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Macquarie downgrades Aussie banks

Joshua Peach

All of Australia’s big four banks are now ranked as “underperform” by investment house Macquarie, following a flurry of downgrades from the investment firm.

ANZ, Westpac and National Australia Bank were all downgraded to underperform in a report penned by Macquarie analyst Victor German, according to Bloomberg data. They join Commonwealth Bank, which was already ranked as “underperform” by Macquarie.

The downgrades come after shares in the big four banks jumped to multi-year highs last week in a rally that helped push the bourse to a new all-time high.