The credit crunch is coming – macrobusiness.com.au | macrobusiness.com.au<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"The SMH has [a] very important story this morning on the funding crisis that is bearing down on the major banks: Australian banks are preparing for a potential freeze in global funding markets as Europe\u2019s worsening stresses threaten to send the world\u2019s financial markets into a tailspin. Renewed funding pressures for the big banks, which … <\/p>\n
Continue reading “The credit crunch is coming – macrobusiness.com.au”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40],"tags":[290,381,875,962,1295,1331],"class_list":["post-2324","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","tag-australia","tag-banks","tag-credit-crunch","tag-debt-crisis","tag-euro-zone","tag-external-finance"],"yoast_head":"\nThe credit crunch is coming - macrobusiness.com.au - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The credit crunch is coming - macrobusiness.com.au - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The SMH has [a] very important story this morning on the funding crisis that is bearing down on the major banks: Australian banks are preparing for a potential freeze in global funding markets as Europe\u2019s worsening stresses threaten to send the world\u2019s financial markets into a tailspin. Renewed funding pressures for the big banks, which … Continue reading "The credit crunch is coming – macrobusiness.com.au"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2011-11-24T04:05:54+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"The credit crunch is coming – macrobusiness.com.au\",\"datePublished\":\"2011-11-24T04:05:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/\"},\"wordCount\":102,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"Australia\",\"banks\",\"Credit Crunch\",\"debt crisis\",\"euro-zone\",\"external finance\"],\"articleSection\":[\"Australia & NZ\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/\",\"name\":\"The credit crunch is coming - macrobusiness.com.au - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2011-11-24T04:05:54+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The credit crunch is coming – macrobusiness.com.au\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. Strategic. Unfiltered. \",\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/thepatientinvestor.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\",\"name\":\"The Patient Investor Pty Ltd\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1\",\"width\":250,\"height\":250,\"caption\":\"The Patient Investor Pty Ltd\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\",\"https:\/\/www.instagram.com\/colin_thepatientinvestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\",\"name\":\"ColinTwiggs\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g\",\"caption\":\"ColinTwiggs\"},\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/author\/colin58s\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The credit crunch is coming - macrobusiness.com.au - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"The credit crunch is coming - macrobusiness.com.au - the patient investor","og_description":"The SMH has [a] very important story this morning on the funding crisis that is bearing down on the major banks: Australian banks are preparing for a potential freeze in global funding markets as Europe\u2019s worsening stresses threaten to send the world\u2019s financial markets into a tailspin. Renewed funding pressures for the big banks, which … Continue reading \"The credit crunch is coming – macrobusiness.com.au\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_published_time":"2011-11-24T04:05:54+00:00","author":"ColinTwiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"ColinTwiggs"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/"},"author":{"name":"ColinTwiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5"},"headline":"The credit crunch is coming – macrobusiness.com.au","datePublished":"2011-11-24T04:05:54+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/"},"wordCount":102,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["Australia","banks","Credit Crunch","debt crisis","euro-zone","external finance"],"articleSection":["Australia & NZ"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/","name":"The credit crunch is coming - macrobusiness.com.au - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2011-11-24T04:05:54+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/23\/the-credit-crunch-is-coming-macrobusiness-com-au\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"The credit crunch is coming – macrobusiness.com.au"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. Strategic. Unfiltered. ","publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thepatientinvestor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/thepatientinvestor.com\/#organization","name":"The Patient Investor Pty Ltd","url":"https:\/\/thepatientinvestor.