraordinary growth: consumer confidence, easy access to credit, and steep increases in land prices led to an enormous amount of construction. During this "land boom", Melbourne reputedly became
9052-515: The business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather than regulating the actual business of banking. However, in many cases, the statutory definition closely mirrors the common law one. Examples of statutory definitions: Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking ,
9176-533: The capital of the issuing bank falls below a certain level. Then debt is reduced and bank capitalisation gets a boost. Owing to their capacity to absorb losses, CoCos have the potential to satisfy regulatory capital requirement. The economic functions of banks include: Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include liquidity risk (where many depositors may request withdrawals in excess of available funds), credit risk (the chance that those who owe money to
9300-483: The cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques . Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers in
9424-551: The city centre was seen by many as stale—the dreary domain of office workers—something expressed by John Brack in his famous painting Collins St., 5 pm (1955). Up until the 21st century, Melbourne was considered Australia's "industrial heartland". Height limits in the CBD were lifted in 1958, after the construction of ICI House , transforming the city's skyline with the introduction of skyscrapers. Suburban expansion then intensified, served by new indoor malls beginning with Chadstone Shopping Centre . The post-war period also saw
9548-399: The city from west to east, with the CBD , Richmond and Hawthorn included in Wurundjeri land, and Albert Park , St Kilda and Caulfield on Bunurong land. However, this change in boundaries is still disputed by people on both sides of the dispute including N'arweet Carolyn Briggs . The name Narrm is commonly used by the broader Aboriginal community to refer to the city, stemming from
9672-530: The city of Hobart . It would be 30 years before another settlement was attempted. In May and June 1835, John Batman , a leading member of the Port Phillip Association in Van Diemen's Land, explored the Melbourne area, and later claimed to have negotiated a purchase of 2,400 km (600,000 acres) with eight Wurundjeri elders. However, the nature of the treaty has been heavily disputed, as none of
9796-430: The city's industries and property market. Major inner-city urban renewal has occurred in areas such as Southbank , Port Melbourne , Melbourne Docklands and South Wharf . Melbourne sustained the highest population increase and economic growth rate of any Australian capital city from 2001 to 2004. From 2006, the growth of the city extended into "green wedges" and beyond the city's urban growth boundary . Predictions of
9920-653: The city's population reaching 5 million people pushed the state government to review the growth boundary in 2008 as part of its Melbourne @ Five Million strategy. In 2009, Melbourne was less affected by the Great Recession in comparison to other Australian cities. At this time, more new jobs were created in Melbourne than any other Australian city—almost as many as the next two fastest growing cities, Brisbane and Perth, combined, and Melbourne's property market remained highly priced, resulting in historically high property prices and widespread rent increases. Beginning in
10044-441: The city. Nauru 's then booming economy resulted in several ambitious investments in Melbourne, such as Nauru House . Melbourne remained Australia's main business and financial centre until the late 1970s, when it began to lose this primacy to Sydney. Melbourne experienced an economic downturn between 1989 and 1992, following the collapse of several local financial institutions. In 1992, the newly elected Kennett government began
10168-519: The city. The establishment of the Melbourne Hydraulic Power Company in 1886 led to the availability of high-pressure piped water, allowing for the installation of hydraulically powered elevators , which led to the construction of the first high-rise buildings in the city. The period also saw the huge expansion of a significant radial rail-based transport network throughout the city and suburbs. Melbourne's land-boom peaked in 1888,
10292-548: The countryside from the late 1850s. Construction started on further major public buildings in the 1860s and 1870s, such as the Supreme Court , Government House , and the Queen Victoria Market . The central city filled up with shops and offices, workshops, and warehouses. Large banks and hotels faced the main streets, with fine townhouses in the east end of Collins Street, contrasting with tiny cottages down laneways within
10416-423: The cross-selling of complementary products. Banks face a number of risks in order to conduct their business, and how well these risks are managed and understood is a key driver behind profitability, and how much capital a bank is required to hold. Bank capital consists principally of equity , retained earnings and subordinated debt . Some of the main risks faced by banks include: The capital requirement
10540-408: The customer's order – although money lending, by itself, is generally not included in the definition. Unlike most other regulated industries, the regulator is typically also a participant in the market, being either publicly or privately governed central bank . Central banks also typically have a monopoly on the business of issuing banknotes . However, in some countries, this is not the case. In
