Shares of the so called “Big Four” banks - CBA, Westpac Banking Corp, ANZ Banking Group, and National Australia Bank - have jumped between 5% and 15% since the start of the year.
SYDNEY: Australia’s housing market is pulling the A$2 trillion (US$1.6 trillion) economy out of its first recession in three decades with prices hitting record highs, home loans surging and building approvals at 19-year peaks.
Among the key beneficiaries of this boom are Australia’s biggest banks, which have seen stocks rally on expectations of a return to profits and dividends in 2021.
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