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June saw a big rebound after the re-opening and pent-up demand but it didn’t last long. From the big eight banks. Monthly:
| ANZ | CBA | MAC | NAB | WBC | BOQ | BEN | SUN | Total | |
| Jul-20 | 0.5 | 0.0 | -0.5 | -1.1 | -0.4 | 0.9 | 0.9 | -0.4 | -0.2 |
| Jun-20 | 0.7 | 0.2 | 1.1 | -0.3 | 0.3 | -0.1 | 1.1 | -0.4 | 0.2 |
| May-20 | 0.4 | -0.1 | -2.0 | -0.6 | -0.4 | -0.1 | 0.9 | -0.1 | -0.3 |
| Apr-20 | -0.1 | 0.0 | 2.3 | -0.7 | -0.7 | -3.0 | 0.2 | -0.4 | -0.3 |
| Mar-20 | -0.5 | 0.0 | 2.3 | -0.6 | -0.4 | 0.1 | 1.3 | -0.4 | -0.2 |
| Feb-20 | -0.4 | 0.1 | 2.2 | -0.4 | -0.2 | -0.2 | 0.5 | 0.0 | -0.1 |
| Jan-20 | -0.2 | 0.1 | 3.2 | -0.8 | -0.3 | -0.3 | 0.6 | 3.2 | 0.0 |
| Dec-19 | -0.2 | 0.3 | 3.8 | -0.5 | -0.2 | -0.4 | 0.9 | -0.4 | 0.0 |
| Nov-19 | -0.3 | 0.2 | 3.8 | -0.6 | -0.3 | -0.1 | 0.8 | -0.3 | -0.1 |
| Oct-19 | -0.3 | 0.1 | 4.9 | -0.6 | -1.0 | -0.2 | 0.4 | -0.1 | -0.3 |
| Sep-19 | -0.6 | 0.1 | -0.2 | -0.7 | -0.5 | -0.6 | 0.3 | -0.1 | -0.4 |
| Aug-19 | -0.7 | 0.1 | 3.5 | -0.7 | -0.4 | 0.0 | 0.4 | 0.1 | -0.2 |
| Jul-19 | -0.9 | 0.3 | 0.9 | 0.0 | 0.3 | 0.2 | -0.9 | 0.5 | 0.0 |
And annual, which we can do again as the inept-APRA roll-off of investor loan definition changes transpires:
| ANZ | CBA | MQG | NAB | WBC | BOQ | BEN | SUN | Total | |
| Jul-20 | -1.6 | 1.0 | 28.4 | -7.3 | -4.3 | -4.0 | 8.6 | 0.9 | -1.8 |
| Jun-20 | 11.9 | 17.3 | 70.3 | 2.4 | 16.1 | 1.1 | 14.2 | 6.5 | 13.8 |
| May-20 | 10.2 | 17.4 | 69.9 | 2.7 | 16.2 | 1.4 | 11.9 | 7.4 | 13.5 |
| Apr-20 | 9.0 | 17.8 | 74.3 | 2.9 | 17.0 | 1.5 | 11.6 | 7.5 | 13.8 |
| Mar-20 | 8.4 | 18.0 | 71.5 | 3.2 | 18.0 | 4.5 | 12.1 | 7.7 | 14.1 |
| Feb-20 | 8.3 | 18.0 | 68.3 | 3.6 | 18.5 | 4.3 | 11.7 | 7.8 | 14.2 |
| Jan-20 | 8.1 | 17.9 | 65.8 | 3.9 | 18.7 | 4.4 | 11.6 | 7.8 | 14.2 |
| Dec-19 | 7.7 | 17.7 | 62.2 | 4.6 | 18.9 | 4.7 | 11.3 | 4.0 | 14.1 |
| Nov-19 | 7.4 | 17.6 | 58.2 | 4.9 | 19.3 | 3.6 | 10.4 | 4.8 | 14.1 |
| Oct-19 | 7.4 | 17.4 | 54.0 | 5.7 | 19.6 | 5.7 | 10.2 | 5.4 | 14.2 |
| Sep-19 | 7.1 | 17.5 | 48.8 | 6.6 | 20.5 | 5.6 | 10.2 | 6.3 | 14.5 |
| Aug-19 | 7.2 | 17.1 | 51.7 | 7.4 | 21.0 | 6.3 | 10.9 | 6.8 | 14.9 |
| Jul-19 | 7.6 | 17.1 | 50.6 | 8.3 | 21.3 | 6.2 | 11.3 | 6.7 | 15.2 |
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The charts are weak. Stock is falling again:
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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