The article reviews the present status of Internet Banking in Australia. It begins with the findings of the Wallis Committee on Internet Banking and then examines the present status with respect to the banks on the net, the services they provide, difficulties the customers face and remedial actions necessary on the part of banks. The article concludes with the observations that Australian banks are lagging behind their counterparts in US, Europe and Japan in providing banking services on the Internet and calls for serious effort by banks, computer specialists, academicians and others to popularize this upcoming area if banking is not to look medieval in Australia when compared to World standards.