10664-645: The decades after World War II, including the Federal Coffee Palace (1888) and the APA Building (1889), one of the tallest early skyscrapers upon completion. Heritage listings and heritage overlays have since been introduced in an effort to prevent further losses of the city's historic fabric. In line with the city's expansion during the early 20th century, suburbs such as Hawthorn and Camberwell are defined largely by Federation and Edwardian architectural styles. The City Baths , built in 1903, are
10788-471: The eastern fringe at Gembrook . Melbourne receives 48.6 clear days annually. Dewpoint temperatures in the summer range from 9.5 to 11.7 °C (49.1 to 53.1 °F). Melbourne is also prone to isolated convective showers forming when a cold pool crosses the state, especially if there is considerable daytime heating. These showers are often heavy and can include hail, squalls, and significant drops in temperature, but they often pass through very quickly with
10912-468: The establishment of slums, including Chinatown and a temporary "tent city" on the southern banks of the Yarra. In the aftermath of the 1854 Eureka Rebellion , mass public support for the plight of the miners resulted in major political changes to the colony, including improvements in working conditions across mining, agriculture, manufacturing and other local industries. At least twenty nationalities took part in
11036-561: The five peoples of the Kulin nation, the traditional custodians of the land encompassing Melbourne are the Boonwurrung , Woiwurrung and the Wurundjeri peoples. In 1803, a short-lived British penal settlement was established at Port Phillip, then part of the Colony of New South Wales . Melbourne was founded in 1835 with the arrival of free settlers from Van Diemen's Land (modern-day Tasmania ). It
11160-589: The funding of these loans, in order to ensure that the banks can meet demands for payment of such deposits. These reserves can be acquired through the acceptance of new deposits, sale of other assets, or borrowing from other banks including the central bank. Activities undertaken by banks include personal banking , corporate banking , investment banking , private banking , transaction banking , insurance , consumer finance , trade finance and other related. Banks offer many different channels to access their banking and other services: A bank can generate revenue in
11284-407: The goldsmiths issued receipts certifying the quantity and purity of the metal they held as a bailee ; these receipts could not be assigned, only the original depositor could collect the stored goods. Gradually the goldsmiths began to lend money out on behalf of the depositor , and promissory notes , which evolved into banknotes, were issued for money deposited as a loan to the goldsmith. Thus, by
11408-539: The government began a series of controversial public housing projects in the inner city by the Housing Commission of Victoria , which resulted in the demolition of many neighbourhoods and a proliferation of high-rise towers. In later years, with the rapid rise of motor vehicle ownership, the investment in freeway and highway developments greatly accelerated the outward suburban sprawl and declining inner-city population. The Bolte government sought to rapidly accelerate
11532-549: The growth corridor of Pakenham towards West Gippsland . In the west, it extends along the Maribyrnong River and its tributaries north towards Sunbury . Melbourne's major bayside beaches are in the various suburbs along the shores of Port Phillip Bay, in areas like Port Melbourne , Albert Park , St Kilda , Elwood , Brighton , Sandringham , Mentone , Frankston , Altona , Williamstown and Werribee South. The nearest surf beaches are 85 km (53 mi) south of
11656-442: The issue of a bank license vary between jurisdictions but typically include: Banks' activities can be divided into: Most banks are profit-making, private enterprises. However, some are owned by the government, or are non-profit organisations . The United States banking industry is one of the most heavily regulated and guarded in the world, with multiple specialised and focused regulators. All banks with FDIC-insured deposits have
11780-409: The largest 1,000 banks in the world grew by 6.8% in the 2008–2009 financial year to a record US$ 96.4 trillion while profits declined by 85% to US$ 115 billion. Growth in assets in adverse market conditions was largely a result of recapitalisation. EU banks held the largest share of the total, 56% in 2008–2009, down from 61% in the previous year. Asian banks' share increased from 12% to 14% during
11904-562: The late 1970s and early 1980s, including the Little Band scene and St Kilda 's Crystal Ballroom scene, which gave rise to Dead Can Dance and Nick Cave and the Bad Seeds . More recent independent acts from Melbourne to achieve global recognition include The Avalanches , Gotye and King Gizzard and the Lizard Wizard . Melbourne is also regarded as a centre of EDM , and lends its name to
12028-450: The legal basis for bank transactions such as cheques does not depend on how the bank is structured or regulated. The business of banking is in many common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business . When looking at these definitions it is important to keep in mind that they are defining
12152-633: The major roads developed as shopping streets. Melbourne quickly became a major finance centre, home to several banks, the Royal Mint , and (in 1861) Australia's first stock exchange . In 1855, the Melbourne Cricket Club secured possession of its now famous ground, the MCG . Members of the Melbourne Football Club codified Australian football in 1859, and in 1861, the first Melbourne Cup race
