Analysis of ANZ and Commonwealth Banks in the Australian Banking Sector
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The report presents analysis of the banking sector and two key companies operating within this sector which include ANZ and Commonwealth Banks. The banking industry is the largest sector in Australia dominated by four key banks; that is, ANZ Bank, Commonwealth Bank, NAB as well as Westpac Banking Corporation. Besides, the banking industry is amongst the largest contributor to national economy in Australia contribution about $140 billion in the country GDP every year. Commonwealth and ANZ Bank are the two biggest players in the Australian banking sector each providing wide range of savings accounts, transaction accounts as well as other financial services and products.
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HA1022 Principals of Financial Markets 1
HA1022 Principals of Financial Markets
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HA1022 Principals of Financial Markets
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HA1022 Principals of Financial Markets 2
1. Executive Summary
The report presents analysis of the banking sector and two key companies operating within
this sector which include ANZ and Commonwealth Banks. The banking industry is the
largest sector in Australia dominated by four key banks; that is, ANZ Bank, Commonwealth
Bank, NAB as well as Westpac Banking Corporation. Besides, the banking industry is
amongst the largest contributor to national economy in Australia contribution about $140
billion in the country GDP every year. Commonwealth and ANZ Bank are the two biggest
players in the Australian banking sector each providing wide range of savings accounts,
transaction accounts as well as other financial services and products. Commonwealth Bank is
the Australian largest retail financial institution. On the other hand, ANZ Bank provides
numerous financial and banking products to personal clients. It is also involved in credit
analysis, execution, structuring and the on-going monitoring of its clients. Based on the top-
down analysis, Australian economy is doing relatively good with increased GDP growth,
decreased interest rate and inflation and advanced $AUD over the year. This trend in the
economy has been favourable to the two banks resulting in improved financial performance.
1. Executive Summary
The report presents analysis of the banking sector and two key companies operating within
this sector which include ANZ and Commonwealth Banks. The banking industry is the
largest sector in Australia dominated by four key banks; that is, ANZ Bank, Commonwealth
Bank, NAB as well as Westpac Banking Corporation. Besides, the banking industry is
amongst the largest contributor to national economy in Australia contribution about $140
billion in the country GDP every year. Commonwealth and ANZ Bank are the two biggest
players in the Australian banking sector each providing wide range of savings accounts,
transaction accounts as well as other financial services and products. Commonwealth Bank is
the Australian largest retail financial institution. On the other hand, ANZ Bank provides
numerous financial and banking products to personal clients. It is also involved in credit
analysis, execution, structuring and the on-going monitoring of its clients. Based on the top-
down analysis, Australian economy is doing relatively good with increased GDP growth,
decreased interest rate and inflation and advanced $AUD over the year. This trend in the
economy has been favourable to the two banks resulting in improved financial performance.
HA1022 Principals of Financial Markets 3
2. Introduction
The banking industry is the largest sector in Australia. The industry is dominated by four key
banks; that is, ANZ Bank, NAB, CBA as well as the Westpac Banking Corporation. Besides,
the banking industry is amongst the largest contributor to national economy in Australia
contribution about $140 billion in the country GDP every year. Besides, the industry is the
key driver of the economic development in Australian employing around 450,000
individuals.
Commonwealth and ANZ Bank are the two biggest players in the Australian banking sector
each providing wide range of savings accounts, transaction accounts as well as other financial
services and products (CBA 2018). The different types of banking services and products
provided by CBA Bank includes saving accounts, credit cards, the personal loans, the home
loans, the transaction’s accounts, term deposits, superannuation products credit card and loan
protection, insurance products, products for the students and youths online and international
banking services (D’Amato 2015). On the other hand, ANZ Bank is provides numerous
financial and banking products to personal clients. Currently, ANZ has around 1,273
branches and is well-known for provision of the best class of the financial services and
products to its clients. It is also involved in credit analysis, execution, structuring and the on-
going monitoring of its clients (Investing.com, 2018).
