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Wednesday, 22 Aug 2018
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Political Issues and the Banks

After the resignations of some front bench ministers it is clear that Peter Dutton is shaping up to challenge again as soon as he has the numbers, possibly this week but maybe later.

There have been so many leadership changes in Australian politics that I don’t think this upsets international investors and that is the major risk with political uncertainty. International investors own around 40% of our market and don’t have to be here. They judge economic stability and risk first and the stocks second. For any economy to be investable it needs political stability or it may fail the “safety” test.

But this is Australia. It is not an issue of sovereign risk so much as a domestic political distraction. If the political outcome was coupled with something

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