Battered by the banks

I know a lot of you have big holdings in banks for income, but it has, in hindsight, been one of the biggest Australian investment mistakes of the past five years.

In that time, as you know, the banks have been pummelled. It all started with a Commonwealth Bank rights issue in March 2015, which led to $12.4 billion worth of bank sector capital raisings by year end. That first CBA issue marked the peak of the sector.

After that initial bout of indigestion came a series of negative waves starting with those unnecessarily prudent APRAled “restrictive lending practices” in 2017, now