banks

While our updated numbers imply the banks need to buy about $408bn of government bonds for liquidity purposes over the next few years, it is interesting to see how...

Following APRA's release of its October Monthly Authorised Deposit-taking Institution Statistics, we have updated our estimates of the four major banks' debt funding...

Following the banks' latest results, we have updated our estimates of: (1) the quantum of debt they have to issue to replace the $139bn Committed Liquidity Facility...

Folks are starting to turn their minds to what life looks like after the end of the RBA's bond purchase program. There's a fairly robust consensus that Martin Place...

In the AFR this weekend, I write that financial markets are probably not focussed enough on the fact that Aussie banks unilaterally lifting mortgage rates has huge...

Some of the most compelling long-term investment opportunities to be found today lie within the dynamic and rapidly evolving global emerging market landscape. One of...

In a move that's a bit more aggressive than I had expected, APRA just announced that they will close the CLF (Committed Liquidity Facility).   The CLF will be...

Recent data suggests that APRA and the RBA can shrink the Committed Liquidity Facility (CLF) faster than I had previously figured. The entire point of the CLF was to...

The COVID-shock of 2020 put a spotlight on a design flaw in Australian banking regulations. At a time when governments are borrowing lots of money, and the RBA is...

Australia's banks are allowed to arbitrage global regulatory rules on best-practice liquidity requirements to maximise their returns on equity. This comes at a direct...

NAB has launched the first benchmark 5-year major bank senior bond issue since January 2020 (ie, prior to the advent of the COVID-19 crisis). This was consistent with...

Based on Plato’s analysis, 2020 was the worst year for dividends in Australia over the past 40 years. The 35% cut in dividends surpassed the falls seen over three...

In recent weeks, market sentiment has undeniably shifted away from relatively expensive, high-risk, low-quality stocks. To illustrate the magnitude of this aggregate...

After underperforming the benchmark for more than a decade, Financials are back - buoyed by a sudden switch to cyclical and economically sensitive stocks and an...

Love them or hate them, you really have to hate the banks. Right? Well - maybe not so fast. After all Aussie investors love them, and why not? They've been a trusty...

For mostly obvious reasons, 2020 was the wildest year in recent memory for the global economy and markets across all asset classes. We saw markets fall and economic...

When Jeremy Grantham speaks, the market listens, and he believes the market is on the brink of a catastrophic downturn that will rival the 1929 Wall Street crash....

We are living in extraordinary times, and it's fair to say it's been a very interesting start to 2021. Uncertainty prevails globally, yet markets are ripping back...

In the AFR today I write that Australia’s ferocious banking regulator has tried its darndest to blow-up our deposit-takers in the latest iteration of its...

A powerful shift rocked markets as the maligned value index rallied 17% in November, leaving the growth index in its wake. The move ignited animal spirits of value...