Australian Bank Earnings Expected to Be the Worst in a Decade
- Misconduct charges likely to top A$800m at Westpac, ANZ, NAB
- Finance stocks have entered bear market after turbulent year
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Australia’s big banks are set for their worst earnings season since the global financial crisis.
A softening housing market, margin pressure from rising funding costs, and the ballooning cost of dealing with the fallout from an inquiry into misconduct in the financial industry, are all squeezing profits.