3. Top-Down analysis
Top-down analysis usually entails assessing the big picture or how overall economy of a
given country and macroeconomic aspects drive the market and the stock prices. In essence,
this form of analysis entails analysis of the country inflation rate, economic or GDP growth,
interest rates and currency value against the USD. With such information, this section entails
analysis of some of the macroeconomic aspects in Australia and their effect to ANZ and
Commonwealth Banks.
2. Introduction
The banking industry is the largest sector in Australia. The industry is dominated by four key
banks; that is, ANZ Bank, NAB, CBA as well as the Westpac Banking Corporation. Besides,
the banking industry is amongst the largest contributor to national economy in Australia
contribution about $140 billion in the country GDP every year. Besides, the industry is the
key driver of the economic development in Australian employing around 450,000
individuals.
Commonwealth and ANZ Bank are the two biggest players in the Australian banking sector
each providing wide range of savings accounts, transaction accounts as well as other financial
services and products (CBA 2018). The different types of banking services and products
provided by CBA Bank includes saving accounts, credit cards, the personal loans, the home
loans, the transaction’s accounts, term deposits, superannuation products credit card and loan
protection, insurance products, products for the students and youths online and international
banking services (D’Amato 2015). On the other hand, ANZ Bank is provides numerous
financial and banking products to personal clients. Currently, ANZ has around 1,273
branches and is well-known for provision of the best class of the financial services and
products to its clients. It is also involved in credit analysis, execution, structuring and the on-
going monitoring of its clients (Investing.com, 2018).
3. Top-Down analysis
Top-down analysis usually entails assessing the big picture or how overall economy of a
given country and macroeconomic aspects drive the market and the stock prices. In essence,
this form of analysis entails analysis of the country inflation rate, economic or GDP growth,
interest rates and currency value against the USD. With such information, this section entails
analysis of some of the macroeconomic aspects in Australia and their effect to ANZ and
Commonwealth Banks.
HA1022 Principals of Financial Markets 4
To start with the overall economic environment in Australia has been quite promising in the
past few years. Interest rate within Australia is said to average 4.52% since 1990 to 2018
(RBA 2018). Nonetheless, at 7th August during the RBA monetary policy meeting, the
interest rate was left at the all-time low at approximate 1.50% where the rate is said to have
been since 1st August 2016. This move has been broadly in line with the market expectations
(Focus Economics 2018). This rate had significant impact on the banking industry since it has
brought about upward growth in the banking sector. The week wage growth as well as strong
competition amongst the retailers is said to have continued keeping the prices in check. With
the reported interest rate, the RBA reaffirmed its key view that Australian economy would
remain on track with a growth rate slightly above 3% in 2018 and 2019 (Trading Economics
2018). This in turn has resulted in a positive growth in ANZ and Commonwealth bank
financial performance.
Further, the recent resealed information indicates that inflation rate moved within 2 to 3%,
though it nonetheless remained moderate, moving at 2.1% (Focus Economics 2018). With
decrease in inflation rate causes an increase in the banking lending activities as well as stock
market development. This is in turn said to result in increased lending for the financial
institution and in turn increased profitability (Trading Economics 2018). In this case, with
decrease in Australian inflation rate, the ANZ and Commonwealth Bank financial
performance is expected to increase over this year in comparison to the year 2017. This is
based on the fact that if the inflation is kept between 2 and 3% over time, this rate does not
greatly influence individual’s economic decisions (Statista 2018). Maintaining inflation rate
between 2 and 3% would enhance full employment and increased growth (Boyd & Levine
1996). Besides, maintaining inflation rate low would enhance high return on investment to
the two banks since Boyd, Levine and Smith (2001) argued that if inflation is lower, lenders
To start with the overall economic environment in Australia has been quite promising in the
past few years. Interest rate within Australia is said to average 4.52% since 1990 to 2018
(RBA 2018). Nonetheless, at 7th August during the RBA monetary policy meeting, the
interest rate was left at the all-time low at approximate 1.50% where the rate is said to have
been since 1st August 2016. This move has been broadly in line with the market expectations
(Focus Economics 2018). This rate had significant impact on the banking industry since it has
brought about upward growth in the banking sector. The week wage growth as well as strong
competition amongst the retailers is said to have continued keeping the prices in check. With
the reported interest rate, the RBA reaffirmed its key view that Australian economy would
remain on track with a growth rate slightly above 3% in 2018 and 2019 (Trading Economics
2018). This in turn has resulted in a positive growth in ANZ and Commonwealth bank
financial performance.
