Which of the following statement about building societies in Australia is incorrect?
A) The main activities of building societies are to take in deposits and provide mortgage finance.
B) The largest building societies have tended to convert to regional banks in recent times.
C) Now currently the building society sector holds 2 per cent of the total assets of the Australian financial system.
D) Building societies are authorised deposit-taking institutions and supervised by APRA.
Correct Answer:
Verified
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