What's the point of capital buffers if you cannot use them? That is the question from Westpac CEO Peter King as the bank stares into the coronavirus crisis.
It is now crystal clear the global financial crisis was the crisis our banking system had to have.
Thanks to that crisis, Australia's financial system is soundly capitalised and well placed to cope with the worst economic conditions since the recession we had to have in 1990-91.
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Tony Boyd is the former Chanticleer columnist. He has more than 35 years' experience as a finance journalist. Connect with Tony on Twitter. Email Tony at tony.boyd@afr.com
