They seem to have an open chequebook. I'm just not sure how long it all can last.
The residential property market is a Ponzi scheme which can't last now that migration is winding back. Now they're looking at big business tax cuts and cutting back workers rights which will only help the billionaires and further crush the middle class. News, Chevron, Glencore etc already barely pay any tax and we keep selling off our assets to tax havens. Wrong wrong wrong. Argentina here we come.
But I have just picked up a few bank shares at the lows, what else to do with my cash? Not touching WBC though, sold at $31 and have yet to see a compelling reason to get back in.
WBC Price at posting:
$15.31 Sentiment: None Disclosure: Not Held
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