[Australia Sucks]

I really think long term its a mistake to invest in Australian bank stocks. Apart from the regulatory environment being tough for the next 2 or 3 years probably in the long term you will have the big banks being challenged by international fin tech start-ups, crypto, things like Apple Pay, Wechat, google payment services, Amazon, etc. On top of this you have the fact that consumer credit growth in Australia will be much lower in the future because consumers already have a lot of debt. The difference between Australian banks and European, American and Chinese banks is that Australian banks are not big enough (or technologically advanced enough) to compete overseas with the big European/Chinese/American banks. Hence why you see Australian banks usually come back with their tail between their legs when they expand into other countries (New Zealand being the exception). American or Chinese or European banks have the growth option of diversifying/expanding into overseas markets.