What matters this week
The market attempted to rise out of the end-of-financial-year-bed; and show some action. But, aside from banking stocks, failed.
The RBA left interest rates unchanged and credit ratings agency Standard & Poor's put Australia's AAA rating on 'credit watch'. The former passed almost unnoticed.
The latter caused some media headlines and an opportunity for each of the major parties to blame the other for Australia's waning fiscal condition.
But owners of bank stocks didn't like any or all of:
- the election outcome possibilities
- Australia's credit downgrade possibility
- the near certainty of the need to raise more capital
This FY-17 to date, the ANZ is down over 4%, NAB and Westpac down over 3.5% and CBA down 2.5%.