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Banking

Banking in Australia is straightforward. The central bank is the Reserve Bank. There are many major commercial banks in Australia.

Setting up a bank account in Australia is not difficult, but setting one up before you go could be a good idea - many UK banks offer links with Australian banks and can help you to set up an account before you leave, or you could contact the bank directly. Internet and telephone banking services are widely available in Australia.

Inflation was at 4.2 % for the year to March 2008.

Interest rates for April 2008:

• 1 month term deposits - 2.9%
• 1 year term deposits - 7.60%
• small business 3 year fixed loan - 9.90%

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