rated a buy, page-3

It depends how you look at it. Two banks leads forays outside Oz. NAB & ANZ. ANZ is good for exposure to Asia. To balance that and offset risk you have NAB with exposure to the UK & the US. Now, as the US recovers, so will the UK (well before Europe does).

All in all, banks are kinda recession proof. They just gut customers for more margin when times are tough and force the RBA to cut rates......eventually.

Australian homeowners also put down far more deposit or have more skin in the game than other western counterparts. Worst case scenario, you get no price appreciation for a while but a nice divvy.