The international sanctions that Australia could face as a result of the synagogue torchings in Melbourne not to mention Westpac DEI hire Chief Economist Luci Ellis saying the 21 month recession in terms of GDP per capita was going to continue with subdued growth in private sector employment are major causes for concern not just for Westpac but especially the other 3 major banks down there who will be badly hurt by international sanctions on Australian banks.
The corruption scandals inflicting the Governments in NSW, Victoria and WA are also very bad news against an overall background of money laundering problems plaguing the Australian financial system including Westpac.
WBC Price at posting:
$32.76 Sentiment: Hold Disclosure: Not Held
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