But the newfound assertiveness isn’t simply due to the fading of past humiliations. They are increasingly conscious their large size is now a huge asset.
Confidence levels among the country’s most senior bankers appear to have rebounded to near record peaks, judging from their comments at The Australian Financial Review Banking Summit on Tuesday.
With the Hayne royal commission fading, the country’s largest banks are happy to once again intervene in matters of public policy.And this means the country’s top bankers are increasingly jettisoning the meek and deferential attitudes they adopted in the immediate aftermath. Now, they feel much more relaxed about opining on issues of national importance.felt free to question whether over-zealous regulators were stopping banks from lending to credit-worthy Australians.
“I think scale wins”, declared Westpac chief executive Peter King, who noted that smaller players find it very difficult to compete in a digital world. The bank, he said, had pulled back slightly from the market in response to aggressive price cuts from ANZ and Westpac, but was now “heading back towards the market in terms of pricing”. There was, he said, a limit below which the CBA would not allow its market share to fall.Sullivan said that CBA customers were “managing well” as they made the transition from ultra-low fixed rate loans set during the COVID-19 pandemic to significantly higher variable interest rate loans.
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