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One of Australia’s top bankers has warned against using unconventional monetary policy in an attempt to boost the domestic economy, saying it could undermine international investor confidence and have a precipitous impact on bank profit margins.
The chief executive of Westpac’s institutional bank, Lyn Cobley, also said she did not think even cheaper credit would spark higher demand from big businesses, and it was “obvious” the government could use the budget more actively to stimulate growth.
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