Westpac, CBA, NAB, ANZ

Australian banks on track for worst year since the financial crisis

After a series of scandals, Australian finance is enduring a government-requested royal commission. An interim report in September said banks, insurers and pension funds failed to protect customers.

Investors are also fretting about Australia’s economy, which has gone more than a quarter-century without a recession. Wage growth hit historic lows earlier this year, although unemployment is limited and the value of new mortgages has neared all-time lows, after more than a year of home-price declines. Some forecasters expect a 20 per cent peak-to-trough decline for home prices in Sydney, the most-populous metropolitan area.

Read more at The Australian.

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