ANZ’s purchase of the banking arm of Suncorp Group for A$4.9 billion reminds us that Australian banking is, in essence, a simple game: align yourself to the national love of property and watch the money flood in.
From time to time, a Big Four Australian bank will flirt with something daring such as, say, a strategy in cross-border institutional business. But generally, whatever innovation these ideas bring is drowned out by the moaning of analysts and investors that banks should keep it fastidiously, tediously simple.
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