Analysts attribute the share price decline to stagnant mortgage growth and apprehensions that the government's proposed changes to negative gearing and capital gains tax could deter property investors, potentially impacting the bank's future earnings. The broader banking sector also felt the impact, with other major banks recording losses: Westpac (-2.8%), ANZ (-1.6%), and NAB (-1.5%).
These developments underscore the sensitivity of the banking sector to policy changes and market dynamics. Investors are closely monitoring how these factors will influence the financial landscape and the performance of major financial institutions in Australia.
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