DOMESTIC commercial property rather than the US sub-prime crisis is emerging as the greatest threat to bank profits.
Clime Asset Management managing director Roger Montgomery predicted tougher times ahead for the banks on a number of fronts. “What I think needs to be understood is that the consumers have only just stopped spending,” he said. “So the pressure on business has only just begun.”
» Local property the biggest threat, says ANZ’s CEO – The Australian, 29th July 2008.