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Fair point. I think it relates to this cycle and no doubt they will eventually rush back in. CBA are  not constrained, but are choosing not to lend, while others see value in the assets.

NAB is aggressively expanding home loan and business lending with 12 months growth rates 20% plus. Overall though the system is slowing with CBA, WBC and ANZ business lending at 1 to 3% annual growth. It is all relative to the 10% to 20% growth the economy experienced in the previous years.


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