Is there just no competition in Australia?

Q.

I live in the US and am considering attending grad school in Australia next year. I'm in shock to see that the overwhelming majority of credit card issuers in Australia charge annual fees. Is there just no competition in Australia? An annual fee for a credit card in the US is almost unheard of these days. Please enlighten me on this. It seems like the credit card culture in Australia might still be where the US was in the late '80s early '90s. Competition should have all but eliminated this unnecessary fee that appears to be prevalent in Australia.

If you go to http://www.cannex.com.au you will find all credit cards rated and compared. Often those that charge a high annual fee, claim to offer extra services such as reward points and travel insurance and an interest free period.