why oz banks borrow money from foreign banks?, page-14

Hi Anon, Basel III requires up to 9.5%, with more if a bank is systemic, which I would think the big four are. APRA says (last November) that one of the costs of complying with Basel III is - higher profits for the banks.

http://www.apra.gov.au/Speeches/Documents/APRA-Finsia%20Basel%20III%20Implementation%2023%20November%202011%20CWL%20presentation.pdf