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Men's Weekly

Australia's banks got $188 billion in cheap loans from the RBA. Now they're funding share buybacks

  • Written by Kevin Davis, Emeritus Professor of Finance, The University of Melbourne
Australia's banks got $188 billion in cheap loans from the RBA. Now they're funding share buybacksshutter_o/Shutterstock

Much has been written about the taxpayer-funded windfalls to some companies provided by the A$90 billion JobKeeper scheme. Their gains have come from grants given to them to offset projected COVID-19 losses — with no obligation to pay that money back when the losses didn’t eventuate.

Australia banks may have reaped...

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