Banks to government: don't mess with us

Australia’s big four banking oligopoly has spent the past couple of days making not so subtle threats to the government that it should ignore any of the Murray financial system enquiry recommendations that will have negative consequences for them, such as being required to hold more capital. On Friday, ANZ (ASX: ANZ) head honcho Mike Smith suggested it wouldn’t be shareholders but borrowers who would suffer, stating that the banks would charge higher interest rates on home and business loans to compensate for any extra capital requirements. Today, Westpac (ASX: WBC) chief Gail Kelly took a similar line, arguing that...

Australia’s big four banking oligopoly has spent the past couple of days making not so subtle threats to the government that it should ignore any of the Murray financial system enquiry recommendations that will have negative consequences for them, such as being required to hold more capital.

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