You are, of course, completely correct in that there was no bailout, which by definition is the provision of cash assistance. In fact, there was, and still is with no sunset date, additional 0.015%/qtr tax on the major five, as a levy to offset the risk of underwriting the 'small' deposits. Simplistically, it's a ~$2Bpa wealth redistribution roundabout, from probably all of us, via super funds holding bank equities, to all of us, via budget income. Fortunately, the conservative capitalisation of Australian banks, especially contrasted to some of those more roguish US regionals that have gone belly up, has not required this safeguard to be triggered.
WBC Price at posting:
$31.87 Sentiment: Hold Disclosure: Not Held
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