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"The Patient Investor Pty Ltd"},"image":{"@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=61572934660810","https:\/\/www.instagram.com\/colin_thepatientinvestor"]},{"@type":"Person","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5","name":"ColinTwiggs","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/876c4d990bb2af282291d5f3ff81533c6deccc0c607846086647ca3272fac0ca?s=96&d=mm&r=g","caption":"ColinTwiggs"},"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/colin58s\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-Bu","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":823,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/09\/19\/rbnz-throws-cold-water-on-rba-macrobusiness-com-au\/","url_meta":{"origin":2324,"position":0},"title":"RBNZ throws cold water on RBA – macrobusiness.com.au","author":"ColinTwiggs","date":"September 19, 2011","format":false,"excerpt":"What should be clear...... is that the growth in Australian housing values has been funded, to a large extent, by foreign borrowings, much of it short-term. A key risk going forward is that the banks\u2019 ability to refinance their borrowings rests with the willingness of foreign investors to continue to\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1064,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/09\/28\/cds-signaling-trouble-for-chinese-banks-macrobusiness-com-au-macrobusiness-com-au\/","url_meta":{"origin":2324,"position":1},"title":"CDS signaling trouble for Chinese banks – macrobusiness.com.au","author":"ColinTwiggs","date":"September 28, 2011","format":false,"excerpt":"Credit markets are also now showing distrust in Chinese banks. Credit default swaps spreads for Bank of China and China Development Bank have surged according to Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, and they are rising at much faster rates than the rest of Asia ex. Japan via CDS signaling trouble for Chinese banks\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1611,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/27\/the-creeping-eurozone-credit-crunch-credit-writedowns\/","url_meta":{"origin":2324,"position":2},"title":"The Creeping Eurozone Credit Crunch | Credit Writedowns","author":"ColinTwiggs","date":"October 27, 2011","format":false,"excerpt":"During the 1997 Asian financial crisis, Japanese banks, getting killed with a falling Nikkei and their credit extended to Thailand and Indonesia, found that rolling off interbank lines to Korea the easiest way to shrink their balance sheets. American and European banks, not wanting to be the last out of\u2026","rel":"","context":"In "Japan & Korea"","block_context":{"text":"Japan & Korea","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/japan-korea\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":826,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/09\/19\/more-on-bank-funding-vulnerability-macrobusiness-com-au\/","url_meta":{"origin":2324,"position":3},"title":"More on bank funding vulnerability – macrobusiness.com.au","author":"ColinTwiggs","date":"September 19, 2011","format":false,"excerpt":"Note the rather large spread that\u2019s opened up between the market\u2019s expectations for the official cash rate and the BBSW rate. ............To make the point about how unusual this situation is, let\u2019s take a look at the spread over a longer time frame....... As you can see, the GFC is\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6244,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/21\/sp-declares-australia-a-one-trick-pony-macrobusiness-com-au\/","url_meta":{"origin":2324,"position":4},"title":"S&P declares Australia a \u201cone trick pony\u201d | macrobusiness.com.au","author":"Colin Twiggs","date":"November 21, 2012","format":false,"excerpt":"By Houses and Holes on November 22, 2012 London-based Kyran Curry, the long-time primary credit analyst for Australia at S&P, is back and the news is getting worse. From the AFR: \u201cThe banks are highly indebted, they\u2019re highly leveraged, they are the main vehicle Australia uses to fund its current\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"One-Trick Pony","src":"https:\/\/i0.wp.com\/www.macrobusiness.com.au\/wp-content\/uploads\/2012\/11\/one-trick-pony-300x204.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6099,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/11\/08\/australia-did-apra-assume-a-bailout-in-its-stress-test\/","url_meta":{"origin":2324,"position":5},"title":"Australia: Did APRA assume a bailout in its stress test?","author":"Colin Twiggs","date":"November 8, 2012","format":false,"excerpt":"Houses and Holes at Macrobusiness.com.au makes an important point regarding the Australian mortgage insurance sector towards the end of this article: John Laker, head of APRA, is out today with a speech in which he announced the results of a recent APRA stress test of Australian banks. Here is the\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Stress Test","src":"https:\/\/i0.wp.com\/www.macrobusiness.com.au\/wp-content\/uploads\/2012\/11\/stress_test-300x255.jpg?resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/2324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=2324"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/2324\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=2324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=2324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=2324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}