Why have shares in Australian banks refused to retreat at a time when just about everyone has labeled them expensive, if not due for a correction

Why have shares in Australian banks refused to retreat at a time when just about everyone has labeled them expensive, if not due for a correction? It is FNArena's observation that earnings forecasts for banks have steadfastily risen over the year past and history shows a genuine positive correlation exists between rising forecasts and share price performance. In other words: it's difficult to see banks selling off when expectations are rising.The sole exception in Australia has been, and still is, National Australia Bank (NAB). Investors wondering as to why the bank with the highest dividend yield continues to underperform the rest of the sector need not look any further. The lack of positive momentum in earnings expectations is rather remarkable, and in sharp contrast to what's been supporting the outlook for CBA, Westpac, ANZ Bank and even BOQ, BEN. To read more: (VIEW LINK)