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good luck with your long read my essay on the australian economy. It will likely change your mind . All the banks are over valued at this level true value for Westpac is 15-18 IMO . I remember buying ANZ at 12.5 in thhe GFC1, GFC2 is probably around late 2019-early 2020, although the head wind of Westpacs ridiculous foray into IO loans is gob smacking. Foreign demand for property in NSW has gone from +500m per month to near zero, we know this from NSW stamp duty data, we have so much supply coming on line that was orginally meant for foriegn purchasers that are no quarantiend from Australia  it will crush the property market  , combine this with Westpacs need to reduce IO loans from 50% of their book to 30% in 3 years with IO reset due through 2021 its hard to see the end of the tunnel , we are over due for a rally though