From CJ today:
In unusually frank remarks, Morrison argued that world-beating capital buffers were “especially important” because “our banks source a considerable share of their funding offshore, reflecting Australia’s position as a net importer of capital, and [because] our banks provide the bulk of the domestic credit that local firms and households receive”.
Morrison will likely deliver a healthy budget in May with an earlier-than-expected return to surplus, additional housing reforms and an improved structural deficit driven by prudent savings and superior revenues, which should save the AAA rating and ameliorate threats to the banks.