interesting article, page-3

I hope you are right. But according to

http://www.smh.com.au/business/lenders-strike-looms-without-rate-relief-20120209-1rni0.html

the banks have for months been losing money writing new mortgages. Credit rationing may be next.

It looks like the high funding cost (is here to stay - becoming a structural fixture) may no longer be just the result of the european soverign debt crisis but has rather now become a result of how foreign lenders perceive Australia as serious housing crash risk.

I was tempted to buy some WBC shares as they "appear" cheap until Gail Kelly said to shareholders recently that she doesn't "expect" significant house price falls in Australia. She is not ruling anything out that's for sure.

However, based on the job cuts (also announced by the other of the Big4), they certainly appear to be preparing for "something" they haven't quite told us about until the next AGM.