Further, the recent resealed information indicates that inflation rate moved within 2 to 3%,
though it nonetheless remained moderate, moving at 2.1% (Focus Economics 2018). With
decrease in inflation rate causes an increase in the banking lending activities as well as stock
market development. This is in turn said to result in increased lending for the financial
institution and in turn increased profitability (Trading Economics 2018). In this case, with
decrease in Australian inflation rate, the ANZ and Commonwealth Bank financial
performance is expected to increase over this year in comparison to the year 2017. This is
based on the fact that if the inflation is kept between 2 and 3% over time, this rate does not
greatly influence individual’s economic decisions (Statista 2018). Maintaining inflation rate
between 2 and 3% would enhance full employment and increased growth (Boyd & Levine
1996). Besides, maintaining inflation rate low would enhance high return on investment to
the two banks since Boyd, Levine and Smith (2001) argued that if inflation is lower, lenders
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HA1022 Principals of Financial Markets 5
would get high amount as planned since it increasing purchasing power of interest earning the
banks receive.
The $AUD or Aussie has been a favoured currency in the recent years (Daily FX 2018). This
is as a result of the multi-decade product boom that is said to have brought Aussie to the all-
time high against US dollar. To be more specific, the $AUD increased with 0.0012 or 0.16%
against the US Dollar to 0.7193 on 5th September 2018 from 0.7181 in previous trading
period (Trading Economics 2018). The rise in the $AUD is said to affect performance of the
two banks positively. To be more specific, the performance of the Commonwealth and ANZ
Bank is said to have improved with the rise in the Australia Dollar this year.
The country GDP is also said to have advanced 0.9% in June this year above the market
consensus of around 0.7% expansion (Focus Economics 2018). The growth in Australian
GDP is reinforced by the strong point in the local demand as well as foreign trade as fixed
investment remained flat (Trading Economics 2018). The high or advancement in the country
GDP growth is reported to affect financial performance of ANZ and the CBA to a greater
extent. In essence, the growth in Australia GDP has resulted to a positive growth in the two
banks net income in their third quarter (Khan Senhadji & Smith 2006).
A good number of individuals fail to recognize business cycle. Hence, before the Great
Recession, several individuals failed to get out of stock markets in time. Contrary, several
individual often fear placing too much cash in the stock market at the start of expansion
cycle, which is the right period to do so (Kent 2014). Therefore, even though it is tricky for
someone to time the market, one can improve his or her return by understanding the business
cycle. Here, they can be able to adjust their asset allocation in order to take advantage of
different phases. There are four different phases in a business cycle; that is, expansion, the
peak, the contraction and the trough. The expansion phase is that phase when a country
economy is said to grow at 2 to 3%. In this phase the stocks enter the bull market. In the peak
would get high amount as planned since it increasing purchasing power of interest earning the
banks receive.
The $AUD or Aussie has been a favoured currency in the recent years (Daily FX 2018). This
is as a result of the multi-decade product boom that is said to have brought Aussie to the all-
time high against US dollar. To be more specific, the $AUD increased with 0.0012 or 0.16%
against the US Dollar to 0.7193 on 5th September 2018 from 0.7181 in previous trading
period (Trading Economics 2018). The rise in the $AUD is said to affect performance of the
two banks positively. To be more specific, the performance of the Commonwealth and ANZ
Bank is said to have improved with the rise in the Australia Dollar this year.
The country GDP is also said to have advanced 0.9% in June this year above the market
consensus of around 0.7% expansion (Focus Economics 2018). The growth in Australian
GDP is reinforced by the strong point in the local demand as well as foreign trade as fixed
investment remained flat (Trading Economics 2018). The high or advancement in the country
GDP growth is reported to affect financial performance of ANZ and the CBA to a greater
extent. In essence, the growth in Australia GDP has resulted to a positive growth in the two
banks net income in their third quarter (Khan Senhadji & Smith 2006).