12276-430: The modernisation of Melbourne. Major road projects including the remodelling of St Kilda Junction , the widening of Hoddle Street and then the extensive 1969 Melbourne Transportation Plan changed the face of the city into a car-dominated environment. Australia's financial and mining booms during 1969 and 1970 resulted in establishment of the headquarters of many major companies ( BHP and Rio Tinto , among others) in
12400-550: The most famous Melburnian of the Edwardian era. The Sidney Myer Music Bowl in Kings Domain hosted the largest crowd ever for a music concert in Australia when an estimated 200,000 attendees saw Melbourne band The Seekers in 1967. Airing between 1974 and 1987, Melbourne's Countdown helped launch the careers of local acts as diverse as AC/DC and Kylie Minogue . Several distinct post-punk scenes flourished in Melbourne during
12524-440: The nation's largest city in 2029–30 at just over 5.9 million, exceeding 6 million people the following year. Melbourne is in the southeastern part of mainland Australia, within the state of Victoria . Geologically, it is built on the confluence of Quaternary lava flows to the west, Silurian mudstones to the east, and Holocene sand accumulation to the southeast along Port Phillip . The southeastern suburbs are situated on
12648-446: The north and Dandenong Ranges National Park to the east. There are also a number of significant state parks just outside Melbourne. The extensive area covered by urban Melbourne is formally divided into hundreds of suburbs (for addressing and postal purposes), and administered as local government areas, 31 of which are located within the metropolitan area. Melbourne has minimal public housing and high demand for rental housing, which
12772-730: The northern and eastern coastlines of Port Phillip Bay and spreads into the Mornington Peninsula , part of West Gippsland , as well as the hinterlands towards the Yarra Valley , the Dandenong Ranges , and the Macedon Ranges . As of 2023, the population of the metropolitan area was 5.2 million (19% of the population of Australia ); inhabitants are referred to as "Melburnians". The area of Melbourne has been home to Aboriginal Victorians for over 40,000 years and serves as an important meeting place for local Kulin nation clans. Of
12896-483: The parties spoke the same language, and the elders likely perceived it as part of the gift exchanges which had taken place over the previous few days amounting to a tanderrum ceremony which allows temporary, not permanent, access to and use of the land. Batman selected a site on the northern bank of the Yarra River , declaring that "this will be the place for a village" before returning to Van Diemen's Land. In August 1835, another group of Vandemonian settlers arrived in
13020-455: The past 20 years, American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. This helps in making a profit and facilitates economic development as a whole. Recently, as banks have been faced with pressure from fintechs, new and additional business models have been suggested such as freemium, monetisation of data, white-labeling of banking and payment applications, or
13144-563: The precinct. Many of Melbourne's theatres join the Melbourne Town Hall in hosting the annual Melbourne International Comedy Festival , one of the world's three largest comedy festivals. Melbourne has been called "the live music capital of the world"; one study found it has more music venues per capita than any other world city sampled, with 17.5 million patron visits to 553 venues in 2016. Australia's first global music star, opera singer Nellie Melba , took her stage name from her hometown. Composer Percy Grainger followed her in becoming
13268-614: The rebellion, giving some indication of immigration flows at the time. With the wealth brought in from the gold rush and the subsequent need for public buildings, a program of grand civic construction soon began. The 1850s and 1860s saw the commencement of Parliament House , the Treasury Building , the Old Melbourne Gaol , Victoria Barracks , the State Library , University of Melbourne , General Post Office , Customs House ,
13392-639: The richest city in the world, and the second-largest (after London) in the British Empire . The decade began with the Melbourne International Exhibition in 1880, held in the large purpose-built Exhibition Building . A telephone exchange was established that year, and the foundations of St Paul's were laid. In 1881, electric light was installed in the Eastern Market , and a generating station capable of supplying 2,000 incandescent lamps
13516-399: The same places (usually the eastern suburbs) for an extended period, while the rest of Melbourne and surrounds stays dry. Overall, the area around Melbourne is, owing to its rain shadow, nonetheless significantly drier than average for southern Victoria. Within the city and surrounds, rainfall varies widely, from around 425 mm (17 in) at Little River to 1,250 mm (49 in) on
13640-417: The second-most populous city in Australia, after Sydney . Its name generally refers to a 9,993 km (3,858 sq mi) metropolitan area also known as Greater Melbourne , comprising an urban agglomeration of 31 local municipalities , although the name is also used specifically for the local municipality of City of Melbourne based around its central business area . The metropolis occupies much of
13764-416: The spring and summer months and can cause strong cold fronts to form. These cold fronts can be responsible for varied forms of severe weather from gales to thunderstorms and hail , large temperature drops and heavy rain. Winters, while exceptionally dry by southern Victorian standards, are nonetheless drizzly and overcast. The lack of winter rainfall is owed to Melbourne's rain shadowed location between
