By business reporter Pat McGrath The Bank for International Settlements has found that Australia's big four lenders are again the most profitable in the developed world, but the organisation says rising interest rates will make our banks more unstable. The central bank for central banks says low interest rates are creating serious distortions in the global economy, and failing to generate sustainable growth. In its annual report it has called on central banks to start the process of gradually normalising policy sooner rather than later. The BIS was one of the few global bodies to warn of the risks that led to the global financial crisis, adding weight to its opinion. More » |
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