Australian banks defy downturn at cost to customers

Australia's banks are thriving as their global peers struggle but stand accused of "gouging" customers to keep themselves in the black, according to analysts.

Treasurer Wayne Swan has cited the relative health of the banking sector as one of the reasons why Australia has handled the financial crisis better than any other advanced economy and so far avoided a recession.

"Major financial institutions, some of which withstood world wars and the Great Depression, have either collapsed or been bailed out our banking sector is amongst the most stable in the world," he said recently.

The country's 'Big Four' banks - Commonwealth, Westpac, ANZ and NAB -posted a combined total of 8.3 billion dollars (6.7 billion US) in interim profits in recent months.

AFP