Business
Big bank short-sellers now getting long – The Australian Financial Review
The major banks expected 12 per cent house price falls and a 9 per cent jobless rate but Australia’s outperformance means their share prices have significant up…
ANZ is now at 0.86 times, NAB at 0.99 times, and Westpac is at 0.97 times. In contrast, CBA appears much more expensive at 1.67 times book.
In their latest results, the major banks forecast that national house prices would fall by more than 10 per cent (CBA projected a 12 per cent loss) while they expected the unemployment rate to finish this year at 9 per cent. These numbers have driven their default and loss assumptions, and hence their provisioning for bad debts.
And they have proven far to…
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