What is the type of market that the banks of Australia operate in? How has the global financial crisis affected competition in this market?

Banking in Australia is dominated by four significant firms, making it an oligopoly market. Oligopoly is a market structure where fewer firms dominate the significant share in the market. These firms moderate the interest rate among other services to mutually exist in the market. The effect of the global crisis has been significantly lesser as compared to other countries. However, the global financial crisis led to reduced wealth and equity prices among households in Australia. Besides, the crisis led to increased competition as the firms strived to increase profit margin and attract more customers to invest with them.