Markets: Big banks dwarf a little levy

Bank stocks lost a little ground yesterday, but a new levy on deposits is hardly a hindrance to continuing strong returns.

Yesterday’s fall in bank stocks was modest given expectations the government today will announce a levy on deposits. Shares in ANZ Banking Group fell by 1.2 per cent, Commonwealth Bank of Australia declined 1.5 per cent, National Australia Bank dropped 1.6 per cent and Westpac slipped just 0.1 per cent.

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