The word is spreading, via Bloomie:
Australia is expected to post the worst profit growth in Asia next year as a weak domestic economy stokes consumer caution and the banking sector deals with a litany of scandals.
…Banks, which make up a large portion of Australia’s benchmark, are also bringing down earnings expectations for the broader market, Ezquerro said. Mounting misconduct costs, lack of credit growth and falling interest rates from the Reserve Bank of Australia are eating into profits. Earnings for the nation’s biggest lenders are set to be the lowest since late 2010, data compiled by Bloomberg show.
