ABA response to SMH article ‘Don’t rescue banks that do little but bet against each other’, 3 February 2016 (not published)

4 February, 2016

I read with interest Ross Gittins’ latest piece, ‘Don’t rescue banks that do little but bet against each other’, 3 February. There was a glaring omission of the vast difference between bank lending for Australia’s banks and that presented in the article. The analysis referred to was largely about global banks with large investment banking operations, so let’s be careful not to assume this is the case in Australia.

In particular, it was cited that in Britain, bank lending to the economy accounts for just 3 per cent of total bank lending. In Australia, just over 80 per cent of banks’ lending assets are to the businesses and households that form the Australian economy.

Steven Münchenberg
CEO, Australian Bankers’ Association

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