Thursday, 18 October 2012

Bank makes loss; 18th October 2012

It was announced this morning that the Bank of Queensland, is the first bank in nearly 20 years in Australia to record a loss for the first time.

If any of you have been following my blogs in the last six months or have attended the SMSF Saturday Education Series, then you will know my views on what is coming. I anticipate in the next few months when other banks report, there will be large write-offs in bad debts on loans that should not have been written in the mortgage industry. History is starting to repeat itself and we are beginning to see the early signs of that.

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