A good number of individuals fail to recognize business cycle. Hence, before the Great
Recession, several individuals failed to get out of stock markets in time. Contrary, several
individual often fear placing too much cash in the stock market at the start of expansion
cycle, which is the right period to do so (Kent 2014). Therefore, even though it is tricky for
someone to time the market, one can improve his or her return by understanding the business
cycle. Here, they can be able to adjust their asset allocation in order to take advantage of
different phases. There are four different phases in a business cycle; that is, expansion, the
peak, the contraction and the trough. The expansion phase is that phase when a country
economy is said to grow at 2 to 3%. In this phase the stocks enter the bull market. In the peak
HA1022 Principals of Financial Markets 6
phase, the economy is said to grow at 3% (Amaded 2018). Here, there are several asset
bubbles and stock is in irrational exuberance state. In the contraction phase the economic
growth of the country is slow though it is not negative and the stocks get in bear market.
Finally, in the trough phase, the country economy would tend to contract. As Australian
economy has been in expansion phase since June 2009, a good number of individuals are
warning that recession is just about to start. Though there has not been any inflation (Kent
2014). This is a warning that expansion is getting to its peak and instead of inflation
increasing, there are some asset bubbles.
4. Bottom-Up analysis
Bottom-up analysis entails an approach of examining fundamentals of stock irrespective of
the market trends. In essence, bottom-up analysis focuses less on the market situation,
industry fundamentals and macroeconomic indicators but focuses more on how a specific
firm within a particular industry is performing in comparison to other firm within the
industry. In this case, the bottom-up analysis of the two banks would include financial ratio
analysis as well as banks’ financial statement analysis over the past one year.
Ratio analysis of ANZ and Commonwealth Banks
To start with the financial ratio analysis of ANZ and Commonwealth Bank entails current
ratio, net margin, ROE, ROA and price to the earnings ratio.
Current ratio
CBA current ratio by June 2018 was 1. This is promising since it implies the bank is not
struggling at all to meet most of its short-run debts (ADVFN 2018). On the other hand, ANZ
bank current ratio by June 2018 was 1 meaning that the bank was doing well in settling its
short-term debts.
Net profit margin
CBA net margin by June 2018 was 36%. The ratio is a good one for the bank since it implies
that the bank has been able to generate enough profit over the period. On the other hand,
phase, the economy is said to grow at 3% (Amaded 2018). Here, there are several asset
bubbles and stock is in irrational exuberance state. In the contraction phase the economic
growth of the country is slow though it is not negative and the stocks get in bear market.
Finally, in the trough phase, the country economy would tend to contract. As Australian
economy has been in expansion phase since June 2009, a good number of individuals are
warning that recession is just about to start. Though there has not been any inflation (Kent
2014). This is a warning that expansion is getting to its peak and instead of inflation
increasing, there are some asset bubbles.
4. Bottom-Up analysis
Bottom-up analysis entails an approach of examining fundamentals of stock irrespective of
the market trends. In essence, bottom-up analysis focuses less on the market situation,
industry fundamentals and macroeconomic indicators but focuses more on how a specific
firm within a particular industry is performing in comparison to other firm within the
industry. In this case, the bottom-up analysis of the two banks would include financial ratio
analysis as well as banks’ financial statement analysis over the past one year.
Ratio analysis of ANZ and Commonwealth Banks
To start with the financial ratio analysis of ANZ and Commonwealth Bank entails current
ratio, net margin, ROE, ROA and price to the earnings ratio.
Current ratio
CBA current ratio by June 2018 was 1. This is promising since it implies the bank is not
struggling at all to meet most of its short-run debts (ADVFN 2018). On the other hand, ANZ
bank current ratio by June 2018 was 1 meaning that the bank was doing well in settling its
short-term debts.
