AUSTRALIA'S BIG FOUR BANKS HAVE OPTIMISTIC OUTLOOK: FITCH.

AsiaPulse News, June, 2002

SYDNEY, June 13 Asia Pulse - Australia's big four banks are expected to remain in good shape despite the uncertain global economic environment, a ratings agency has said.

Fitch Ratings said the nation's major banks - ANZ Banking Group Ltd, Commonwealth Bank Ltd, National Australia Bank Ltd and Westpac Banking Corp Ltd - had proved resilient in the tough economic times.

"(And) with GDP growth currently running at just over 4.0 per cent and forecast to stay around that level for the remainder of 2002, immediate performance outlooks for the banks are reasonably bright," Fitch said in a report released today.

The report, called Sturdy Pillars Can Withstand Household Pressures, pointed out that despite this resilience, household debt had continued to...