Are Aussie banks “cheaper than they have historically been”?

A strangely put but sensible warning from the Flying Circus today:

Investors holding the banks as a safe yield play have had a wake-up call courtesy of COVID-19. NAB has cut its dividend by more than 60 per cent, ANZ and Westpac have deferred their interim dividends and decide in August whether to make a payment.

Bank share prices have fallen by about a third since the February 2020 peak, but investors need to ask themselves whether they are cheap or whether there are better opportunities elsewhere.

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