Net profit margin
CBA net margin by June 2018 was 36%. The ratio is a good one for the bank since it implies
that the bank has been able to generate enough profit over the period. On the other hand,
HA1022 Principals of Financial Markets 7
ANZ net margin by June 2018 was 29% meaning that the company is profitable (ADVFN
2018).
ROE
CBA ROE by June 2018 was 14%. This ratio implies that CBA is utilizing its equity more
effectively in generating income (ADVFN 2018). ANZ bank’s ROE on the other hand was
11%. The ratio is lower compared to that one of Commonwealth Bank though it implies that
ANZ is utilizing its equity more effectively.
ROA
CBA ROA by June 2018 was 1%. This is promising since a positive ROA means that the
company is effectively utilizing its assets in generating net income. ANZ bank’s ROA June
2018 was 1% (ADVFN 2018). Such ratio is a good indicator that the bank was utilizing its
assets effectively.
P/E ratio
The P/E ratio for CBA by June 2018 was 13.12. Such value is a good sign that CBA is able to
generate more earnings to its existing stakeholders (ADVFN 2018). ANZ Bank’s P/E ratio by
June 2018 was 15.08 meaning that the bank was generating positive earnings for its
stakeholders.
Financial statement Analysis
CBA total revenue by 30th June 2018 was 25,630 million. Its net income available to the
common stockholders was 9,329 million. The bank’s basic EPS was 5.34 by June 2018 while
its net income from the continuing operation within this period was 9,375 million. On the
other hand, its total assets by June 2018 were 975,165 million while its total liabilities were
907,305. This is a favourable picture to such firm since it implies that the bank is not
struggling to meet its financial obligations (ADVFN 2018). Further, CBA total equity was
67,860 million.
ANZ net margin by June 2018 was 29% meaning that the company is profitable (ADVFN
2018).
ROE
CBA ROE by June 2018 was 14%. This ratio implies that CBA is utilizing its equity more
effectively in generating income (ADVFN 2018). ANZ bank’s ROE on the other hand was
11%. The ratio is lower compared to that one of Commonwealth Bank though it implies that
ANZ is utilizing its equity more effectively.
ROA
CBA ROA by June 2018 was 1%. This is promising since a positive ROA means that the
company is effectively utilizing its assets in generating net income. ANZ bank’s ROA June
2018 was 1% (ADVFN 2018). Such ratio is a good indicator that the bank was utilizing its
assets effectively.
P/E ratio
The P/E ratio for CBA by June 2018 was 13.12. Such value is a good sign that CBA is able to
generate more earnings to its existing stakeholders (ADVFN 2018). ANZ Bank’s P/E ratio by
June 2018 was 15.08 meaning that the bank was generating positive earnings for its
stakeholders.
Financial statement Analysis
CBA total revenue by 30th June 2018 was 25,630 million. Its net income available to the
common stockholders was 9,329 million. The bank’s basic EPS was 5.34 by June 2018 while
its net income from the continuing operation within this period was 9,375 million. On the
other hand, its total assets by June 2018 were 975,165 million while its total liabilities were
907,305. This is a favourable picture to such firm since it implies that the bank is not
struggling to meet its financial obligations (ADVFN 2018). Further, CBA total equity was
67,860 million.
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HA1022 Principals of Financial Markets 8
On the contrary, ANZ Bank total revenue by June 2018 was 21,737 million. Its net income
available to the common stockholders was 6,406 million while its basic EPS was 2.20.
Furthermore, its net income from the continuing operations was 6,406 million. Besides, its
total assets in June 2018 were 897,326 million while its total liabilities were 838,251 million.
Moreover, total equity was 59,075 million (ADVFN 2018). In this case, Commonwealth
seems to perform relatively better in comparison to ANZ Bank though both firms seem to
have promising financial data over this period.
5. Summary and Recommendations
In conclusion, Australian economy is relatively attractive to any business and in particular to
banking operations. In this case, it can be stated that with attractive economy within
Australia, the banking industry is found to have improved performance over the period. With
the improved performance of the overall industry resulting from improved economic
performance of the country, ANZ and Commonwealth Banks’ performance is relatively
attractive. This is based on the fact that the two banks have relatively high financial ratios
with increased or upward growth in their financial statement items. With these findings, it is
recommendable for potential investors to invest in the two banks since there is high
probability to get high returns.
