I don't know of any serious investor who will pay P/E of 50 for an asset which income is expected to grow at less than 5% per year.
By definition the price will only rise if another fool is prepared to pay more and take on an even lower yield in the current environment. Bad news is: International bond yields are surging and the yield curve is flattening which is a good leading indicator that the US Federal Reserve will raise rates soon. Guess where Australian banks get their wholesale funding from.
