Customers using ATMs at Australia’s “Big Four” banks – Australia and New Zealand Banking Group Ltd (bottom R), Commonwealth Bank of Australia (top R), National Australia Bank Ltd (bottom L) and Westpac Banking Corp (top L). (Photo combo: Reuters)
SYDNEY: Australia’s banking system has more money than it can use, a challenge that will likely grow next week with the central bank widely expected to trim interest rates to near zero and boost the amount of bonds it buys.
With the country trying to emerge from a Covid-induced recession, fiscal and monetary authorities have pumped billions of dollars in cash into the economy, cut interest rates to a record low and introduced a wage subsidy scheme.
Further measures to spur credit demand are on the cards, including scrapping “responsible lending” laws, and on…
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.