Australian bank profits are over 170% higher than in 2004 compared to GDP

The four largest banks now generate combined pre-tax profits in excess of 2.6% of gross domestic product, up from only 1.5% in 2004. Through utilising technology, P2P lenders and other FinTech companies are able to reduce the costs associated with financial services, and help ensure that transaction costs are not a barrier to economic activity.

Treasury Consultations, Financial System Inquiry