13888-496: The surrounding suburbs of Melbourne, such as in the municipalities of Stonnington , Boroondara and Port Phillip , southeast of the central business district. Several national parks have been designated around the urban area of Melbourne, including the Mornington Peninsula National Park , Port Phillip Heads Marine National Park and Point Nepean National Park in the southeast, Organ Pipes National Park to
14012-625: The traditional name recorded for the area on which the Melbourne city centre is built. The word is closely related to Narm-narm , being the Boonwurrung word for Port Phillip Bay . Narrm means scrub in Eastern Kulin languages which reflects the Creation Story of how the Bay was filled by the creation of the Birrarung (Yarra River). Before this, the dry Melbourne region extended out into the Bay and
14136-553: The urban periphery in Melbourne's outer west and east in suburbs like Wyndham Vale and Cranbourne . Middle suburbs like Box Hill became denser as a greater proportion of Melburnians began living in apartments. A construction boom resulted in 34 new skyscrapers being built in the central business district between 2010 and 2020. In 2020, Melbourne was classified as an Alpha city by the Globalization and World Cities Research Network . Out of all major Australian cities, Melbourne
14260-476: The world's largest and wealthiest metropolises. After the federation of Australia in 1901, Melbourne served as the interim seat of government of the new nation until Canberra became the permanent capital in 1927. Today, Melbourne is culturally diverse and, among world cities, has the 4th largest foreign born population . It is a leading financial centre in the Asia-Pacific region, ranking 28th globally in
14384-464: The year it hosted the Centennial Exhibition. The brash boosterism that had typified Melbourne during that time ended in the early 1890s. The bubble supporting the local finance and property industries burst, resulting in a severe economic depression. Sixteen small land banks and building societies collapsed, and 133 limited companies went into liquidation. The Melbourne financial crisis was
14508-459: The year, while the share of US banks increased from 11% to 13%. Fee revenue generated by global investment in banking totalled US$ 66.3 billion in 2009, up 12% on the previous year. The United States has the most banks in the world in terms of institutions (5,330 as of 2015) and possibly branches (81,607 as of 2015). This is an indicator of the geography and regulatory structure of the US, resulting in
14632-537: Was 46.4 °C (115.5 °F), on 7 February 2009 . While snow is occasionally seen at higher elevations in the outskirts of the city, and dustings were observed in 2020, it has not been recorded in the Central Business District since 1986. The sea temperature in Melbourne is warmer than the surrounding ocean during the summer months, and colder during the winter months. This is predominately due to Port Phillip Bay being an enclosed and shallow bay that
14756-484: Was enforced later that same year by the mass-arrest and imprisonment of hundreds of Indigenous people during the Lettsom raid . However, Aboriginal people still managed to continue living near the settlement and by January 1844 there were said to be 675 residing in squalid camps around Melbourne. The British Colonial Office had appointed five Aboriginal Protectors for the Aboriginal people of Victoria, in 1839, but their work
14880-457: Was held. Melbourne acquired its first public monument, the Burke and Wills statue, in 1864. With the gold rush largely over by 1860, Melbourne continued to grow on the back of continuing gold-mining, as the major port for exporting the agricultural products of Victoria (especially wool) and with a developing manufacturing sector protected by high tariffs. An extensive radial railway network spread into
15004-499: Was in operation by 1882. The Melbourne cable tramway system opened in 1885 and became one of the world's most extensive systems by 1890. In 1885, visiting English journalist George Augustus Henry Sala coined the phrase "Marvellous Melbourne", which stuck long into the twentieth century and has come to refer to the opulence and energy of the 1880s, during which time large commercial buildings, grand hotels, banks, coffee palaces , terrace housing and palatial mansions proliferated in
15128-426: Was incorporated as a Crown settlement in 1837, and named after the then- Prime Minister of the United Kingdom , William Lamb, 2nd Viscount Melbourne . Declared a city by Queen Victoria in 1847, it became the capital of the newly separated Colony of Victoria in 1851. During the 1850s Victorian gold rush , the city entered a lengthy boom period that, by the late 1880s, had transformed it into Australia's, and one of
15252-523: Was nullified by a land policy that favoured squatters who took possession of Aboriginal lands. By 1845, fewer than 240 wealthy Europeans held all the pastoral licences then issued in Victoria and became a powerful political and economic force in Victoria for generations to come. Letters patent of Queen Victoria , issued on 25 June 1847, declared Melbourne a city. On 1 July 1851, the Port Phillip District separated from New South Wales to become
15376-471: Was the worst affected by the COVID-19 pandemic and spent a long time under lockdown restrictions, with Melbourne experiencing six lockdowns totalling 262 days. While this contributed to a net outflow of migration causing a slight reduction in Melbourne's population over the course of 2020 to 2022, Melbourne is projected to be the fastest growing capital city in Australia from 2023–24 onwards, overtaking Sydney as
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