Looking at Australia’s big four banks (CBA, WBC, ANZ, NAB) we see a condition where the evolution of the global context is under-appreciated, particularly with regards to shifts in the Chinese situation. First, we look at the valuation picture of Australia’s big four banks. Then we consider the bank’s Achilles-heel of reliance on international wholesale funding (where we assess the conditions of such funding markets). Before trying to gauge where we are at regarding Chinese capital flows that have been playing an important role in Australia’s property markets. Such would suggest that the 2015 peak valuations in the Australian banking sector could indeed have marked the top of a multi-decade cycle for Australian banks. The latent risks confronting Australia’s banks appear significant, suggesting a high likelihood that in the years to come lower prices (and lower dividends) are probably in store for CBA, WBC, NAB and ANZ.