Yes, predicting a spike in bad debts was the only thing i could think of but I agree, it doesn't look like a serious threat at this stage with as you said employment holding up, rates falling and the shift to a higher credit quality loanbook.
Plus, if the market is anticipating a rise in bad debts driven by bad economic developments that sentiment should affect the banks too, which it clearly isn't. They are trading on very stretched valuations.
SVR Price at posting:
$1.30 Sentiment: None Disclosure: Held
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