On the contrary, ANZ Bank total revenue by June 2018 was 21,737 million. Its net income
available to the common stockholders was 6,406 million while its basic EPS was 2.20.
Furthermore, its net income from the continuing operations was 6,406 million. Besides, its
total assets in June 2018 were 897,326 million while its total liabilities were 838,251 million.
Moreover, total equity was 59,075 million (ADVFN 2018). In this case, Commonwealth
seems to perform relatively better in comparison to ANZ Bank though both firms seem to
have promising financial data over this period.
5. Summary and Recommendations
In conclusion, Australian economy is relatively attractive to any business and in particular to
banking operations. In this case, it can be stated that with attractive economy within
Australia, the banking industry is found to have improved performance over the period. With
the improved performance of the overall industry resulting from improved economic
performance of the country, ANZ and Commonwealth Banks’ performance is relatively
attractive. This is based on the fact that the two banks have relatively high financial ratios
with increased or upward growth in their financial statement items. With these findings, it is
recommendable for potential investors to invest in the two banks since there is high
probability to get high returns.
HA1022 Principals of Financial Markets 9
REFERENCING
ADVFN (2018). ANZ Financial Data; Viewed at:
https://au.advfn.com/stock-market/ASX/anz-ANZ/financials (Accessed 6th September 2018).
ADVFN (2018). Commonwealth Bank of Australia Financial Data; Viewed at:
https://au.advfn.com/stock-market/ASX/CBA/financials (Accessed 6th September 2018).
Amaded, K (2018), Where Are We in the Current Business Cycle?: Viewed at:
https://www.thebalance.com/where-are-we-in-the-current-business-cycle-3305593 (Accessed
6th September 2018).
Boyd, J. H., & Levine, R. (1996). Inflation and Financial Market Performance. Federal
Reserve Bank of Minneapolis, Working Paper D, 573.
Boyd, J. H., Levine, R., & Smith, B. D. (2001). The impact of inflation on financial sector
performance. Journal of monetary Economics, 47(2), 221-248.
CBA (2018), CBA, About us: Viewed at: http://cbagroup.com/about-us/ (Accessed 6th
September 2018)
D’Amato, E (2015), Commonwealth Bank of Australia vs Westpac Banking Corporation:
Viewed at: https://www.afr.com/personal-finance/commonwealth-bank-of-australia-vs-
westpac-banking-corporation-20150224-13nipf (Accessed 6th September 2018)
Daily FX (2018), Forex market news and analysis: AUD/USD: Viewed at:
https://www.dailyfx.com/aud-usd (Accessed 6th September 2018)
REFERENCING
ADVFN (2018). ANZ Financial Data; Viewed at:
https://au.advfn.com/stock-market/ASX/anz-ANZ/financials (Accessed 6th September 2018).
ADVFN (2018). Commonwealth Bank of Australia Financial Data; Viewed at:
https://au.advfn.com/stock-market/ASX/CBA/financials (Accessed 6th September 2018).
Amaded, K (2018), Where Are We in the Current Business Cycle?: Viewed at:
https://www.thebalance.com/where-are-we-in-the-current-business-cycle-3305593 (Accessed
6th September 2018).
Boyd, J. H., & Levine, R. (1996). Inflation and Financial Market Performance. Federal
Reserve Bank of Minneapolis, Working Paper D, 573.
Boyd, J. H., Levine, R., & Smith, B. D. (2001). The impact of inflation on financial sector
performance. Journal of monetary Economics, 47(2), 221-248.
