Chanticleer
Banks shrug off global crisis and go to war instead
The banking sector says it’s well-placed to withstand global turmoil. But in two key sectors of the market, loans are being written below the cost of capital.
Federal Treasurer Jim Chalmers rang Commonwealth Bank chief executive Matt Comyn on Tuesday morning with a simple message: Don’t get “unduly focused on one particular issue”.
It’s an excellent point. While it was hardly surprising that The Australian Financial Review Banking Summit in Sydney on Tuesday was dominated by the global turmoil that has brought down Silicon Valley Bank and Credit Suisse – and the comparative strength of the Australian financial sector – the event also revealed there is little room for complacency on a local level.
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