Dispatches: Political deadlock leaves banks exposed, says Suncorp's Snowball
Suncorp chief executive Patrick Snowball has declared Australia's major political parties lack a "clear economic policy". This leaves the nation's banks too heavily exposed to volatile, competitive and costly wholesale funding markets, he said. (The Australian)
The deadlock following last week's Australian election will support stocks by deterring policies such as a proposed tax on mining companies that rattled investors, say two of the nation's largest fund managers.
Storms in Melbourne and Perth, coupled with losses by its UK division, have damaged Insurance Australia Group's bottom line. (The Australian)
Macquarie Telecom Group has reported a 141 per cent lift in full year net profit and says it expects growth to continue in the current year. (The Age)
