Having had a week to think about ANZ’s bold move to distance itself from future Reserve Bank rate decisions, two of its peers have passed up the opportunity provided by their AGMs this week to announce they would emulate it.
Westpac bank
Kohler: the big four’s cloak-and-dagger dance
One of the more bizarre rituals of global finance is the Australian Monetary Policy Dance, where we all wait to see whether an adjustment to official interest rates is “passed on”.
Mortgage, interest rate cuts war as serious as the Nullarbor Nymph
Yes, the big four: CBA, ANZ, Westpac and NAB are sitting back and waiting for one of them to bolt from cover, so they others can get a lead on how much of the 0.25% rate cut to pass on.
Our big four banks still among the world’s most creditworthy
Australia’s AAA sovereign rating from all three ratings groups is another reason the impact on funding costs will be minimal.
Joye: economy, housing market stronger than you think
As we move on into the spring, it is an opportune time to take stock and see where the Australian economy, and its housing market, are heading, writes Christopher Joye of Property Observer.
Bartholomeusz: tougher times for a wary Westpac
While Westpac’s third quarter numbers were slightly disfigured by an unexpected blip in its impairment charges, there was nothing in the update that challenged the view that conditions for the major banks are getting tougher.
Banks and competition … what competition?
Where’s the competition in banking that the banks and their industry mouthpiece say is intensifying?
Fund managers, investors on the Lemming Express
Why the shares in probably the safest of the sectors in the market had to be sold yesterday in their millions, and were then bought back in the afternoon, will be the biggest mystery of yesterday’s outing by the lemmings of Australian finance.
Political snippets: Retail turnover gets a caning
These are certainly not boom times, with the ABS showing that Australian retail turnover fell 0.1% in June 2011, seasonally adjusted, following a fall of 0.6% the previous month.
Stand-off as housing prices take a tumble
As clearance rates slump in capital cities across Australia, vendors appear to be quickly realising that what they thought (or have been told) their properties are worth is not quite accurate.
Memo to the banks: the housing party’s over
While many Australians realise that the housing party is over — the Financial Review reported that first “buyers joy turns to despair” — there are still a few who haven’t quite read the memo.
Gottliebsen: how Swan gave our banks a hot flush
This month big banks have more money to lend than they ever dreamed of, which is a hidden force behind the banking price war, writes Robert Gottliebsen, of Business Spectator.
Westpac stumbles, Kelly’s halo dims
Has the glow gone from the halo of the sainted Gail Kelly of Westpac, who according to some claims, is one of the most powerful women in the world?
Wayne Swan approves Wespac takeover of St George
If the Government was worried about the impact on St George’s share price of a refusal, the decision could’ve been held off until equity markets had settled, writes Bernard Keane.
Morning Market Report
The highlights and lowlights of this morning’s sharemarket activity.
