The Distillery: Bank bonanza

Scribes applaud Westpac’s solid profit as a win for customers and a warning to its peers, while economists say a rates hold is a sure thing.

Another day, another record bank profit. Yes, it felt like Groundhog Day as Westpac Banking Corp joined rivals ANZ Bank and National Australia Bank in announcing strong earnings over the past week. In all, if you include the Commonwealth Bank’s most recent result, the big four delivered $27.4 billion in cash earnings across the past year, but who’s keeping count?

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