CBA (2018), CBA, About us: Viewed at: http://cbagroup.com/about-us/ (Accessed 6th
September 2018)
D’Amato, E (2015), Commonwealth Bank of Australia vs Westpac Banking Corporation:
Viewed at: https://www.afr.com/personal-finance/commonwealth-bank-of-australia-vs-
westpac-banking-corporation-20150224-13nipf (Accessed 6th September 2018)
Daily FX (2018), Forex market news and analysis: AUD/USD: Viewed at:
https://www.dailyfx.com/aud-usd (Accessed 6th September 2018)
HA1022 Principals of Financial Markets 10
Focus Economics (2018), Australia Economic Outlook: Viewed at: https://www.focus-
economics.com/country-indicator/australia/gdp-usd-bn (Accessed 6th September 2018)
Focus Economics (2018), Australia Interest rate forecast: Viewed at: https://www.focus-
economics.com/country-indicator/australia/interest-rate (Accessed 6th September 2018)
Focus Economics (2018), Inflation in Australia: Viewed at: https://www.focus-
economics.com/country-indicator/australia/inflation (Accessed 6th September 2018)
Investing.com (2018), ANZ Banking Group (ANZ) Company profile: Viewed at:
https://www.investing.com/equities/australia---nz-banking-grp-ltd-company-profile
(Accessed 6th September 2018)
Kent, C (2014). The Business Cycle in Australia; Viewed at:
https://www.rba.gov.au/speeches/2014/sp-ag-131114.html (Accessed 6th September 2018).
Khan, M. S., Senhadji, A. S., & Smith, B. D. (2006). Inflation and financial
depth. Macroeconomic Dynamics, 10(2), 165-182.
RBA (2018), Interest rate decisions 2018: Viewed at: https://www.rba.gov.au/monetary-
policy/int-rate-decisions/2018/ (Accessed 6th September 2018)
Statista (2018), Australia: Inflation rate from 2012 to 2022* (compared to the previous year);
Viewed at; https://www.statista.com/statistics/271845/inflation-rate-in-australia/ (Accessed
6th September 2018)
Trading Economics (2018), Australia dollar: Viewed at:
https://tradingeconomics.com/australia/currency (Accessed 6th September 2018)
Focus Economics (2018), Australia Economic Outlook: Viewed at: https://www.focus-
economics.com/country-indicator/australia/gdp-usd-bn (Accessed 6th September 2018)
Focus Economics (2018), Australia Interest rate forecast: Viewed at: https://www.focus-
economics.com/country-indicator/australia/interest-rate (Accessed 6th September 2018)
Focus Economics (2018), Inflation in Australia: Viewed at: https://www.focus-
economics.com/country-indicator/australia/inflation (Accessed 6th September 2018)
Investing.com (2018), ANZ Banking Group (ANZ) Company profile: Viewed at:
https://www.investing.com/equities/australia---nz-banking-grp-ltd-company-profile
(Accessed 6th September 2018)
Kent, C (2014). The Business Cycle in Australia; Viewed at:
https://www.rba.gov.au/speeches/2014/sp-ag-131114.html (Accessed 6th September 2018).
Khan, M. S., Senhadji, A. S., & Smith, B. D. (2006). Inflation and financial
depth. Macroeconomic Dynamics, 10(2), 165-182.
RBA (2018), Interest rate decisions 2018: Viewed at: https://www.rba.gov.au/monetary-
policy/int-rate-decisions/2018/ (Accessed 6th September 2018)
Statista (2018), Australia: Inflation rate from 2012 to 2022* (compared to the previous year);
Viewed at; https://www.statista.com/statistics/271845/inflation-rate-in-australia/ (Accessed
6th September 2018)
Trading Economics (2018), Australia dollar: Viewed at:
https://tradingeconomics.com/australia/currency (Accessed 6th September 2018)
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HA1022 Principals of Financial Markets 11
Trading Economics (2018), Australia GDP growth rate: Viewed at:
https://tradingeconomics.com/australia/gdp-growth (Accessed 6th September 2018)
Trading Economics (2018), Australia inflation rate: Viewed at:
https://tradingeconomics.com/australia/inflation-cpi (Accessed 6th September 2018)
Trading Economics (2018), Australia GDP growth rate: Viewed at:
https://tradingeconomics.com/australia/gdp-growth (Accessed 6th September 2018)
Trading Economics (2018), Australia inflation rate: Viewed at:
https://tradingeconomics.com/australia/inflation-cpi (Accessed 6th September 2018)
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