The big Australian: how CBA became our top company (briefly)

As Europe’s banks have faltered, ours have soared. The Commonwealth Bank briefly became Australia's biggest company this week -- a moment worth reflecting on.

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This week’s banking news demonstrated nothing better than contrast.

As European Union financiers worried about a bank run, triggered by Cyprus’ moves to tax all deposits to save its two banks, the value of the Commonwealth Bank of Australia eclipsed that of BHP Billiton, the largest mining company in the world. This made CBA Australia’s most valuable company — at least for a day.