Buzzing Trends || How Are Australian Banks Positioned Amid Current Economic Milieu?

The aim of this show is to provide insights into the overall trends, and the buzzing updates that may impact the market scenario during early trade hours. Watch The Buzzing Trends on Kalkine TV and stay updated.

• The new surge in cases from the Delta variant has pushed Australia into a series of lockdowns. While the government is trying its best to pace up vaccination and reduce extended lockdown, the possibility of a diminished GDP & activity contraction is undeniable. 

•  The consumer price index also climbed 0.8 per cent for the June quarter, taking annual inflation for the June quarter to 3.8 per cent, as per the Australian Bureau of Statistics latest reports.

• Commonwealth Bank of Australia yesterday pushed back expectations for the country's next policy rate hike to May 2023, from late-2022, with a coronavirus lockdown in Sydney now expected to last another four weeks.

• ANZ Banking Group recently predicted Australia's GDP to fall 1.3% quarter-on-quarter compared with its previous estimate of 0.4% growth. 

• Australia's largest Bank, Commonwealth Bank, which reported strong March quarter operations, majorly backed by strong home lending, and business lending. The bank had then reported 95% of business customers returning to regular repayments after concluding their deferral arrangements.

• Moving on to the next, On 06 July 2021, Westpac Banking Corp agreed to sell its NZ life insurance business to Auckland based life insurer Fidelity Life Assurance Company. The Bank last paid a dividend of AU$0.580 on 2 July 2021.

• And the last of the making headlines, Bank of Queensland, recently announced reducing its collective provisioning of AU$75 million. The bank stated strong housing growth, lower unemployment rates, and increasing business investment as the driving factors.

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK