The full year results of Australia’s big four banks show the negative effects of a low interest-rate environment on earnings, as the banks bunker down and brace for the full economic impact of the COVID-19 crisis to hit.
This is a common thread running between reports from two major professional services firms: Ernst and Young, and Deloitte, both released yesterday, after NAB had explained its 2019/20 profit announcement.
The full text of this article is available to MacroBusiness subscribers
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.
