Original article by David Rogers
The Australian – Page: 31 : 23-Jun-17

Shares in Australian banks rose on 22 June, although they failed to retain early gains after the South Australian Government moved to impose a levy on banks’ state liabilities. Bank stocks are likely to be sold down in the near-term amid concern that other states could seek to balance their budgets via a levy on the sector. However, the benchmark S&P/ASX 200 has shed just 3.7 per cent during May and June 2017 – well below the five-year average loss of 4.4 per cent – and the local bourse traditionally performs well in July.

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